Saint Kitts and Nevis has announced that it is to restructure its Citizenship by Investment (CBI) program and also review previously approved applications.
Prime Minister Timothy Harris again reiterated the message that Saint Kitts and Nevis is open for business to legitimate investors, at a press conference, at which he apologized for delays for recent applicants.
Harris said: “We welcome [the] interest and investment in our beautiful island. To the developers… who are creating projects that will bring employment and investment to our country, we say you are most welcome. We understand that the CBI is a useful source of funding. Legitimate developers who create a positive economic impact on our islands will continue to enjoy the benefits of the program.”
The restructuring of the CBI will include 20 reforms recommended by IPSA International Inc, a US-based risk management firm. The review of previously approved applications had been revealed as one of the reforms.
Harris promised that: “there’ll be greater transparency, there’ll be greater efficiency in the work of the CBI Unit.”
The CBI Program of St Kitts and Nevis was established in 1984 and offers citizenship in exchange for an economic contribution to the country.
Once the application is approved, applicants will receive a SKN passport that affords the bearer visa-free travel to 120 countries. Apart from its lifestyle benefits, the territory is popular due to its lack of many taxes, including income tax.