The Government of Saint Kitts and Nevis has officially launched the Citizenship by Investment Unit (CIU) as a statutory corporation, stating that this marks a significant step in strengthening the country’s Citizenship by Investment (CBI) Programme and enhancing its global reputation.
According to the government, the transition to a statutory corporation represents a bold move toward greater efficiency, transparency, and accountability within the CBI operations.
Speaking at the launch event yesterday Acting Prime Minister, The Honourable Dr. Geoffrey Hanley, expressed the significance of the transformation, stating, “Today, we gather to celebrate a pivotal moment in the history of the Citizenship by Investment Unit as it transitions to a statutory corporation. This transformation is a strategic move aimed at enhancing the efficiency, transparency, and accountability of our CBI operations.”
Dr. Hanley further highlighted the greater autonomy and streamlined decision-making processes this new structure will provide, ensuring improved service delivery to both applicants and stakeholders.
The Acting Prime Minister emphasised the necessity of this shift, explaining, “The decision to restructure the CBI Unit was driven by the need to adapt to the evolving global landscape of citizenship by investment programmes. This change will allow us to better serve the interests of the people of St. Kitts and Nevis, ensuring that our programme remains competitive while safeguarding our national interests.”
Acting Prime Minister Hanley also extended his gratitude to outgoing Head of the CIU, Mr. Michael Martin, whose leadership over the past two years guided the Unit through transformative change. He called on the newly formed Board of Governors to act with “utmost integrity, transparency, and accountability” as they oversee the future of the Unit. “The success of the CBI Unit depends on your commitment to these principles,” he said, urging the Board to maintain high standards as the Unit evolves.
As a statutory corporation, the CIU is set to solidify its position as a key economic driver for the country. The new structure is expected to streamline operations, making the CBI programme more responsive to global trends and more appealing to high-net-worth investors.
Dr. Hanley concluded his remarks by underscoring the importance of the CBI Unit in the nation’s economic and social fabric, stating, “The transition of the CBI Unit to a statutory corporation marks a significant step forward for our nation. It is a testament to our commitment to good governance, transparency, and accountability.”