Government to implement recommendations to improve CBI program

These recommendations came from the IPSA, a firm that was tasked with reviewing the programme, according to Prime Minister Dr. Timothy Harris, who indicated that the firm came up with 20 recommendations that will be implemented.

“I can say today that this government has reviewed the report and after consultation with a wide cross-section of persons representing developers, agents, service providers, lawyers, ordinary citizens and others, we have decided that in the best interest of our country that we implement the 20 recommendations proposed,” the prime minister said.

Harris noted that the recommendations will form the basis for reforming and restructuring the CBI programme.

“We are working hard to ensure that the procedures become more efficient and transparent at the Citizenship by Investment Unit, and in response to the serious concerns that you know about, expressed in May of 2014 of the US advisory, expressed in November 2014 when Canada withdrew the visa-free access to citizens of St. Kitts and Nevis. The government was urged to act quickly to rescue that particular programme,” Harris said. 

Harris pointed out that the Citizenship by Investment programme has been essential to the St. Kitts and Nevis economy.

“It has become the catalyst for growth and development, and it is integral to our economic survival and social stability,” Harris said, adding, “The IMF report for 2014 reflects that this particular programme contributes about 36 percent of government’s revenue.”

“We therefore understand that there is a need to make the CBI programme more viable. We are committed to expeditiously putting the necessary reforms in place to ensure the long term economic stability of the programme,” Harris stated.

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