In a bid to strengthen its Citizenship by Investment (CBI) program, St. Kitts & Nevis has elevated its Citizenship by Investment Unit (CIU) to a statutory corporation. The government has also appointed a new Board of Governors and its Chairman to oversee the program’s operations. This strategic overhaul is designed to boost investor confidence, address international concerns, and align with global best practices.
St Kitts & Nevis’ government is continuing reforms of its economic citizenship program by implementing the Citizenship by Investment Unit Act of 2024, adopted on June 14, 2024. Specifically, the Citizenship by Investment Unit (CIU) has become a statutory corporation, with a new five-member Board of Governors to oversee it. Previously the CIU was the department in the Ministry of National Security, Immigration, and Citizenship and the Prime Minister’s Office financially supervised it.
The change of legal status means that the Unit will directly report to the Prime Minister and National Assembly. Transforming the CIU into a statutory body was among the recommendations of the Organization of Economic Cooperation and Development (OECD) and the Financial Action Task Force (FATF) joint report “Misuse of Citizenship and Residency by Investment Programs”. According to the CIU press release of July 30, five members of the Board and its Chairman have been appointed after thorough deliberations. The Unit now operates as a separate legal entity, granting it more independence in decision-making and operational matters
Chairman
The Board will be led by HE Calvin St. Juste, who has been chosen as Chairman for his international experience and leadership abilities, which can be pivotal for managing the Unit. Mr. Juste’s expertise spans finance, cybersecurity, and client management, making him an ideal fit for the role.
The new Chairman serves as the honorary Special Envoy for Investment, Development, and International Business Relations for St Kitts & Nevis. With 25 years of experience, he has held roles such as Global COO and Head of Global Strategy at Morgan Stanley Wealth Management’s Financial Wellness division, and COO for Global Fraud and Cybersecurity. He has managed teams serving high-net-worth clients and won awards for exceptional customer service and efficiency. He has also worked at the Eastern Caribbean Central Bank (ECCB), giving him deep knowledge of the region’s financial sector.
“For over 40 years, St Kitts & Nevis has led the Citizenship by Investment industry, establishing itself as a top service provider globally. We are building a world-class corporation based on transparency, good governance, sustainable growth, and global leadership, aiming to attract top investments to drive the nation’s growth and development”, stated Mr Juste in the press release.
Board of Governors
All five members of the Board of Governors are distinguished personalities known for their achievements in finance, business, and governance. They will use their skills and expertise for the Unit. The Board will meet monthly to oversee operations and management. Its members are:
- Dr. Louisa Lawrence: An expert economist who has significantly contributed to the St Kitts & Nevis economic and financial sector.
- Damille James: Experienced in risk management, regulation, and anti-money laundering (AML), with a background at the ECCB.
- Kishma Maclean: Skilled in marketing and finance, specializing in AML, Counter-financing of terrorism (CFT), and Proliferation financing.
- Carlton Pogson: Proficient in project management, organizational development, and strategic planning.
- Marsha Harris: Brings 20 years of experience in the finance industry at the St. Kitts and Nevis Anguilla National Bank, enhancing the financial aspect of the Unit.
Chairman Juste emphasized the opportunity to work with this distinguished and skilled team, stating, “It is an honor to lead such a talented, diverse, and experienced team of individuals, all of whom are committed to serving with excellence and to demonstrating why St Kitts & Nevis remains at the forefront of delivering premium Citizenship by Investment services to clients worldwide.”
Board’s Assignments
The Board’s responsibilities go beyond modernizing the CIU. They are committed to maintaining the highest standards of integrity and due diligence. This includes an annual independent external audit of the Unit’s operations, as required by law to promote good governance. The Board will also create policies and procedures for the executive team to implement, monitor the global CBI industry, and oversee the Unit’s operations and finances.
In addition to working closely with the executive team, the Board will review investment proposals to ensure that any Citizenship by Investment (CBI) project is financially attractive and beneficial to the nation.
The Board will also handle any complaints about the Unit’s activities.
Generally, as a statutory corporation, the CBI Unit will be subject to greater public scrutiny and oversight, fostering transparency and accountability.
Previous Enhancements
In June 2024, Prime Minister of St Kitts & Nevis Terrance Drew announced the establishment of the ‘Continuing International Due Diligence Unit’, based in Europe, which will monitor its economic citizens to ensure they uphold the ethical standards required for obtaining citizenship in St. Kitts & Nevis. Moreover, this Unit, headed by Mr. Ian M Queeley, the Organization of Eastern Caribbean States (OECS) ambassador to Morocco and ex-police Commissioner in St Kitts & Nevis, will oversee that St Kitts & Nevis citizens residing and working internationally to abide not only laws of the dual-island federation but also international laws and regulations in the countries where they live or go with a visit.
The Continuing International Due Diligence Unit will alert the Ministry of National Security if a St. Kitts & Nevis national is under investigation, or has been imprisoned or charged with crimes internationally.
Citizenship by Investment Technical Committee
The Statutory Rules and Orders published on July 8th, 2024, envisage the establishment of the Citizenship by Investment Technical Committee, which will be in charge of the technical aspects of the CBI program.
The committee is composed of members appointed by the Minister. These members include experts in various fields such as finance, law, real estate, and other relevant areas.
The committee will review CBI applications to check if they meet all legal and regulatory requirements. Additionally, it will evaluate real estate and other investment projects to determine if they align with the objectives of the CBI program.
It will offer the Minister advice on matters related to the CBI program, including policy recommendations and potential improvements. Reporting must be regular.
The committee will monitor compliance with the CBI regulations and ensure all approved projects and applicants adhere to the rules.
The committee meets regularly to discuss and make decisions on applications and projects. Its members follow specific procedures for reviewing and evaluating applications, ensuring transparency and fairness.
Members must maintain confidentiality regarding all information related to the CBI program and its applicants. They are authorized to request additional information or documentation from applicants as needed and to conduct site visits to verify the progress and compliance of approved projects.
The committee safeguards that the investment funds are used for the intended purposes and that the projects contribute to the economic development of St Kitts & Nevis.
Conclusion
These significant developments mark a new chapter in the CBI program’s history, aimed at enhancing efficiency, transparency, and accountability. By establishing the CBI Unit as a statutory corporation, the government demonstrates its commitment to maintaining the highest standards of trust and professionalism while attracting top-tier investors to contribute to the nation’s growth and addressing international partners’ concerns.
The recent CBI reforms are a strategic step by St Kitts & Nevis to strengthen the program, improve its reputation, and ensure its long-term sustainability.