The St.Kitts and Nevis Government has established a New Citizenship by Investment Unit for Saint Christopher and Nevis as a body corporate and for related matters, as per recommendations of OECD and FATF. The CBIU Act published 28th June 2024 and entered into Extra Ordindary Gazette No. 34 of 2024.
Key Specialists
SKN CBIU unit will employ two key positions such as chief due diligence office and AML compliance specialist within the unit. The Unit shall consist of the Chief Executive Officer, the Chief Financial Officer, Chief Due Diligence and Anti-Money Laundering Compliance Officer, the Chief Marketing Officer and other staff of the Unit
Corporate Body
The CBIU unit has several new CBIU Unit shall be a body corporate having perpetual succession and a common seal and may sue and be sued in its corporate name.
Transparency
To bring more transparency to the CBI programme, the Unit will now publish proper annual report and audit of the funds
Board of Governors
The Board of Governors shall meet at least once a month and shall keep proper
minutes of its proceedings. The Board of Governors are charged with the following responsibilities—
- general oversight of the operations and finances of the Unit;
- development of policies and procedures for the Unit;
- monitoring the International Citizenship by Investment Industry;
- matters related to the Citizenship by Investment Industry, generally;
- matters related to the activities of the Unit;
- the review of all investment proposals submitted to the Unit directly or by the St Kitts Investment Promotion Agency;
- ensuring any proposed Citizenship by Investment project is in accordance with the laws of Saint Christopher and Nevis and any appropriate international, regional or local standards;
- ensuring any proposed Citizenship by Investment project is financially sound and beneficial to Saint Christopher and Nevis;
- making submissions to the Federal Cabinet for the approval of Citizenship by Investment projects
- investigating complaints about the activities of the Unit;
- ensuring the keeping of proper records; and
- ensuring that an independent external audit of the operations of the Unit is
- conducted annually, in accordance with the provisions of section 2
Accounts and Audit
The Unit shall keep proper records of accounts in accordance with generally accepted
international accounting standards and principles and shall prepare and retain financial
statements in respect of each financial year. The Unit shall within two months after each financial year have its accounts audited annually by an independent auditor appointed by the Unit who shall conduct the audit in accordance with generally accepted international auditing standards and provide an auditor’s
report to the Unit.
Annual Report
The Unit shall as soon as possible after the end of each financial year and, in any event, not later than the 31st day of October of any year, submit to the Minister who will discuss before the National Assembly
