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The Government of St Kitts and Nevis Maintains its Position on CBI Real Estate to Ensure Genuine Value to the Investor and the Country

Jun 6, 2023

Basseterre, Saint Kitts and Nevis, June 5, 2023 [CIU] - The Government of St Kitts and Nevis wish to address several unfounded claims about the Real Estate Investment Option of the Citizenship by Investment Programme (the Programme). Under the leadership of Prime Minister Terrance Drew and Citizenship by Investment Unit (CIU) Head, Michael Martin, several updates were made to the Regulations governing the CBI Programme of St Kitts and Nevis (the 2023 Regulations) aiming to tackle problematic financing practices and ghost projects under the Programme’s Real Estate Option (REO).
 
The Government introduced the new multi-faceted real estate development application and approval process to remove loopholes, as well as ensure stricter enforcement of escrow and project milestone requirements.? The Government wishes to emphasise that the purpose of these process improvements was to bring credibility and enhance value to the Programme, and the development of our nation by providing excellent prospects for our investors.
 
The improved real estate development project approval requirements were designed with careful consideration and consultation to strengthen the legislative and administrative framework of the Programme. These improvement measures were crucial for retaining the integrity of our esteemed CBI Programme, ensuring that it remains one of the most valuable, well-regulated, and transparent programmes of its kind.
 
Contrary to the various aspersions, the 2023 Regulations have not reduced the number of genuine real estate development options available to investors. Instead, they have ushered in a more rigorous evaluation process, guaranteeing that every real estate project selected for the Programme aligns with the high standards of quality, sustainability, and long-term value creation.

We recognise the importance of maintaining confidence in our CBI Programme and reassure all stakeholders that the 2023 Regulations are not meant to hinder investment, but rather to foster an environment of trust, stability, and prosperity for all parties involved.

In accordance with the 2023 Regulations, the CBI Board of Governors approves real estate development projects and of these, a designated number of real estate units are made available to be sold to qualifying CBI applicants. Real estate projects will be constructed and completed according to a pre-defined schedule and with the implementation of a designated escrow drawdown process. 
 
The CIU must emphasise that the aim of the improved real estate project approval process is to exclude poor-quality real estate developments which only served to tarnish the Programme and the country as a whole. Improvements to the real estate development project approval process were accordingly vital to ensure that the SKN CBI Programme only approves legitimate real estate development projects which bring actual investment in the country and offer resale value for investors.
 
 

Press Release posted June 6, 2023. Read more at https://www.sknvibes.com/news/newsdetails.cfm/122094