LONDON, June 21, 2019 /PRNewswire/ -- The annual Caribbean Investment Summit is taking place now on the islands of St Kitts and Nevis. The prestigious event, which aims to encourage collaboration and discussion between Caribbean jurisdictions that offer Citizenship by Investment (CBI) Programmes, is attended by around 400 people, including government officials, heads of CBI units, developers, international agents, government advisories and other service providers.
A welcome reception was held on Wednesday, followed by a two-day programme under the theme '35 years of CBI: The Caribbean Advantage'. St Kitts and Nevis' Prime Minister Timothy Harris delivered the keynote address, reflecting on the journey of CBI and the future ahead, while highlighting how his country managed to uphold high vetting and security standards.
Premier Harris noted the importance of strong due diligence as the backbone for the future of the investor immigration industry, mentioning that, in doing so, St Kitts and Nevis' CBI Programme "has grown in significance and scale," referring to its status as "the oldest and the best". PM Harris further added that, "in the context of global thrust in the areas of anti-money laundering and countering the financing of terrorism, our regions have assumed a certain responsibility in collaboration with our international partners to ensure that our programmes are not susceptible to undesirable and illicit actors."
35 years ago, the CBI industry as we know it today was born in St Kitts and Nevis. In 1984, one year after gaining independence from the United Kingdom, the dual-island nation introduced a programme that offers foreign investors and their families a way of acquiring second citizenship through an economic contribution. As a country that was once mostly reliant on the sugar industry, CBI was a means of diversifying St Kitts and Nevis' economy. Over three decades later, several other countries have adopted their own version of the programme, while St Kitts and Nevis has come to be internationally recognised as the Platinum Standard brand.
In 2018, PM Harris announced the Sustainable Growth Fund as a new, straightforward route to obtaining citizenship, which enabled applicants to make a contribution directly to a government-held fund. This then goes towards the national advancement of the islands. In return, successful and highly vetted applicants gain benefits like visa-free or visa-on-arrival travel to nearly 160 destinations, business and entrepreneurial opportunities and the ability to pass down their citizenship to future generations.
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