The Saint Kitts and Nevis government has warned investors to protect themselves against underselling or illegal discounts provided by several agents illegally less than the stipulated minimum set by government of USD 250,000. The Government revealed that underselling—offering CBI options below the legally mandated minimum investment thresholds—has been criminalized.
“We are the only government in the region to make underselling a criminal offense,”
-PM Dr. Terrance Drew
The CIU has already taken action against violators, revoking licenses, canceling development approvals, and reclaiming passports where illegal practices—such as underselling or underpayment—have been detected.
In December 2022, new Citizenship by Investment Regulations were passed into law to specifically prohibit all forms of underselling. In February 2023, Saint Kitts and Nevis agreed to the six (6) CBIP reform principles advanced at the historic US-Caribbean Roundtable on Citizenship by Investment. In July 2023, further regulations were established to reinforce the procedural and other processes within the CBIP, close loopholes, and introduce good governance structures. In March 2024, a new Citizenship by Investment Unit Bill was tabled, seeking to modernize, corporatize, and strengthen the CBIP, based on input from our international partners.
Prime Minister Dr. Drew affirmed that “underselling practices were banned from Saint Kitts and Nevis by our new Administration since December 2022. The establishment establishment of a regional regulator for Citizenship by Investment Programmes (CBI/CIP) – the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA) regulates promotion and marketing, roots out all unauthorised selling practises by agents and marketers.
Participating in unauthorized financial structures have consequences such as…
- You passport could be revoked or renewed anytime by authorities or deported.
- No consulate assistance.
- Subjected to fines, penalties or face charges.
- Family members can also lose citizenship and passport.
- You lose your full investment and money.
Clients are warned to double check the investment thresholds and fees from the official CIU website https://ciu.gov.kn