Choosing a reputable jurisdiction for your second citizenship: St Kitts is committed to ensuring CBI transparency
The search for a second citizenship is a long process because it entails an important decision. Even though acquiring a new nationality doesn't necessarily mean a major change in the applicant’s lifestyle, the matter goes deeper than that.
Today we analyze the current situation in the Caribbean which promises superior monitoring, better due diligence, and enhanced CBI transparency in exchange for higher prices. Is this really how it’s going to be?
How safe is CBI: the importance of financial transparency
Most current CBIs have flexible stay requirements and, in general, once the decision is made, the process is straightforward. Give or take a few months and as long as the applicants don't have a criminal record, or are not connected with shady activities, getting citizenship is a sure thing.
In Vanuatu, for example, the processing times are shorter than in the Caribbean, though recently they've established a mandatory physical presence when receiving the document. On the other hand, the Caribbean offers five different programs which are now a less competitive option when it comes to prices. Nonetheless, this seems to be compensated with higher financial transparency. How safe is CBI? After the recent changes and the MOA signature, trust in the Caribbean seems to have been enhanced.
The memorandum of agreement signed by the five players entails a commitment. Now the countries have aligned their prices and established common guidelines when it comes to monitoring approved candidates, conducting due diligence, and ensuring CBI transparency in accounting and other financial aspects. An example of this commitment can be seen in Saint Kitts and Nevis.
Transparency in the Caribbean enhanced: Saint Kitts launches probe
Due to allegedly irregular practices carried out by the previous administration within the CBI framework, the government of Saint Kitts and Nevis has started an investigation. The director of the Public Prosecutor's Office has full support from the Prime Minister, Terrence Drew, who has stated his desire to maintain CBI transparency as well as the country's good reputation.
Mainly the investigation will be focused on discovering underselling practices that harm the industry and erode the country's good standing before international authorities. At this point, it’s worth mentioning that the MOA was a result of the countries’ intention to fulfill international requirements and demands.
After all, other governments’ decisions may affect CBI programs as we can see that it happened in Vanuatu. After the access visa to Schengen was removed, Vanuatu CBI revenue decreased. Even so, the country remains competitive in the global context and is still a great candidate for Middle East, Far East, and Oceania applicants.
Prime Minister Drew emphasized the importance of CBI transparency and the program itself describing it as a valuable asset for Kittians and Nevisians.
A key measure that has been taken toward transparency in this investigation is to appoint a foreign prosecutor who will work with a local investigator. Transparency in the Caribbean will surely be enhanced if this is duly implemented.
CBI transparency in a pioneering jurisdiction
Of all the Eastern Caribbean countries to provide CBI, Saint Kitts stands out for two things: 1) it was the pioneer in the region (and in the world), 2) it provides the most expensive alternative among its neighbors.
After recent amendments, the real estate approach has been raised to a minimum of $400,000, and the minimum donation threshold is set to $250,000. This leaves the federation almost $100,000 ahead of the previous players (St Lucia with $355,000 and Antigua and Barbuda with $320,000). When it comes to the donation, prices are more even between the five countries.
The importance of financial transparency
As we said in the introduction, the process of choosing the right jurisdiction needs to be addressed carefully and reputation must be duly assessed. Second citizenship entails an economic contribution but also a long-term commitment. Even if you don't decide to live here 365 days a year, you become connected to the country. At the end of the day, it will be its passport the one you'll be showing when traveling internationally, and the name of this country will be in all the banking forms and similar documents you will filling from that moment on.
This is why financial transparency is not negotiable and may even be the factor that tilts the scale to one side or the other. In this regard, transparency in the Caribbean is solid especially now after the MOA. Saint Kitts and Nevis’ prosecutor digging into the affairs of the previous administration is also a sign of commitment toward transparency.
So far, the probe is not oriented to any particular person but simply looking into irregularities that have raised concerns.
Disclaimer: this article is merely informative. Mundo is not responsible for the conclusions readers may draw from this article. Also, the article should not be considered as financial advice. Before making any migration decisions, make sure to conduct proper research and consult with a certified professional.
Trust in the Caribbean: Trust in Mundo
Mundo works with experienced partners, agents, and lawyers from all over the world. Thanks to our wide network of connections, we can help you obtain second citizenship in Saint Kitts and Nevis, Vanuatu, or any other Caribbean country.
We believe in building a better world where people are freer and richer, and where financial goals can be achieved. This is why we present nomad capitalist services to all our readers. Among other things, we can help you with incorporation, banking, real estate, second residency, or second citizenship. Just write us a message and we'll be there to help you.
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