The allure of the St. Kitts and Nevis golden passport program has drawn significant interest from wealthy international applicants.
However, both the European Union (EU) and the United States are scrutinizing the sales of these citizenships across five Caribbean islands due to surging demand.
Despite this scrutiny, St. Kitts and Nevis Prime Minister Terence Drew emphasizes the importance of the Citizenship by Investment (CBI) program.
The St. Kitts and Nevis golden passport program has attracted a substantial number of international wealthy individuals.
However, the EU and the United States are investigating passport sales through citizenship-by-investment programs in five Caribbean islands, prompted by increased demand.
Foreigners can acquire citizenship in certain Caribbean nations for as little as $100,000, enabling them to enjoy tax benefits and visa-free access to Europe.
According to a Bloomberg report, the golden passport initiative was expected to generate around $192 million, constituting 51% of the country’s revenue in the past year. Nevertheless, the program frequently faces security concerns.
Citizenship by Investment (CBI) programs, present in several European countries, offers wealthy foreigners the opportunity to acquire citizenship in exchange for financial investments and meeting specific criteria.
Despite their significant contributions to national economies, citizenship and residency by investment programs often face accusations of involvement in illicit activities, such as money laundering and tax evasion, among other concerns.
Last year, a joint project by the Financial Action Task Force (FATF) and the Organization for Economic Co-operation and Development (OECD) unveiled the unlawful activities associated with CBI/RBI programs.
These programs were exploited by criminals and corrupt individuals seeking to launder their money or engage in further illicit activities.
