Have you heard about the Saint Kitts and Nevis Golden Passport Program? It’s been creating quite a buzz among the international elite! But that’s not all – there’s now an investigation underway by the EU and the US into passport sales through citizenship-by-investment schemes in five Caribbean islands. The demand for these programs has been skyrocketing, and the authorities are taking notice. Exciting times indeed!
International citizens can obtain citizenship in Caribbean nations for $100,000, which provides tax benefits and visa-free travel to Europe. The “Golden Passport” program in Saint Kitts generated 51% of the nation’s revenue, but there are concerns about its security and integrity.
In December 2020, Prime Minister Terrance Drew of St. Kitts-Nevis emphasized the importance of the Citizenship by Investment Programme (CBI) for his country, as it provides a way for wealthy individuals and families to obtain legal citizenship. The CBI has undergone significant reforms to enhance its integrity and reliability.
Prime Minister Drew has committed to improving the program and ensuring its integrity and reliability. He emphasized that important updates, such as mandatory interviews and stringent controls, adhere to both local regulations and global best practices. He further added that St. Kitts serves as a role model to the rest of the world in terms of this program, and that their efforts have garnered international recognition.
Did you know that Citizenship and Residency by Investment (CBI/RBI) schemes, despite their positive contributions to the economies of many countries, have been accused of involvement in illicit activities such as money laundering and tax evasion? In fact, a groundbreaking joint initiative by the Financial Action Task Force and the Organisation for Economic Co-operation and Development (OECD) in 2020 aimed to investigate illegal activities related to CBI/RBI programs and uncovered instances where such programs were utilized by criminals and corrupt individuals for money laundering and other criminal activities. It’s a shocking revelation that highlights the need for greater scrutiny and regulation of these programs to prevent them from being misused in such ways.
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