Think of this law like turning a government department into an official, independent corporate body with its own board of directors. Instead of operating under simple regulations, the Citizenship by Investment Unit becomes a formal standalone organization that can hire staff, hold money, and enter into contracts under its own name.
This bill officially creates the Citizenship by Investment Unit as a corporate entity. It establishes a Board of Governors appointed by the Minister to oversee the Unit's management, finances, and project approvals.
The Board of Governors is responsible for:
- Managing the daily operations and finances of the Unit.
- Reviewing citizenship investment proposals to make sure they are legally sound and beneficial to Saint Kitts and Nevis.
- Submitting approved investment projects to the Federal Cabinet.
- Hiring independent auditors every year to inspect the Unit's books and publishing the results in the Official Gazette.
The bill clearly splits how money from citizenship applications is handled:
- Application fees, marketing agent fees, and due diligence fees are kept by the Unit to pay salaries and running costs.
- Main investment contributions (like the Sustainable Island State Contribution) must be paid directly into the government's central bank account, known as the Consolidated Fund.
All board members and staff must take an official oath of secrecy and keep application details confidential. They are protected from personal legal claims for work done in good faith. However, anyone who refuses to give financial documents or information to the independent auditor faces severe penalties:
- A fine of up to $50,000
- Up to 3 years in prison, or both
- Immediate removal from their job or board position
Ask a question below, or try one of the suggestions.