Saint Kitts and Nevis has announced two new reforms to its Citizenship by Investment (CBI) Programme, as it moves to further strengthen security measures and attract credible investors.

Prime Minister Dr Terrance Drew said reforms include the introduction of a residency requirement for investors and the collection of biometric data from prospective citizens worldwide. 

Drew made the announcement a panel interview with St Kitts and Nevis journalists on January 8.

Drew said the changes reflect the government’s commitment to restoring and maintaining the integrity of the programme.

“We are serious when we say that we will make sure that we do what we have to do to put this CBI Programme in good standing,” he said.

Drew stated these new initiatives build on a series of reforms introduced since his administration took office in 2022, following concerns raised internationally about the programme’s operations. 

Those concerns included reports of underselling and weaknesses in oversight, which prompted scrutiny from international partners and organisations.

Among the changes introduced include increasing the minimum investment threshold, strengthening due diligence procedures and improving transparency across the programme. 

The CBI Unit has also been converted into a statutory body to enhance governance and oversight.

“We have taken strict measures [by] increasing the minimum investment; strengthened further our due diligence, making sure that the processes are transparent; we have shifted our CBI Unit to become a statutory body to have proper oversight, [and] now we are making two more significant advancements,” the prime minister stated.

Drew added Saint Kitts and Nevis has also played a leading role in the establishment of the Eastern Caribbean Citizenship by Investment Regulatory Framework. 

This initiative he said creates a shared regulatory authority among participating Organisation of Eastern Caribbean States (OECS) members and is modelled on the cooperative structure of the Eastern Caribbean Central Bank.