St. Kitts and Nevis’ CBI Programme Recognized for Strong Due Diligence Procedures
Recognition from Professional Wealth Management’s CBI Index
The Citizenship by Investment (CBI) programme in St. Kitts and Nevis has been recognized for its comprehensive due diligence procedures, earning top scores in the latest CBI Index conducted by Professional Wealth Management, a publication of the Financial Times.
Assessment of 12 Countries
The CBI Index assessed 12 countries that offer CBI programmes, evaluating their performance and appeal across seven indicators relevant to an applicant’s decision-making process. St. Kitts and Nevis’ programme received perfect scores in areas such as:
- Mandatory travel or residence
- Citizenship timeline
- Ease of processing
- Strong due diligence procedures
Comprehensive Due Diligence Procedures
According to Chief Executive Officer of the Citizenship by Investment Unit (CIU), Les Khan, St. Kitts and Nevis’ comprehensive due diligence procedures involve a four-tier vetting process that ensures no individual of ill-repute is accepted into the Federation’s programme.
Here are the four tiers:
- Tier 1: Anti-money laundering and Know Your Customer (KYC) practices
- Agents interacting with clients undergo anti-money laundering and KYC practices
- Tier 2: Service provider vetting
- Service providers ensure they know who their clients are
- Tier 3: International due diligence review
- International due diligence providers conduct a “deeper dive” into applicants’ backgrounds, including:
- Reviewing media results
- Sanction lists
- Financial statements
- International due diligence providers conduct a “deeper dive” into applicants’ backgrounds, including:
- Tier 4: Law enforcement checks
- Applicant information is shared with international law enforcement agencies to check for potential security risks, such as links to terrorist activities or anti-money laundering violations
Conclusion
Les Khan noted that these measures ensure St. Kitts and Nevis has “one of the most robust due diligence processes that cover all different angles.” This recognition further solidifies the Federation’s CBI programme as a trusted and reputable option for individuals seeking citizenship through investment.