A team from the International Monetary Fund (IMF) commended the St Kitts and Nevis government on Wednesday on its efforts to strengthen the citizenship-by-investment (CBI) programme, the oldest of its kind in the world.

“I would like to commend the government for strengthening the processes, particularly the due diligence processes,” Inci Otker, the IMF mission chief on the 2017 consultation to St Kitts and Nevis, told the prime minister and minister of finance, Dr Timothy Harris, and members of the Federal Cabinet.

Officials from the Eastern Caribbean Central Bank (ECCB) and the Caribbean Development Bank (CDB) were also present during the meeting.

Otker characterized the strengthening of the due diligence processes as a “very welcome” step and noted that the reforms have helped to “reduce integrity/security risks, preserve the programme’s credibility and reputation, and avoid a race to the bottom”.

The IMF official added that the Cabinet’s consideration of CBI options beyond real estate was also “very welcome.” The Cabinet considers CBI options such as alternative energy, entertainment, entrepreneurship, heritage, and infrastructure, as well as investment in a growth and resilience fund.

Source: caribbeannewsnow.com