Representatives from the International Monetary Fund (IMF) visited the Citizenship-byInvestment Unit (CIU) this week. The purpose of their visit was to update themselves on recent developments and to discuss the unit’s plans for 2017.
During their visit, discussions covered how the CIU markets the programme internally, the levels of due diligence that now are conducted on all applicants and the vetting, approval and denial processes that have been implemented as a result of the restructuring of the unit undertaken at the end of last year.
CEO of the unit, Les Khan, reported on the visit saying that: “I was really encouraged by the IMF’s support for our strategy, thinking and particularly their recognition of our decision of not indulging in a race to the bottom. There is mutual appreciation that to do so undermines the value of citizenship and is not in tune with our desire to elevate standards and thereby the global reputation of St Kitts and Nevis.”
The IMF, established in 1945 is an organisation of 189 countries working together collaboratively to secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, as well as to reduce poverty around the world. The IMF is governed by and accountable to its international member countries with its primary responsibility to ensure the stability of the international monetary system, in other words the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.
Mr Khan added:
“The Citizenship-by-Investment Unit welcomes this level of external validation, especially when taking into account the mandate of the IMF and the international standards of governance and stability that it sets and is monitored by. It demonstrates that we have an excellent template for positive and sustainable growth going forwards and that we are on the right track to achieve this.”