Latest / IMI Podcasts / St Kitts Rejected My CBI Application 3 Years Ago, But Won’t Refund My Investment

Transcript

St Kitts Rejected My CBI Application 3 Years Ago, But Won’t Refund My Investment · IMI Podcasts

• 0:00
  SPEAKER_00: For many people, citizenship by investment programs, also known as CIPs, offer a chance to gain more freedom to travel and create new opportunities for their families.
• 0:09
  SPEAKER_00: Many in the industry have perceived the St.
• 0:11
  SPEAKER_00: Kitts and Nevis Citizenship by Investment Program as one of the most reliable in the Caribbean.
• 0:17
  SPEAKER_00: But recent events have left many applicants dealing with uncertainty, financial stress, and frustration.
• 0:23
  SPEAKER_00: I'm one of those people, and I want to share my experience because it reflects the struggles of others who trusted this program and invested a lot of money into it.
• 0:32
  SPEAKER_00: In 2021, I applied for citizenship under the St.
• 0:35
  SPEAKER_00: Kitts and Nevis CIP.
• 0:37
  SPEAKER_00: I chose the sustainable growth fund referred to as SGF option, which appealed to me most.
• 0:43
  SPEAKER_00: Like many others, I met all the requirements and made a qualified investment.
• 0:47
  SPEAKER_00: Initially, the government approved my application, and a June 24, 2022, letter instructed me to remit$150,000 to the SGF.
• 0:57
  SPEAKER_00: Later that year, however, Russia faced sanctions, leading the St.
• 1:01
  SPEAKER_00: Kitts government to retroactively halt and reject all applications submitted by Russian citizens.
• 1:07
  SPEAKER_00: A subsequent letter from the Citizenship by Investment Unit, also known as CIU, dated November 6, 2023, confirmed my eligibility for a refund and outlined the necessary steps to facilitate the process.
• 1:21
  SPEAKER_00: Accordingly, I submitted the required documents, including my bank account details, a notarized affidavit, and a copy of my passport in early 2024.
• 1:31
  SPEAKER_00: In the same month, the head of the CIU, Michael Martin, acknowledged the delays, stating, quote, We continue to work on getting out the refunds.
• 1:40
  SPEAKER_00: While we understand applicants' frustrations, we want to ensure the funds are returned to the rightful recipients.
• 1:46
  SPEAKER_00: We appreciate their patience and assure them that we are steadfastly working on the issue towards a satisfactory resolution, end quote.
• 1:53
  SPEAKER_00: However, by the end of December 2024, the government had not reported any further updates or progress on the refund.
• 2:00
  SPEAKER_00: This issue has affected me and numerous applicants from Russia, Ukraine, and Belarus, whose approved applications the government canceled.
• 2:08
  SPEAKER_00: Despite repeated public assurances from the authorities, the reality has been nothing short of obstructive.
• 2:14
  SPEAKER_00: Russian applicants continue to face unnecessary delays, additional notarization requests for previously submitted documents, and radio silence from officials.
• 2:24
  SPEAKER_00: Families have also received no compensation for additional expenses such as agent fees, due diligence costs, or incidental expenditures incurred during the application process.
• 2:35
  SPEAKER_00: The lack of transparency and prolonged withholding of significant sums have driven many applicants to the brink of legal action.
• 2:42
  SPEAKER_00: Frustrated and exhausted by the bureaucratic stalling, several affected individuals have begun to organize collective efforts to demand the return of their money.
• 2:51
  SPEAKER_00: Online petitions and campaigns are gaining traction.
• 2:54
  SPEAKER_00: And if authorities continue to dismiss their obligations, lawsuits and further public pressure will undoubtedly follow.
• 3:01
  SPEAKER_00: Many affected applicants, including myself, have lost confidence in the system.
• 3:06
  SPEAKER_00: A striking example is the case of another investor with a Russian passport who successfully received his refund after mounting an aggressive online campaign demanding the return of his funds.
• 3:17
  SPEAKER_00: His success proves investors can reclaim their funds, but it also reveals a concerning reality.
• 3:23
  SPEAKER_00: St.
• 3:23
  SPEAKER_00: Kitts and Nevis appear willing to resolve cases only when public embarrassment looms.
• 3:28
  SPEAKER_00: This approach sets a dangerous precedent and exposes systemic failures in the program's administration.
• 3:34
  SPEAKER_00: Adding to this uncertainty is the broader instability within the St.
• 3:38
  SPEAKER_00: Kitts and Nevis CIP.
• 3:40
  SPEAKER_00: In a national address in late 2024, Prime Minister Dr.
• 3:44
  SPEAKER_00: Terrence Drew revealed that the program's revenue had dropped by 60% compared to previous years.
• 3:50
  SPEAKER_00: Revenue fell from$669 million in 2022 and$620 million in 2023 to just$218 million by September 2024.
• 4:02
  SPEAKER_00: The Prime Minister admitted that rushed policy reforms drove this steep decline, which his administration implemented to address international pressure, particularly concerns the European Union and the UK raised over potential visa-free travel risks.
• 4:16
  SPEAKER_00: These reforms included increased investment thresholds and stricter regulations and aimed to preserve the program's reputation, but they also significantly reduced applications.
• 4:26
  SPEAKER_00: This financial collapse is alarming for a program that has historically contributed up to 50 to 60% of federal revenue.
• 4:34
  SPEAKER_00: Beyond harming the national economy, it shatters the trust of international investors.
• 4:39
  SPEAKER_00: By failing to return funds in a timely and professional manner, the St.
• 4:43
  SPEAKER_00: Kitts and Nevis government risks permanently damaging the credibility of its CIP and casting doubt on similar initiatives across the Caribbean.
• 4:51
  SPEAKER_00: The situation is unsustainable.
• 4:54
  SPEAKER_00: Ensuring the timely return of funds is a legal obligation and a demonstration of the program's commitment to its values and reputation.
• 5:02
  SPEAKER_00: Authorities must take immediate decisive action to de-escalate the situation, restore faith in the program, and honor their financial obligations.
• 5:10
  SPEAKER_00: Failure to do so will escalate collective legal action and irreparably tarnish the program's reputation.
• 5:17
  SPEAKER_00: Applicants deserve more than empty promises and endless waiting.
• 5:21
  SPEAKER_00: They deserve the return of their rightful funds.
• 5:23
  SPEAKER_00: We are not alone, and if necessary, we will continue to escalate our efforts to ensure justice is served.
• 5:31
  SPEAKER_00: This episode first appeared as an article by Vasily Istaman on IMIDaily.com.
• 5:37
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry, and upgrade your membership to IMI Pro to get access to our exclusive professional community, citizenship catalog, investment migration company Rolodex, private briefings, and more members only content.