St Kitts and Nevis Prime Minister Dr Timothy Harris (L) with Citizenship by Investment Unit CEO Les Khan
By Caribbean News Now contributor
BASSETERRE, St Kitts — The recently exposed but apparently still ongoing abuse of the St Kitts and Nevis citizenship by investment programme (CIP) may have already cost the country and its government between US$30 million and $130 million in lost revenue and overall economic impact.
Multiple allegations of apparent fraud in the St Kitts and Nevis CIP have surfaced recently, involving forged letters of approval, unmonitored switching from the donation option to the real estate investment option, misappropriation of client money into personal bank accounts, and illegally financed unsanctioned discounts.
Although, according to documents in the possession of Caribbean News Now, this abusive and possibly fraudulent activity has been going on since at least 2016, the frequency appears to have escalated following the introduction of the so-called Hurricane Relief Fund (HRF) donation option following Hurricanes Irma and Maria in September 2017, which substantially reduced the required donation from US$250,000 to US$150,000 for a single applicant.
