To: Authorized Service Providers
From: Minister of Investment Citizenship Department
Date: 2014-05-16
Subject: Compliance with Regulatory Account Fund Legal Requirements
We have found that some investment citizenship application documents submitted by service providers do not comply with the legal requirements for funds in the property regulatory account, resulting in delays for several application documents that need urgent resolution.
We would like to take this opportunity to remind all service providers of the relevant regulatory requirements for the regulatory account.
For applications submitted for investment in property projects, Chapter 5, Section 9(b) of the St. Kitts and Nevis Investment Citizenship Act states as follows:
Applications will only be processed when all funds are deposited into an irrevocable regulatory account held by the authorized person, registered trust company, or any entity providing trust and regulatory commercial services, and the holder of the regulatory account must comply with the guidelines issued by the authorities.
Please be informed that compliance with this regulation will be strictly enforced, and where necessary, applications that contradict the regulations will be delayed until all documents are provided to prove that the investment funds have been deposited into the regulatory account in accordance with the legal requirements.
All regulatory accounts will be managed by the Federation of St. Kitts and Nevis.
Thank you for your continued cooperation.
* The above translation is for reference only; the English version shall prevail.
