NEW YORK and LONDON, Jan. 16,
2017 /PRNewswire/ -- The United States' investigative
show, '60 Minutes,' recently focused its attention on the
citizenship by investment programs offered by Caribbean and European jurisdictions,
expressing a particular and unfair viewpoint on the programs in the
Caribbean.
Initially, the 60 Minutes crew approached CS Global Partners,
requesting the company, as the leading firm specializing in
citizenship solutions, to participate in the show. Wisely, we
declined to partake, aware that regardless of our accurate
portrayal of the industry, a salacious and prejudiced rendition of
citizenship by investment would be presented.
This burgeoning industry is often misunderstood, despite the
importance of the outcome for countries offering their valued
citizenship, and in return attracting investment from legitimate
persons seeking security for their families.
CS Global Partners recognizes the tremendous impact that
citizenship by investment can have on countries, and above all we
are committed to producing a win-win scenario where clients attain
greater personal freedom, safety, and security through citizenship,
and Governments ensure sustainable growth.
The Caribbean pioneered
citizenship by investment – with the twin-island Federation of
St. Kitts and Nevis launching its
Program in 1984. This small country has, for the past three
decades, embodied all the many benefits that citizenship by
investment can bring to a nation and its people: investment in
infrastructure, real estate, and housing, encouragement of
entrepreneurship and schooling, and myriad of other opportunities
for national development. This has been reflected in its shrinking
national debt, and impressive economic growth rate. In particular,
under the strong leadership of Dr. the Honorable Timothy Harris,
Prime Minister of St. Kitts and
Nevis, the Program has become one of the best-managed
immigration and nationality programs in the world.
Dominica, another key champion
of citizenship by investment, stands as a second core example of
how citizenship by investment can provide a lifeline for local
communities. Struck by a devastating storm less than two years ago,
the nation is now welcoming world-famous hotel brands to its
shores, and expecting solid growth for the coming years. None of
this was touched upon by 60 Minutes. In a press conference
following the 60 Minutes show, Prime Minister Dr. the Honorable
Roosevelt Skerrit articulately addressed the various misconceptions
created by the broadcast. Notably, Dominica derived 39% of its GDP from
investment through its Citizenship Program. The importance of this
Program is evident as is the Prime Minister's commitment to
ensuring best practice.
More importantly however, the episode failed to draw adequate
attention to the unparalleled emphasis placed on due diligence by
these Caribbean countries. The
longevity of these programs, and the value of the citizenship
offered by these nations, rests entirely on the programs adhering
to strict governance mechanisms and international best practice. In
our role as consultants to many of these nations, we have witnessed
first-hand the commitment that each of them makes every day in
making certain that their processes are adequate every step of the
way. To name but a few of the systems put in place, these countries
do not only perform their own due diligence on applicants, but they
also outsource due diligence to international, world-esteemed risk
management firms that independently assess applicant backgrounds,
the source of their funds, and their family ties over an extended
period of the applicant's lifetime. There is very little that can
escape these due diligence checks, and the Caribbean programs should serve as models to
follow for other, even much larger and wealthier, jurisdictions,
rather than be characterized as a "security threat."
Much of the integrity with which the Caribbean runs its programs today can be
attributed to the steadfast dedication of its leaders to improving
their nations and their international rapports. Shortly after
coming into office, Prime Minister Dr. the Honorable Timothy Harris
redefined the St. Kitts and Nevis Citizenship by Investment
Program, introducing strict checks and balances that resulted in a
methodical and systematic evaluation of applicants. This was a
departure from the St. Kitts and
Nevis that, badly advised by a consultant that has since
been dismissed, received criticism for removing 'place of birth'
from its passports. Upon CS Global Partner's recommendation, the
Government of St. Kitts and Nevis
once again issues passports containing the traveler's date of
birth.
Dr. the Honorable Roosevelt Skerrit has also excelled in his
pledge to uphold openness. All funds received under the Dominica
Citizenship by Investment Program are regularly outlined and
reviewed by parliament for distribution in the national budget, and
each stakeholder – including developers of real estate and other
projects associated with the Program – is thoroughly vetted. Prime
Minister Skerrit also introduced training in anti-money laundering
for all Government staff working with citizenship applications.
CS Global Partners is proud to be working in an industry where
nations strive to welcome individuals of talent among their
citizens, and where countries show regular commitment to enhancing
their citizenship programs, creating barriers against illicit
actors whilst supporting their own economic development.
ABOUT CS GLOBAL PARTNERS
CS Global Partners is an
award-winning industry-leading legal consultancy firm specializing
in citizenship and residence solutions. CS Global Partners liaises
between governments wishing to promote foreign investments into
their countries, and individuals wanting to secure their future and
become global citizens through intelligent economic
citizenship.
Standing apart from competitors, CS Global Partners holds
government mandates to promote and develop the citizenship by
investment programs of St. Kitts and
Nevis, Dominica,
Grenada, and Saint Lucia. Moreover, CS Global Partners is
highly versed in the citizenship and residence programs offered by
the United Kingdom, Cyprus, Malta, Portugal, Greece, Singapore, and Antigua and Barbuda.
Media
Contact:
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North 6th Agency (On
Behalf of CS Global Partners)
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212.334.9753
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CSGlobalPartners@n6a.com
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SOURCE CS Global Partners