The Saint Kitts & Nevis Citizenship by Investment Unit (CIU) this week issued new Terms of Engagement for the program’s international marketing agents and their subagents. The circular places new restrictions on promotional methods, the contravention of which, the CIU cautions, is punishable by immediate suspension of application submissions and blacklisting on the Unit’s website.
The notice advises that international marketing agents (IMAs) – and their sub-agents, the conduct of whom the IMAs will be held responsible for – must “ensure that there are no advertisements on paper, or social media, that suggest government sanctioned discounts and pricing” and, further, that “any images of
Suspension and blacklisting
Recent weeks have seen a spate of allegations against international marketing agents, relating to the discovery of promotional materials offering Saint Kitts & Nevis citizenship at prices lower than the legally permissible rate.
The CIU indicates it will henceforth meet such transgressions with stiff consequences.
“Any contravention to the above could lead to an immediate suspension of application submissions. The infringing agent could be listed on the CIU website as being blacklisted,” writes the Unit.
“Modification of any government issued letters” subject to sanctions
Last month, a Caribbean news-site suggested approval letters from the CIU had been tampered with in an effort to mislead clients as to which investment option they had received approval for. In the notice, the CIU appears to address this matter directly.
The blacklisting and suspension sanctions would also apply to those engaging in “modification of any government issued letters” and to “agents caught misleading the potential client, by proposing one option and providing documentation for another”.