Lowtax Network

Back To Top

Saint Kitts Revokes Two Citizenship By Investment Passports

by Mike Godfrey, Lowtax.net, Washington
07 June, 2016

Saint Kitts and Nevis has revoked the passports of two persons recently named in a Securities and Exchange Commission statement.

They had received citizenship through the territory's Citizenship by Investment program.

The territory's action follows a United States District Court order in favor of the US Securities and Exchange Commission freezing the assets of an attorney accused of misrepresenting investments and misappropriating investor funds and another for his wife.

It is alleged that some of these funds were wired to a Saint Kitts law firm to assist them in obtaining Saint Kitts and Nevis citizenship.

The Government of Saint Kitts and Nevis said the passport applications were "processed after appropriate due diligence checks by a highly reputable, internationally renowned due diligence service provider found no evidence of impropriety or illegal activity."

It added that the revocation of the passports demonstrates the territory's "commitment to the highest level of due diligence and transparency in relation to the Citizenship-by-Investment program."

See all of today's news


News Archive

Event Listings

Listings for the leading worldwide conferences and events in accounting, investment, banking and finance, transfer pricing, corporate taxation and more...
See Event Listings »