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A while back, a Russian national who applied to St Kitts & Nevis’ Citizenship by Investment Program (CIP) started an online petition to urge the government to refund the amounts paid by Russian and Belarusian applicants who were retroactively rejected from the program, even after paying the fees.
The retroactive rejections came as part of the ban on Russian and Belarusian applicants, and while the government of St Kitts & Nevis did insist that it would refund all the rejected clients, no monetary refunds were made for months.
This is set to change, however, as Prime Minister Terrance Drew confirmed during a conference on Tuesday that the government will start refunding applicants from sanctioned countries who had received approvals but were then informed of the retroactive rejection of their applications.
According to the Saint Kitts & Nevis Times, this measure came as a response to increasing pressure and the looming risk of a class action lawsuit.
However, it seems that the Financial Unit of St Kitts & Nevis’ CIP is struggling to make the refunds as dwindling resources are a major obstacle. According to one source within the Citizenship by Investment Unit (CIU), the unit is facing financial restrictions due to various challenges, including a “drastic reduction in new applicants.”
According to the Saint Kitts & Nevis Times, sources in the government and CIU even went on to say that the “once-thriving program may face closure.” The low application volume is attributed to the government doubling its minimum investment amount.
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