In a press release yesterday the 27th of July 2023, The Government of St Kitts and Nevis has taken a bold step to further revolutionize its Citizenship by Investment Programme, building on earlier significant changes made in December 2022.
Prime Minister the Hon. Dr. Terrance Drew expressed the government’s dedication, stating, “Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Programme in the world but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defense mechanism against illicit actors and those who try to bypass our high-end investment and contribution options. We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis.”
The new changes introduced a groundbreaking investment option called the Sustainable Island State Contribution (SISC), replacing the previous Sustainable Growth Fund (SGF). Investors contributing to SISC will be instrumental in advancing St Kitts and Nevis as a Sustainable Island State, centered around seven pillars, including increasing local food production, transitioning to green energy, diversifying the economy, and supporting sustainable industries, among others.
The investment options have been refined to attract distinguished applicants committed to the country’s growth and development.
DONATION OPTION
Contributions for the Sustainable Island State Contribution start from US$250,000 for a single applicant and increase with the addition of spouses or dependents. The prescribed contributions are as follows:
Main Applicant Only: USD 250, 000
Main Applicant and Spouse: USD 300, 000
Main Applicant and One Dependent: USD 300, 000
Main Applicant, Spouse and Two Dependents: USD 350, 000
Each Additional Dependent under 18 years: USD 50, 000
Each Additional Dependent aged 18 years and above: USD 75, 000
REAL ESTATE OPTION
The minimum amount for the Developer’s Real Estate Option is now US$400,000 from the previous requirement of USD 200, 000, the property must be held for at least 7 and can only be resold once by the original purchaser.
PRIVATE HOME SALE
Pursuant to the regulation, this option has approved minimum investments of the following:
Condominium Unit – USD 400, 000
Single-Family Private Dwelling – USD 800, 000
The property must be held for 7 years and cannot be resold to another purchaser unless the Federal Cabinet determines that substantial investment was injected into the real estate unit by way of construction, renovation etc.
APPROVED PUBLIC BENEFIT PROJECTS
An innovative pathway to citizenship was introduced through Approved Public Benefit Projects. Under this option, high net worth individuals can qualify for Citizenship by Investment by making a minimum contribution of US$250,000 to an Approved Public Benefactor.
It is also important to note that the Due Diligence Fees have been increased from USD 7,500 to USD 10, 000 for the Main Applicant and from USD 4000 to USD 7,500 for all dependent 16 years and above, and that siblings and grandparents are no longer qualified to be dependents. For parents to be included, they must be at least 65 years old upon submission of the application.
There is no longer an option for the 60-day accelerated application through the payment of premium due diligence.
A mandatory interview for investors was introduced as well, either virtually or in person, conducted by independent professional firms commissioned by the Citizenship by Investment Unit. Background due diligence checks will also be performed by independent firms from the United Kingdom, USA, and Europe, ensuring rigorous screening of applicants.
After the Citizenship by Investment application approval, completing all processes, due diligence checks, and making the investment, the main applicant will receive a Certificate of Registration. It must be collected in person in St. Kitts and Nevis or at an approved Embassy or Consulate specified by the Citizenship by Investment Unit and approved by the Board of Governors.
Mr. Michael Martin, Head of St Kitts Citizenship by Investment Unit, emphasized the importance of evolving with the times, saying, “In this ever-changing and unpredictable world, it is imperative that the Government of St Kitts and Nevis and its Citizenship by Investment Programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country.”
The changes aim to boost all stakeholder’s confidence and elevate the country’s global reputation and ultimately eliminating any potential threat to its CBI programme.
