The twin islands of St. Kitts and Nevis have been witness to some important changes over the past half year with the election of a new government in August. The most significant, perhaps, being made to its well-established citizenship by investment (CBI) program.
In a speech marking his 100 days in office, the new elected Prime Minister, Hon. Dr. Terence Drew, had already intimated substantial changes in the forthcoming days as part of his government’s plan to advance the twin nations’ progress. For almost 4 decades now, the St. Kitts and Nevis CBI program has played a fundamental role in supporting the economy, by securing direct foreign investments for its developmental projects.
New Updated Strategy
As part of an expansive strategy to review the citizenship by investment program and make it more compliant and competitive, December 2022 saw an elemental change in the appointment of Mr. Michael Martin, as the new CEO of St. Kitts and Nevis Citizenship Investment Unit (CIU).
A local Kittitian, his resume imparts a comprehensive experience in a host of financial roles where good governance and compliance policies play a critical role in delivering value, in the light of which the changes made to the country’s CBI program are not surprising.
Just two weeks into his new role, Mr. Michael Martin announced a host of updates, including a limited time discount, stricter governance, and a new investment option. The program has traditionally offered only two investment pathways to securing a second citizenship; an economic contribution/donation to the government through Sustainable Growth Fund or through the purchase of real estate in a government approved project.
The updates, effective from January 1st, 2023, are the following:
The table of charges is now as follows:
| DONATION OPTION – SUSTAINABLE GROWTH FUND | ||
| DESCRIPTION | AMOUNT BEFORE | NOW |
|---|---|---|
| Main Applicant | $150,000 | $125,000 |
| Main Applicant + Spouse | $175,000 | $150,000 |
| Main Applicant + Spouse + 2 Dependents | $195,000 | $170,000 |
| Qualified dependent under 18y/o | $10,000 | $10,000 |
| Qualified dependent over 18y/o | $10,000 | $25,000 |
| GOVERNMENT PROCESSING FEES FOR REAL ESTATE, PRIVATE HOME SALE AND PUBLIC GOOD INVESTMENT | ||
| DESCRIPTION | AMOUNT BEFORE | NOW |
| Main Applicant | $35,050 | $25,000 |
| Spouse | $20,050 | $15,000 |
| Qualified dependent under 18y/o | $10,050 | $10,000 |
| Qualified dependent over 18y/o | $25,000 | $15,000 |
| For accelerated CBI applications, the enhanced government fees payable upon approval-in-principle will be as follows | ||
| DESCRIPTION | AMOUNT BEFORE | NOW |
| Main Applicant | $25,000 | US$42,500 |
| Spouse | $20,000 | US$32,500 |
| Qualified dependent under 18y/o | O | US$22,500 |
| Qualified dependent over 18y/o | $20,000 | US$32,500 |
| Post approval in principle applicable fees-Add-ons | ||
| Standard process | ||
| DESCRIPTION | AMOUNT BEFORE | NOW |
| Addition of Spouse | $35,000 | $20,000 |
| Addition of any qualified dependent | $10,000 | $20,000 |
| Fast-Track process | ||
| Applicable fees | ||
| DESCRIPTION | AMOUNT BEFORE | NOW |
| Addition of Spouse | $37,500 | |
| Addition of any qualified dependent | $37,500 | |
About St. Kitts and Nevis
St. Kitts and Nevis is a beautiful island nation in the Caribbean Sea made up of the two twin islands; St. Kitts and Nevis. Home to a population of around 55,000 people, the natives are well known for their warm hospitality and big friendly smiles. The capital, Basseterre, is the nation’s largest city, renowned for its white sandy beaches and rich cultural history.
As a port and one of the first islands in the West Indies to be colonised by Europeans, St. Kitts boasts a UNESCO World Heritage Site, the Brimstone Hill Fortress National Park; a military fortress perched on a hill of limestone.The volcanic origin of the twin islands means the land is lush with beautiful mountains and rich coral reefs making these some of the most scenic islands to travel to and a popular destination for eco-tourism.
St. Kitts and Nevis CBI Program
As the first formal program of its kind, the St. Kitts and Nevis Citizenship by Investment program has a strong reputation for being one of the best programs available in the market. Benefits include:
- A short processing time of just 4-6 months
- Visa-free travel to over 157 countries including the UK and Schengen Area, Singapore and Hong Kong
- No need to leave your home country
- No taxation on foreign income
- Lifetime citizenship for you and future generations
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