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06/01/23
CITIZENSHIP AND RESIDENCY: St Kitts and Nevis introduces raft of changes to its Citizenship by Investment programme.
As published on khaleejtimes.com, Friday 6 January, 2023.
The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment (CBI) programme have been announced by the country’s recently appointed Citizenship by Investment unit head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens while creating an enriching base for intelligent investors.
The programme will be underpinned by three fundamental principles – sustainability, good governance and pragmatism. The most notable change to the programme will be the introduction of a board of governors and a technical committee.
A professional CBI board of governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit and developing and implementing policies and procedures. To further the programme’s good governance agenda, a CBI technical committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly.
The technical committee will comprise of a chairperson, this role will be filled by the recently appointed head of the CBI Unit, Michael Martin; a senior officer and a secretary.
Applicants can gain second citizenship in 60 days, but only for a limited time. St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its sustainable growth fund.
The sustainable growth fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis until June 30, for a limited time offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the fund and receive approval in principle within 60 days of submission of application.
Under the limited time offer, investment options are as follows:
- Single applicant – $125,000
- Main applicant and a spouse – $150,000
- Main applicant, spouse and two dependants – $170,000
- Each additional dependant under 18 – $10,000
- Each additional dependant over 18 – $25,000
From July 1 onwards, applicants investing through the sustainable growth fund will be charged as follows and can expect approval in principle within 90 days of submission of application.
- Main applicant – $150,000
- Main applicant and a spouse – $175,000
- Main applicant, spouse and two dependants – $195,000
- Each additional dependant under 18 – $10,000
- Each additional dependant over 18 – $25,000
Another notable and important update is that a new public good investment option (PGIO) will replace the alternative investment option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on state land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the board of governors to be designated as a public good Investor. To qualify under the PGIO, an applicant must contribute $175,000, excluding relevant due diligence, processing and government fees.
Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.
