St Kitts – Nevis introduces raft of changes to its Citizenship by Investment Programme
The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin.
“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.
The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.
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 revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.
The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.
Under the Limited Time Offer, investment options are as follows:
Single applicant – US$ 125,000
Main applicant and a spouse – US$150,000
Main applicant, spouse and two dependants – US$170,000
Each additional dependant under 18 – US$10,000
Each additional dependant over 18 – US$25,000
From 1 July 2023 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 – US$150,000
Main applicant and a spouse – US$175,000
Main applicant, spouse and two dependants – US$195,000
Each additional dependant under 18 – US$10,000
Each additional dependant over 18 – US$25,000
These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.
Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development.”
Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:
Fines of up to US$200,000 on summary conviction
Revocation/suspension of Approved Development status
Removal of Authorised Agent licence
Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application.
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 – these projects must maximise local employment, transfer technological skills and increase capacity building. 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 US$175,000, excluding relevant due diligence, processing and Government fees.
Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.
A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.
