Basseterre, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Investing in St Kitts and Nevis’ Citizenship by Investment (CBI) programme is becoming increasingly attractive to savvy investors. The programme provides a straightforward and cost-effective way to acquire second citizenship, with a range of benefits that make it an attractive option for those looking for the advantages of global mobility. With its simple application process and myriad of investment requirements, it is an attractive means for many investors to diversify their portfolios and gain greater freedom in how they travel, work, study and live abroad.
Recent updates to the St Kitts and Nevis CBI programme
The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme were announced in December 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.
To achieve this, one of the notable changes to the programme is the introduction of a Board of Governors and a Technical Committee. The programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s CBI Programme – sustainability, good governance and pragmatism.
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, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.
Another change is that the sustainable model of the CBI programme involves the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.
Caribbean business hub
The Caribbean is an increasingly popular destination for entrepreneurs and business owners. With its natural beauty, strong infrastructure, and affordable cost of living, it's no surprise that the region has become a hub for business activities. From small start-ups to multinationals, businesses are beginning to take advantage of the Caribbean’s numerous advantages to establish their presence in this paradise.
The St Kitts and Nevis government has implemented several initiatives to attract investors, such as providing generous tax incentives for businesses and encouraging foreign direct investment. Other initiatives include government grants, loan programs, and other forms of financing. Additionally, businesses can take advantage of the country's excellent infrastructure, skilled workforce, and access to international markets. With the right support in place, St Kitts and Nevis has the potential to become a thriving hub for business activity in the region. With its strategic location and proximity to North America, access to resources, and growing economy, St Kitts and Nevis is quickly becoming an attractive destination for businesses from around the world.
Financial incentives in St Kitts and Nevis
St Kitts and Nevis is an ideal place for international investors looking to benefit from favorable financial incentives. The dual-island nation offers generous fiscal benefits to those who wish to make a long-term commitment of capital and resources. Tax relief measures include no income tax, no personal capital gains tax, no corporate profit tax and reduced taxes on dividends and other income.
Limited-time offer
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 dependents – US$170,000
- Each additional dependent under 18 – US$10,000
- Each additional dependent 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 the application.
- Main applicant – US$150,000
- Main applicant and a spouse – US$175,000
- Main applicant, spouse, and two dependents – US$195,000
- Each additional dependent under 18 – US$10,000
- Each additional dependent over 18 – US$25,000
