Basseterre, Feb. 24, 2023 (GLOBE NEWSWIRE) -- St Kitts and Nevis is not only one of the world’s ultimate paradise destinations for tourists, but it has also earned its place in the global real estate market. The twin federation established its Citizenship by Investment (CBI) Programme in 1984 and has inspired other CBI Programmes in the Caribbean to become just as efficient.
The St Kitts and Nevis Citizenship by Investment Programme on the other hand is the oldest and most trusted programme internationally. The Programme creates access to the global markets, qualifying applicants will join the global community, along with each dependant included in their application, and are open to business opportunities that allow portfolio diversification.
“There are three options for innovators, at home and in the diaspora, to benefit and raise capital through CBI. Firstly, any person can apply to the CBI Board of Governors to be designated as an Approved Public Benefactor. Under this option, once the applicant can prove that his or her business idea can bring substantial benefit to the people of St Kitts and Nevis; maximise local employment; and transfer technology and local capacity building, then that business idea will be considered.” said the Citizenship by Investment Unit Head, Mr Michael Martin.
There is a plethora of benefits that each investor will have that include minimal business restrictions and tax incentives that do not include capital gains, income, inheritance, gift or wealth taxes.
Mr Martin also highlighted that “the CBI Programme is not just for international investors; it is for all of us to benefit. If locals and nationals in the diaspora do not take advantage of the three options, they can also become Authorised Agents/Service Providers or International Marketing Agents. Our people are the ultimate beneficiaries of our treasured CBI Programme and should also participate in this international industry.”
The St Kitts and Nevis CBI Programme has undergone necessary amendments through the CBI Unit and Government that has implemented a new layer of integrity to enhance the country’s economic diversification, and more importantly empower the local community.
The CBI Programme has recreated its foundation on sustainable, good governance and pragmatism principles, and included a Board of Governors and a Technical Committee, to ensure that qualifying applicants undergo a stringent vetting process.
The Sustainable Growth Fund (SGF) permits investors to contribute funds towards the development of St Kitts and Nevis's economy. The SGF came into effect on 1 April 2018, after the Hurricane Relief had elapsed.
The SGF currently has an exclusive Limited Time Offer (LTO) that allows qualifying applicants to obtain their citizenship within 60 days and reduced contribution fees are applied until 30 June 2023.
The contribution is US$125 000,00, per main applicant. All funds contributed go towards the development of the country’s education and healthcare systems, tourism, initiatives to tackle the volatile climate change, infrastructure development, and financial support towards established and emerging local businesses. The Government fees included are as follows:
- US$125 000,00 per main applicant.
- US$150 000,00 for the main applicant and a spouse.
- US$170 000,00 for the main applicant and up to three qualifying dependants, irrespective of spouse included and age of each qualifying dependant.
- US$10 000,00 for each dependant under 18 years.
- US$25 000,00 for each qualifying dependant over 18 years.
LTO and non-accelerated applicants are required to pay a due diligence fee of US$7 500,00, and US$4 000,00 for each qualifying dependant 16 years and over.
A separate process is included after citizenship has been granted for qualifying applicants to obtain their St Kitts and Nevis passports.
After the LTO period, from 1 July 2023, the processing time will take up to 90 days, and the minimum investment amount will increase to US$150 000,00 to the SGF. There will be additional increased fees depending on the number of additional qualifying dependants, and accelerated SGF applicants will need to pay premium due diligence fees.
The Public Benefit Option replaces the Alternative Investment Option (AIO). From 9 February 2023, all qualifying applicants need to apply as an Approved Public Benefactor for their project to become an Approved Public Benefit Project, on or before 10 March 2023, through the Board of Governors. The minimum contribution is US$175 000.00 from each Public Benefactor and additional fees apply per qualifying applicant.
There are additional alternative investment options for investors to obtain St Kitts and Nevis citizenship through the Private Home Sale Investment Option. This option allows an investor to contribute a minimum amount of US$400 000.00 towards a private home or a single-family condominium that is designated as an Approved Private Home.
From 9 February 2023, investors are required to hold their property purchased through the Citizenship by Investment Programme for a minimum of five years. And for all real estate properties under this investment option, to be re-designated as an Approved Private Home through the Board of Governors.
The advantage of this option is that more than one main applicant may contribute a minimum of US$400 000.00 towards the same Approved Private Home. There are additional fees applicable per qualifying applicant.
For investors to purchase real estate through the Citizenship by Investment Programme, they may do so through the Pre-Approved Real Estate Investment Option that is available from January 2023. Investors have access to St Kitts and Nevis real estate by applying to acquire an Alien Landholding License (ALHL), or for an easier alternative that comes with second citizenship, by applying through the Citizenship by Investment Programme.
