Government Announces Major Changes to St. Kitts & Nevis Citizenship by Investment Program
St. Kitts and Nevis developed the first citizenship by investment program in 1984 and it has been one of the most popular. On July 27th, 2023, the government announced major changes affecting almost all aspects of their citizenship by investment program.
What you should know about St Kitts & Nevis real estate investment
- Pathways to Citizenship: The program now offers four routes: Sustainable Island State Contribution (SISC), real estate, private home sales, and Approved Public Benefactor donation.
- New SISC Fund: Replacing the Sustainable Growth Fund (SGF), the SISC focuses on sustainable island investments, with donations ranging from USD 250,000 to USD 350,000.
- Property and Home Options: Investors can choose real estate or private homes, with investments starting at USD 200,000 and USD 400,000, respectively.
- Enhanced Process: All applicants now undergo mandatory interviews and thorough due diligence by an independent third-party firm
There are 4 pathways to citizenship by investment.
First is a donation to the Government Investment Fund.
The government of St. Kitts has cancelled the previous donation program, the Sustainable Growth Fund (SGF) contribution, forthwith. It has been replaced by a new program, the Sustainable Island State Contribution (SISC). The focus of this fund will be on various areas of sustainable investment in the islands.
The contributions also increase. For a single applicant the required donation is now USD 250,000. For an applicant and a single dependent it is now USD 300,000 and for a family of four, the minimum contribution is now USD 350,000.
Second is the Real Estate Option.
There are two methods in the real estate option, first is an investment in a real estate property designated as an approved development. The minimum investment is USD 200,000. Investment in a real estate unit of an approved development cannot be resold until a period of seven years has elapsed.
Third is the Private Home Sales Investment Option.
With a minimum investment of USD 400,000 applicants can make an investment in a private dwelling house or a single-family condominium unit designated as an approved private home. Two or More CBI applicants can make a join investment in the same approved private home. Notably the private home option cannot be resold until a period of seven years has elapsed.
Fourth is a Donation to an Approved Public Benefactor
A contribution to an Approved Public Benefit Project can qualify for citizenship by investment. It must be for a minimum amount of USD 250,000 and there are a number of restrictions as to what qualifies as an Approved Public Benefactor under the terms of the new regulations however out of all the respected options the Approved Public Benefit Project overall has a lower cost.
Please note that other charges for application fees, processing, and so on, may also apply.
Other Changes Apply to the Process
Applicants for citizenship by investment by any of the above routes will also now be required to have a mandatory interview, either online or in person, as specified by the Citizenship by Investment Unit (CBIU), to be conducted by an independent third-party firm, who will also be tasked with an in-depth due diligence examination.
After all is approved a Certificate of Registration will be issued and must be collected in person in St. Kitts & Nevis or at an Embassy or Consulate as agreed with the CBIU.
Authorized Agents and Advisors
There are also further regulations which will affect all Authorised Agents, who must have their businesses registered under the laws of St. Kitts and Nevis.
Explained by Jean-François Harvey, Founder and Managing Partner of Harvey Law Group, “We enthusiastically welcome the new regulations which will eliminate some questionable players. Genuine agents such as Harvey Law Group, as lawyers, are required to give accurate and reliable advice to their clients.”
Harvey Law Group has been advising clients on immigration law since 1992 and has offices in many countries, including the United States.
St Kitts & Nevis real estate investment Remains An Appealing Option
Following these changes, the St. Kitts and Nevis Citizenship by Investment Program continues to be an attractive option for eligible individuals and their families, granting full legal citizenship and new passports.
The St. Kitts & Nevis Citizenship by Investment Program continues to offer investors the opportunity to combine lifestyle enhancements with the option to reside anywhere in the CARICOM countries, whether they choose to live on the islands or elsewhere.
An Overview of the St. Kitts & Nevis Citizenship by Investment Program
Ten Advantages of St. Kitts and Nevis Citizenship by Investment.
- St. Kitts & Nevis Citizenship is for life.
Once approved, successful applicants receive St. Kitts and Nevis citizenship for life, securing opportunities for themselves and for future generations.
- Dual citizenship.
St. Kitts and Nevis recognize dual citizenship, so from their perspective you can retain your original citizenship and have St. Kitts & Nevis citizenship as a backup.
- Inclusion of Dependents.
The program includes the applicant’s immediate family members – spouse, children up to age 25, parents above age 65, and unmarried, childless siblings to age 25.
- No Language Requirement
Unlike some other citizenship or residency by investment programs, St. Kitts and Nevis citizenship does not impose any language proficiency requirements, education, country of origin or work experience demands.
- Attractive Tax Regime
St. Kitts and Nevis offers an appealing tax regime. Citizens pay no personal taxes, no capital gains and no inheritance taxes, fostering financial growth for individuals and their families.
- No Residency Requirement
St. Kitts & Nevis citizenship does not mandate any residency obligations, so you can reside wherever you have the legal right, including anywhere in CARICOM.
- Fast Processing Times
St. Kitts and Nevis citizenship boasts relatively swift processing times for citizenship applications, typically ranging from 4 to 6 months. You can expect to receive your passport in 6-12 months.
- CARICOM Membership:
St. Kitts and Nevis citizenship extends the privilege of living and working in any member country of CARICOM, broadening horizons for business and career opportunities.
- Passport renewal
The St. Kitts and Nevis passport is valid for 10 years and is renewable indefinitely for citizens.
Many Advantages and One of the World’s Most Established Citizenship By Investment Program
Whether purchasing approved shares or private residential properties, investors can enjoy the advantages of capital appreciation, rental income and the potential for long-term financial gains.
In conclusion, St. Kitts and Nevis Citizenship by Investment Program (View the program) is the longest established program in the world and even with the new rules remains highly attractive.
The substantial options and opportunities, complemented by the program’s numerous advantages, make it an appealing choice for individuals seeking second citizenship and investment potential.
Request more information about St. Kitts Real Estate Investment programs
For more information on the St Kitts & Nevis Real Estate Investment and Citizenship
please visit: https://harveylawcorporation.com/citizenship-and-residency-programmes/.
If you have questions or would like a consultation,
please contact HLG Miami office at [email protected] or call +1 352-331-7554.
