St Kitts and Nevis:
The (CIU) Citizenship by Investment Unit of St Kitts and Nevis has been putting enormous efforts into raising and uplifting its Programme. The introduced programs focus on attracting and encouraging foreign nationals, investors, business owners and high net-worth individuals to invest in St Kitts and Nevis.
As per the recent updates, following the new Head of the Citizenship by Investment Unit, Michael M Martin, ‘s recent appointment on December 13 2022, the CIU unit has undergone various substantial changes to improve the overall result.
The Head of the (Citizenship by Investment Unit) CIU, M Martin, has conveyed on his behalf that CIU has been monitoring the CBI (Citizenship by Investment) Programme very closely to enhance its functioning and add required changes to it.
Furthermore, Michael M Martin also stated that the CBI programme holds great significance in boosting the nation’s economy and providing notable benefits to the residents of St Kitts and Nevis. He added that the CBI programme had been considered the top prioritized and main pillar of the nation’s economic growth.
After Michael Martin took over as the new Head of the Citizenship by Investment Unit in St Kitts, the department of CIU brought in fundamental substitutes in the management programs with little changes after reviewing the entire CBI Programme and Regulations.
The essential changes in the Citizenship by Investment in different plans of the Programme that will be implemented in January 2023 are listed below: –
Management of the CIU (Citizenship by Investment Unit)
Appointment of Board of Governors
From January 2023, the newly appointed Citizenship by the Investment Board of Governors will manage the CIU. The country’s Prime Minister will be briefed and advised by the board regarding the operations and functions of CIU.
Technical Committee
Starting from January 2023, reviewing the CBI applications will be the responsibility of the newly appointed Technical Committee. Technical Committee will also handle all the due diligence background checks.
SUSTAINABLE GROWTH FUND OPTION
The sustainable growth fund scheme came into existence to enhance and uplift the development and growth of St Kitts and Nevis in economic terms.
Per the Director of the Citizenship by Investment Unit (CBI), the SGF option has become one of the strongest pillars in contributing towards the elevation of educational institutions and the medical sector in the country.
The infrastructure of the mentioned sectors also benefits from the Sustainable Growth Fund option under the CIU programme through additional funding.
Over and above all, the SGF scheme also substantially develops and promotes local tourism, local culture and heritage and other initiatives under the Programme.
SGF Limited Time Offer: January 1 2023 – June 30 2023
Moreover, Michael M Martin added that the CIU had facilitated a Limited Time Offer (LTO) for six (6) months, starting from January 1 to June 30 2023. The offer will substantially benefit the applicants by reducing their payable amount in the Programme.
The time has also decreased to sixty (60) days from ninety (90) days. The appealing changes in the CBI Programme are listed below,
Under the LTO, the minimum amount of SGF contribution is as follows:
– Main applicant: US$125,000
– Main applicant and spouse: US$150,000
– Main applicant, spouse, and two dependants: US$170,000
– Each additional dependant under 18: US$10,000
– Each additional dependant aged 18 or over: US$25,000
SGF: From July 1 2023, onwards, the payables will go back to the previous amounts as listed below
From July 1 2023, onwards, the minimum amount of SGF contribution will be adjusted as follows:
– Main applicant: US$150,000
– Main applicant and spouse: US$175,000
– Main applicant, spouse, and two dependants: US$195,000
– Each additional dependant under 18: US$10,000
– Each additional dependant aged 18 or over: US$25,000
REAL ESTATE INVESTMENT OPTION
The second option in the CBI programme is the ‘Real Estate Investment Option’ has allowed the applicants to invest the minimum amount of US$200,000 in an Approved Project in the real estate sector of St Kitts and Nevis.
The regulatory department also conveyed that from January 2023 onwards, under the new changes, the approved developments will be able to avail of the Real Estate Investment Option.
The following penalties will be introduced to any person who attempts to ruin the integrity of the Programme,
Fine on summary conviction;
Suspension or revocation of the Approved Development status;
Removal of Authorized Agent licence; or
Blacklisting on the CBI website as a person or entity not authorized to submit any CBI application.
PRIVATE HOME SALE INVESTMENT OPTION
Under the following investment plan, the minimum investment per applicant is fixed at US$400,00 for the private single-family house designated as an Approved Private Home.
Previously designated as Approved Private Homes will lose their recognition upon the coming into effect of the new CBI Regulations. An Approved Private Home is subject to the following restrictions such as,
- It cannot be resold within seven years;
- It cannot be resold to any other CBI applicant; and
- It cannot be converted into apartments or condominiums.
PUBLIC GOOD INVESTMENT OPTION
January 2023 onwards, CBI programme Alternative Investment Option (AIO) will be replaced by the newest introduced plan Public Good Investment Option (PGIO). The minimum payable amount will be US$175,000 for an approved Public Good Project.
GOVERNMENT FEES FOR CBI APPLICATIONS
Under this plan of the CBI programme, for non-accelerated applicants under the Real Estate Investment Option, Private Home Sale Investment Option, and the PGIO, the government fees payable upon approval-in-principle will be adjusted as follows:
– Main applicant: US$25,000
– Spouse: US$15,000
– Each dependent child under 18: US$10,000
– Each dependent child or other qualified dependant aged 18 or above: US$15,000
For accelerated CBI applications, the enhanced government fees payable upon approval in principle will be as follows:
– Main applicant: US$42,500
– Spouse: US$32,500
– Each dependant: US$22,500
GOVERNMENT FEES FOR POST-CITIZENSHIP ADDITION APPLICATIONS
Under the Government Fees for Post-Citizenship Addition Applications, the government fees payable from January 2022 will
be adjusted as follows:
– Addition of spouse: US$20,000
– Addition of dependant: US$15,000
– Addition of a minor child born before approval: US$10,000
For accelerated post-citizenship addition applications after the approval of the main applicant’s CBI application, the government fees payable will be as follows:
– Addition of spouse: US42,500
– Addition of dependant: US$22,500
– Addition of minor child born before approval: US$12,500