The St Kitts government has announced important proposals expanding the reach of Citizenship by investment in 2021. This was announced in Budget speech 2021
1. Private homes can be sold
The Government took the decision to expand the reach of the CBI Programme by providing the opportunity for private homes to be sold under the CBI Programme. This initiative would create opportunities for our real estate agents, while giving citizens and residents of St. Kitts and Nevis the opportunity to participate in the Programme if their homes meet the value threshold and other appropriate standards.
This is a huge step taken to open up the local real estate market. Until today only CIP approved projects such as hotels or resorts were only eligible for citizenship investments.
Amendments to the Escrow Bill will ensure that clients’ funds are received and ultimately used for construction of relevant projects. This will further enhance the integrity of our real estate market
2. Alternative investments
A New Alternative Investment Option to be used for privately supported projects which are in sync with Government initiatives.
The Alternative Investment option will provide a mechanism to support key priority areas such as financing programmes for youth development, build out of digital economy, upgrade technical and technological skill sets, meeting the huge demand for homes at the lower, middle and high end of the income ladder.
The Government will provide necessary legislative support and implement new options/innovations to the Programme such as the inclusion of the Alternative Investment option.
3. Economic citizens
The Government will encourage economic citizens to live, work and invest further in St. Kitts and Nevis to develop stronger ties.
4. Preferred choice
The St Kitts and Nevis CBI program has become a preferred choice of investors from abroad. The Government has announced despite some setbacks related to the pandemic, the volume of applications for the year so far has improved. Applications have come from all over the world including the USA, Asia, the Middle East, Europe and Africa.
The Government continues to ensure that the integrity of the Programme is maintained with a robust due diligence process and changes in legislation.
The CBI Programme continued to be one of the major contributors to the economy in 2020.