The Government of Saint Kitts and Nevis under the new Prime Minister Dr. Terrance Drew has made major reforms enhancing the citizenship by investment program. The Government has Appointed New CEO Mr. Michael Martin for the Citizenship by Investment Unit (CIU) and the following changes to the CIP program were announced by the New CEO.
The enhanced citizenship by investment program has been crafted under a sustainable model that will ensure that Saint Kitts and the Nevis continues to be the Envy of the
International Community by injecting high levels of integrity and administrative improvements the program has also been structured to allow for greater transparency and accountability the Hallmarks of a good governance framework that solidifies the foundation of any successful citizenship by investment program
The investment options have been tailored to align with Market realities while preserving the Platinum brand Saint Kitts and Nevis has developed and nurtured for four decades operating the oldest citizenship by investment program in the world. These bold and Innovative decisions are needed to strengthen the legislative and administrative structures of the program and will ensure that real estate projects funded by the program are completed to this end.
The Investment options have been tailored to align with Market realities while preserving the Platinum brand Saint Kitts and Nevis.
– Mr. Michael Martin, New CEO
The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023. The CBI program increases processing efficiency and accuracy while also maintaining strong due diligence processes so that only investors of the highest caliber are accepted
Sustainable Growth Fund
The sustainable growth fund is preserved and continues in effect for the purposes of uplifting the nation and its people the fund will be used for school construction and education related initiatives to mitigate the effects of climate change support economic growth of the nation including improving its competitiveness support various Industries along with small and medium-sized business build infrastructure that supports all ports of Entry repay loans for ports of Entry to enhance support facilities of the airports and the seaports develop and enhance medical facilities support local tourism development promote preserve protect and develop our nation’s culture and Heritage and support other sustainable growth initiatives in Saint Kitts and Nevis.
Under the Limited Time Offer, investment options for Sustainable Growth Fund (SFG) are as follows:
Jan 1, 2023 to Jun 30, 2023
Single applicant – US$ 125,000
Main applicant and a spouse – US$150,000
Main applicant, spouse and two dependants – US$170,000
Each additional dependant under 18 – US$10,000
Each additional dependant over 18 – US$25,000
The minimum investment for approved real estate will remain at US$200,000. From Jul 1, 2023, the prices will revert back to the original SGF prices.
From July 1, 2023
Single applicant – US$ 150,000
Main applicant and a spouse – US$175,000
Main applicant, spouse and two dependants – US$195,000
Each additional dependant under 18 – US$10,000
Each additional dependant over 18 – US$25,000
Private Homes
Private homes sale option will be reintroduced with the following changes only approved private homes shall qualify for this investment option with a minimum investment sum of U.S 400 000 which excludes government due diligence
and other processing fees. Two or more applicants May apply for citizenship by investment together by purchasing one approved private home provided that each main applicant contributes the minimum investment of U.S 400 000 dollars the homes purchased must be kept for seven years and may not be resold to another CBI applicant private homes also cannot be converted from a single family dwelling into apartments or Condominiums
Real Estate
Under the real estate, private homes and the public good options once approval in principle is achieved the full investment must be placed in an irrevocable escrow account and approval in principle will be within 90 days of submission of the application
Public Good Investment
Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.
Accelerated Applications (AAP)
With the AAP the government fees for the accelerated CBI applications will change as follows
Main applicant – U.S 42 500
Spouse – U.S 32 500
Dependent child under 18 – U.S 22 500
Dependent child or other qualified dependent over 18 – U.S 37 500 dollars
Government Fees
The new reduced government fees will be applicable for real estate, AAP and PIF options
Main applicant – $25,000
Spouse – $15,000
Dependent Child under 18 – $10,000
Child/Dependent above 18 – $15,000
CBI Dividends
The Government of St. Kitts and Nevis has approved the payment of a Citizenship by Investment (CBI) dividend to the citizens and residents of the Federation. The CBI dividend is a share of the profits and retained earnings received from the Citizenship by Investment Programme. The first category is the pensionable and pensioners and the second category is classified as those who are not yet pensionable.
CBI Board
Effective January 1 2023 a professional CBI Board of Governors will be appointed and will be responsible for high level supervisory matters such as providing General oversight of the operations of the unit the board will advise the minister with responsibility for immigration on matters related to the development and implementation policies and procedures for the unit
CBI Committee
A CBI technical committee will be appointed by the minister and will be charged with ensuring that all due diligence background checks are comprehensive and completed throughout the application process reviewing all CBI applications thoroughly conducting spot checks of CBI applications and providing information sufficient to justify any recommendations to the minister to approve or deny applications for citizenship by investment the committee will be led by the head of the unit and will consist of a senior officer from the unit and a civil servant assigned by the minister to act as secretary
The program increases processing efficiency and accuracy while also maintaining strong due diligence processes so that only investors of the highest caliber are accepted
– Mr. Martin, New CEO
The official announcement can be downloaded as PDF
