The Government of St Kitts and Nevis has made sweeping changes to its Citizenship by Investment Programme, increasing the minimum investment required which include the introduction of a new investment option called the Sustainable Island State Contribution (SISC). The SISC replaces the previous Sustainable Growth Fund (SGF) and investors contributing towards this option will be advancing St Kitts and Nevis into a Sustainable Island State. The monumental changes have been made to ensure that only high net worth investors and persons who value the citizenship of St Kitts and Nevis are attracted to the Programme. Among other changes real estate investments also doubled and increasing in due diligence fees. The new changes aim to boost international investor confidence and bolster St Kitts and Nevis’ reputation globally.
The Government of St Kitts and Nevis enacted the Saint Christopher and Nevis Citizenship by Substantial Investment Regulations, 2023 (the CSI Regs). The CSI Regulations repeal and replace the current Saint Christopher and Nevis Citizenship by Investment Regulations 2023, and amendments (the Current Regs). The CSI Regulations make several significant changes to eligibility, investment option pricing, due diligence fees and requirements, application processing times and collection of Certificates of Registration for acquiring Citizenship by Investment of St Kitts and Nevis.
The CSI Regulations come into effect immediately
Key Changes
- Minimum investments increased for all investment routes.
- Limited time offer (LTO) and accelerated application process (AAP) removed.
- Application processing times stretched to 4 months for proper vetting checks.
- Due diligence fees increased
- Mandatory interviews imposed
- siblings are no longer eligible to be included as dependants
- grandparents are no longer eligible to be included as dependants
- the minimum age for parents is increased to 65
- Real estate can only be resold after 7 years.
- The Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate.
There is no longer an option for clients to make an accelerated CBI application through the payment of premium due diligence or post-approval fees.
The Sustainable Growth Fund (SGF) option is immediately replaced by the Sustainable Island State Contribution (SISC) option. The Limited Time Offer for the SGF option originally extended to 3 l January 2024 is closed. Any applicants wishing to obtain CBI via donation will need to make the following prescribed minimum contributions pursuant to Reg 30(2) into the Federal Consolidated Fund:
Sustainable Island State Contribution (SISC)
Contributions start from US$250,000 for one applicant only and increase as a spouse or dependants are added. All contributions are payable to the Federal Consolidated Fund.
- Main applicant only: US$250,000
- Main applicant and a spouse: US$300,000
- Main applicant and one dependant: US$300,000
- Main applicant, a spouse and one or two dependants; US$350,000
- Main applicant and two or three dependants: US$350,000
- Each additional dependant under 18: US$50,000
- Each additional dependant aged 18 or over: US$75,000
The following due diligence fees apply to all CBI applications:
- Main applicant: US$10,000
- Each dependant aged 16 or over: US$7,500
Each main applicant is required to attend an interview conducted by an independent professional firm commissioned by the CIU or by officials of the Unit either virtually, in person in St Kitts and Nevis or in person at such other location approved by the Board of Governors of the CIU. Dependants aged 16 or over may if deemed necessary also be required to attend an interview.
Within 120 days of acknowledgment from the Citizenship by Investment Unit (CIU) of submission of a CBI application, the CIU will advise whether an application is:
- Approved-in-principle;
- Denied; or
- Delayed for cause and is still being processed.
“The Government of St Kitts and Nevis and its Citizenship by Investment Programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country.”
– Mr. Michael Martin, Head of the country’s Citizenship by Investment Unit.
Real Estate
The minimum amount for investing in the Developer’s Real Estate Option is now US$400,000. The property must be held for a period of seven years and can be re-sold, once, to another purchaser who wants to apply for Citizenship by Investment.
An Approved Private Home, which can be a condominium or single-family dwelling, qualifies to be sold as a Citizenship by Investment option if a minimum investment of US$400,000 is paid to the condominium owner or US$800,000 is paid to the single-family dwelling owner, by the main applicant. Again, the private home must be held for a period of seven years and cannot be sold to another purchaser who wants to apply for Citizenship by Investment unless the Federal Cabinet is satisfied that substantial further investment was injected into the real estate by way of further construction, renovation or otherwise.
Public Benefit Option
A public benefit unit in an Approved Public Benefit Project will qualify for Citizenship by Investment, if a minimum contribution of US$250,000 is paid to the Approved Public Benefactor by the main applicant.
The CIU official announcement can be downloaded in pdf
The new changes, further to those made in December 2022, are aimed at safeguarding the nation’s integrity, making the Programme sustainable and preserving the privileged status of being a citizen of St Kitts and Nevis
All background due diligence checks will be commissioned by the Citizenship by Investment Unit and will be conducted by independent professional firms from the United Kingdom, USA and Europe, and in accordance with the requirements set by the Board of Governors. Once the Citizenship by Investment application has been approved, all processes and due diligence checks are finalised and the investment is made, a Certificate of Registration will be issued to the main applicant. The Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate specified by the Citizenship by Investment Unit as approved by the Board of Governors.
“Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Programme in the world, but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defence mechanism against illicit actors and those who try to bypass our high-end investment and contribution options. We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis,”
– Prime Minister the Hon. Dr. Terrence Drew.
Please contact us for more information.
