St Kitts and Nevis Citizenship by Investment Doubles in Price - RIF Trust
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Caribbean, News feed Date: 28 July, 2023

St Kitts and Nevis Citizenship by Investment Doubles in Price

St Kitts and Nevis Citizenship by Investment Doubles in Price

On July 27, 2023, St Kitts and Nevis Citizenship by Investment (CBI) doubled its price. This was part of momentous changes to ensure the continuity of the St Kitts and Nevis CBI programme for HNWIs.

St Kitts and Nevis Citizenship by Investment began in 1984. It has become a leader for CBI programmes in the region, and further afield.

Citizenship Matters

Prime Minister, the Hon. Dr. Terrance Drew declared: “We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis.”

“This Government has always taken a considered approach when making decisions that impact not only the people of St Kitts and Nevis, but the international community as well.”

“We have done everything in our power to protect and advocate for the good name of St Kitts and Nevis,” he continued.

“We have continuously instituted changes that will not only alleviate the concerns of our international stakeholders and position us as a compelling emerging market destination for authentic foreign direct investment, but these changes are also aimed at ensuring that our people continue to be proud to be called a citizen of St Kitts and Nevis.”

SISC Replaces SGF

The Sustainable Island State Contribution (SICS) option immediately replaces the Sustainable Growth Fund (SGF).

The Limited Time Offer for the SGF, which had been extended until 31 January, is now closed.

By investing, you will help St Kitts and Nevis move towards becoming a sustainable island state. This progression aligns with the following seven pillars:

  1. Increasing local food production
  2. Transitioning to green energy
  3. Diversifying the economy
  4. Attracting and supporting sustainable industries
  5. Evolving the Creative Economy
  6. Recovering from the impacts of the COVID-19 pandemic
  7. Expanding social protection and safety nets to protect the most vulnerable

Twice the Price

Sustainable Island State Contribution (SISC) Option

Contributions via donation start at US$250,000 for single applicants. A couple will pay US$300,000. For a family of four, the minimum Sustainable Island State contribution is now US$350,000.

Real Estate Investment Option

If you want to invest in the Real Estate Investment Option, you will have to commit a minimum of US$400,000. You must maintain the property for no less than seven years. It can only be resold once by the original purchaser.

Private Home Sale Investment Option

You can purchase an Approved Private Home, which can be a condominium unit or single-family dwelling. For a condominium unit, you will need to pay at least US$400,000 and US$800,000 for a single-family dwelling.

You must own the private home for at least seven years. There is no chance of a resale to a CBI applicant without Federal Cabinet approval. They need to be satisfied that substantial further investment was injected into the property by way of further construction, renovation, or other improvements.

Public Benefit Option

A further option is an investment of at least US$250,000 in an Approved Public Benefit Project. The CIU state that projects must:

  1. Maximize local employment
  2. Embark upon programmes including transfer of technology and local capacity building
  3. Transfer all real estate to the State on substantial completion
  4. Assume all financial risks

Screen to be Clean

If you apply for St Kitts and Nevis Citizenship by Investment, there is now a mandatory interview for every main applicant and dependent over 16 years of age. The interviewee must attend the interview alone and cannot have legal representatives or other support persons answer on their behalf. The CIU will provide a certified translator to attend the interview if the interviewee does not speak English or English is not their first language.

You can arrange an online interview or a physical one. If in-person, this will be in St Kitts and Nevis or at a location specified by the Citizenship by Investment Unit and approved by the Board of Governors.

An independent professional firm, commissioned by the CIU, will conduct the interview. Your application will be subject to thorough due diligence.

Once the Citizenship by Investment application has been approved, the investment made and all process and due diligence checks are finalized, you will receive a Certificate of Registration.

You must collect your Certificate of Registration in-person. You can do so in St Kitts and Nevis or at an approved consulate or embassy.

New Definition for Eligible Dependants

The new definition of dependants under the updated programme are a child under 18, a fully dependent child between 18 and 25 years old attending a recognized secondary or tertiary level education institution, a child 18 or older who is physically or mentally challenged, and a fully dependent parent of the main applicant or spouse who is 65 years or older and living with the main applicant.

Siblings and grandparents are no longer eligible.

Evolution not Revolution

Mr. Michael Martin, Head of St Kitts and Nevis Citizenship by Investment Unit echoed the sentiments of the Prime Minister.

He stated: “In this ever-changing and unpredictable world, it is imperative that 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.”

“While we have always been the benchmark of the global investor immigration industry, we understand that in order to remain as one of the most sought-after economic citizenship programmes in the world, we need to continue to evolve and forge a path for ourselves that is sustainable in the long term.”

No Retroactivity*

The St Kitts and Nevis Citizenship by Investment Unit state that “all files submitted before 27 luly 2023 will be processed according to the Regulations that existed before 27 July 2023 (Old Rules).”

This is a good news for those that applied before the announcement of the changes. This means that you will pay the original amount of investment and not the revised figure.

New 90-Day Rule**

You can no longer add dependants to applications that are already being processed. Once your application is accepted, you have to wait 90 days before including your family.

We are global experts in Caribbean citizenship and CBI programmes worldwide, as well as Residency by Investment. For more information on how to apply, don’t delay and contact us today.

* Mr. Michael Martin clarified that investors will not be charged double in a memo sent out on August 10, 2023.

** In a second memo also dispatched on August 10, 2023, Mr. Michael Martin added this rule.

St Kitts and Nevis Citizenship by Investment Doubles in Price

Date: 28 July, 2023

Posted in: Caribbean, News feed