With the Hurricane Relief Fund expiring at the end of March, the St. Kitts & Nevis Government announced new changes to their Citizenship by Investment Programme (CIP).
St. Kitts & Nevis first launched their CIP in 1984, making it the world’s oldest, but the popularity of the programme did not gain traction until the country was given visa free access to the European Union, which greatly enhanced the global mobility of investors applying under its programme. Since the initial launch in 1984, the CIP has gone through a number of changes to make it now one of the most competitive offerings in the region.
The most recent changes were announced in March after the Government consulted with property developers and industry stakeholders and included a reduction in the Contribution and Property purchase options.
For the Contribution option, they announced the creation of the Sustainable Growth Fund (SGF) which replaces both the Hurricane Relief Fund and the Sugar Industry Diversification Fund. The cost for a single applicant will be USD $150,000 and $195,000 for a family up to four members. Any additional dependents would require an extra contribution of $10,000 per person.
The new minimum level of real estate investment is now set at USD $200,000 (with a minimum holding period of seven years) for a minimum of two applicants or USD $400,000 (with a minimum holding period of five years) for one applicant. Additional Government processing fees are USD $35,047 for the main applicant, $20,047 for the spouse and $10,047 per qualified dependent. There are closing costs as well which vary depending on the development.
For both the Contribution and Property options, additional due diligence fees apply which remain at their current levels, specifically USD $7,500 for the main applicant and $4,000 per dependent over the age of 16. They will also continue to offer the fast track option for an additional fee.
The Prime Minister of St. Kitts & Nevis, the Honourable Dr. Timothy Harris stated “the new fund will invest in sustainable areas benefiting every citizen and resident of St. Kitts and Nevis (in) healthcare, education, alternative energy, heritage, infrastructure, tourism and culture, climate change and resilience, and the promotion of indigenous entrepreneurship.”
With these recent changes, the St. Kitts and Nevis CIP continues to be one of the most innovative and competitive programmes in the region.