On December 27, 2022, Saint Kitts and Nevis Citizenship by Investment Unit (CIU) announced a new set of guidelines, which will affect the administrative structure of the unit as well as the cost of the investment options and fees required to obtain St Kitts and Nevis Citizenship by Investment. These changes are set as part of the program restructuring that is slated to take effect on January 1st, 2023. This restructuring was first discussed by St. Kitts and Nevis’ Prime Minister, Dr. Terrance Drew, while he was on a trip to Dubai from November 29th—December 3rd.
St Kitts and Nevis Citizenship by Investment Program amendments
According to these amendments, St. Kitts and Nevis CBI program will offer four options for obtaining St Kitts and Nevis Citizenship by Investment on the island: 1) Investing in the Sustainable Growth Fund, 2) Purchasing government approved real estate, 3) Purchasing a private home, or 4) Investing in the Public Good Investment Option.
Sustainable Growth Fund Option “Donation” – includes a limited time offer
The first option for obtaining second citizenship from St Kitts and Nevis involves making a non-refundable contribution to the country’s Sustainable Growth Fund (SGF), which works to provide support for infrastructure projects, national culture, tourism, healthcare, and education. According to the upcoming amendments, fees required for this CBI option will be reduced for all investments made between January 1, 2023 and June 30, 2023. The fees for this Limited Time Offer (LTO) are:
Single applicant: US $125,000
Main applicant and spouse: US $150,000
Family of four (main applicant, spouse, and two dependents): US $170,000
Each additional dependent under 18: US $10,000
Each additional dependent over 18: US $25,000
These changes reflect a US$ 25,000 reduction in CBI fees for the SGF donation option for all basic categories of applicant(s). However, the fees required for additional dependents over 18 years of age have increased for families of 4+ members (the prior fee for each additional dependent was US$ 10,000—regardless of the age of said dependents).
Not only will the applications submitted under the LTO benefit from the reduction of the minimum amount of SGF contribution payable by applicants, but they will also qualify for the Accelerated Application Process (AAP) with a shortening of the processing timeframe at no additional cost.
After this Limited Time Offer expires, CBI fees for the donation option will revert to their original established amounts. When this happens, on July 1st, 2023, the minimum donation amounts for investments to the Sustainable Growth Fund will be as follows:
Single applicant: US $150,000
Main applicant and spouse: US $175,000
Family of 4 (main applicant, spouse, and two dependents): US $195,000
Each additional dependent under 18: US $10,000
Each additional dependent over 18: US $25,000
Real Estate Investment Option
Regarding the real estate investment option for the St Kitts and Nevis CBI program, the CIU has stated that only government-approved real estate projects will be eligible for the real estate investment option. In addition, developers of all currently approved projects will have a 45-day window to reapply for their properties to be designated as approved developments under the new regulations. According to the head of St. Kitts and Nevis CIU, all approved real estate projects will have a specific number of units available for sale, and each project will receive a completion milestone schedule.
The minimum required investment for this option will remain US $200,000. Buyers will continue to hold the option of reselling their property after a minimum period of seven years. The CIU has also indicated that applicants who pursue this option should bear in mind the costs of any relevant taxes and fees, such as compulsory insurance fund contributions and conveyance fees.
Private Homes Sale option
St. Kitts and Nevis CIU has decided to retain the Private Home Sale Investment option as a permanent investment option under the CBI program. Through this option, an applicant with a single family can obtain citizenship from St. Kitts and Nevis by purchasing a private home with a minimum value of US $400,000. To qualify for the option, homes must be selected from a government-approved collection of properties. Two or more main applicants may share a residential property, provided that the contribution value of each main applicant is at least US $400,000.
As is the case with developers of real estate projects, owners of previously approved private homes will also have to apply to keep their status as Approved Private Homes under the new regulations. Residential properties approved as private homes under St. Kitts and Nevis CBI regulations will be subject to a set of restrictions, including temporal limits on reselling (seven years minimum post-purchase). In addition, they cannot be resold to any other CBI applicant, and cannot be converted into apartments or condominiums.
Public Good Investment Option
This fourth and final major CBI avenue, the Public Good Investment Option (PGIO), replaces the Alternative Investment Option (AIO), which was launched by St. Kitts and Nevis CIU in January 2022. The minimum investment amount for this option is US $175,000. Investments through this option are paid to the approved developers of public good projects. Under the new regulations, all developers who were previously approved under the alternative investment option will also have a 45-day window to reapply to become Approved Public Good Investors.
Additional fees for St Kitts and Nevis CBI options
Applicants for Saint Kitts and Nevis Citizenship by Investment are required to pay additional fees, which may vary depending on the number of dependents included on the application, their age, and the specific investment option they pursue. Additional fees for St Kitts and Nevis CBI are as follows:
Due Diligence Fee:
The due diligence fee remains the same at US $7,500 for the main applicant, and US $4,000 for each dependent who will turn 16 within three months of the application’s date of submission. This fee is non-refundable and is required for all applicants for all four available CBI options.
Application processing fee:
A fee of US $250 per application. This fee is also non-refundable and applies to all applications—without exception.
Government fees:
This fee is required for Real Estate, Private Home and PGIO investment options (i.e. all options except donation to the Sustainable Growth Fund). It includes two tracks: standard processing or Accelerated Application Processing (AAP), as follows:
Government fees required in the case of standard processing of applications:
Main applicant: US $25,000
Spouse: US $15,000
Dependent child under 18: US $10,000 per applicant
Dependent child or any other qualified dependent over 18: US $15,000 per applicant
Government fees required in case of accelerated processing of applications:
Main applicant: US $42,500
Spouse: US $32,500
Dependent child under 18: US $22,500 per applicant
Dependent child or any other qualified dependent over 18: US $32,500 per applicant
It is worth noting that St Kitts and Nevis Citizenship by Investment program was launched in 1984 in order to support economic growth and expand the private and public sectors of the economy. In return, it allows foreign investors and their families to obtain permanent legal citizenship from St. Kitts and Nevis, in addition to the St. Kitts and Nevis passport which allows its holder visa-free access to more than 150 destinations around the world.
Stay tuned to receive the latest news and updates.
Comments (0)
No comments found.