St Kitts and Nevis Citizenship Program 2023 Amendments Explained
St. Kitts and Nevis revealed adjustments to its citizenship by investment program in a press release in response to discussions with international partners and diverse stakeholders.
The ground-breaking adjustments have been implemented to ensure that only qualified persons apply for the program.
As a result, the government has taken the necessary steps to strengthen the program’s regulatory framework in order to maintain its platinum status in the investment migration market. The changes are intended to protect the country’s integrity and the status of being a Saint Kitts and Nevis passport holder.
Here are all the changes in a nutshell:
St Kitts Passport: Donation Option (Sustainable Growth fund)
Contributions for the Sustainable Island State Contribution begin at $250,000 for a single applicant and increase if spouses or dependents are added. The following are the required contributions:
- USD 250, 000 only for the main applicant
- USD 300,000 for the main applicant and his or her spouse
- USD 300,000 for the main applicant and one dependent.
- USD 350, 000 for the main applicant, spouse, and two dependents
- USD 50,000 for each additional dependent under the age of 18.
- USD 75,000 for each additional dependent aged 18 and up.
St Kitts Passport: Real Estate investment
The minimum investment amount for the Developer’s Real Estate Option for approved real estate projects is now US$400,000, up from USD200,000.
The property must be kept for at least seven years and can only be resold once by the original purchaser.
St Kitts Passport: Private Home Sale
According to the regulations, this option requires the following minimum investments:
- Unit in a condominium – USD 400,000
- Private Single-Family Home – USD 800,000
The property must be held for 7 years and cannot be resold to another buyer unless the Federal Cabinet certifies that significant investment was made in the real estate unit through building, refurbishment, or other means.
Interviews are now required for St. Kitts CBI applicants
All principal applicants and dependents aged 16 and up for the St Kitts and Nevis citizenship by investment program will be required to attend interviews.
The price of the required interviews will be rolled into the increased due diligence fees. The implementation of required interviews is designed to build a solid foundation of confidence between the St. Kitts and Nevis CIU and the investors.
The CIU has commissioned an impartial professional business to conduct these interviews.
Certificate of Registration Collection
After the applicant has been approved and all due diligence checks have been completed to bring the investment to conclusion, a Certificate of Registration will be issued as proof of the applicant’s citizenship.
This document, however, must be obtained in person in St. Kitts and Nevis or from a foreign Embassy or Consulate authorized by the Citizenship by Investment Unit (CIU).
Approved Public Benefit Projects
Through Approved Public Benefit Projects provides an innovative path to citizenship. Under this option, high net worth individuals can qualify for Citizenship by Investment by making a minimum contribution of US$250,000 to an Approved Public Benefactor.
A More Robust Framework for the St. Kitts CBI Program
In the words of Prime Minister Dr. Terrance Drew these new changes are a net positive for the St Kitts and Nevis citizenship by investment program:
“Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Program in the world but also to offer a program held together by a tight regulatory system designed to be a best-in-practice defense 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.”
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