St Kitts and Nevis: The administration of St Kitts and Nevis, alongside the Citizenship by Investment Unit (CIU), have introduced further amendments to the Citizenship by Investment (CBI) Programme regulations of the country which came into motion on February 9, 2023.
As per the updates, the updates were made after the consideration and discussions between the industry’s key stakeholders right after the acknowledgement of some essential changes set out in the released regulations in December 2022, which required further clarifications.
On his part, Michael Martin, the Head of the CIU in St Kitts and Nevis, has claimed that “The CIU has taken the recommendations in our consideration and is releasing an update regarding the regulations of the programme with the aim of making sure that all the essential requirements of the CBI Programme are covered and flawless and meets the needs of our stakeholders and potential applicants.”
The officials have stated that the Citizenship by Investment Programme of the Twin-island Federation is one of the major pillars behind the development of the nation in economic terms.
It was further reported that, over the years, the CBI programme has generated significant benefits to the residents of the nation, such as, “We are pledged to strengthening and prioritizing the reform of the CBI Programme with a motive to enhance the integrity and competitiveness of such Programme.”
Furthermore, the Twin-island Federation has introduced new industry standards after releasing the detailed and upgraded CBI Programme the previous year. Such changes showcase the government’s serious approach in retaining its position as a leading investment migration industry around the world.
Additionally, to keep the CBI Programme of St Kitts and Nevis highly regulated, the introduction of the Board of Governors and Technical Committee has played a vital role to the benefit of investors and locals, said reports.
The reports also claimed that the government aimed to prioritize crafting a useful solution that ensures and boosts the evolution of the citizenship programme based on a sustainable model filled with transparency, integrity, and accountability.
Moreover, the newly updated programme will also include the fundamental principles which have assisted the government’s decision-making with respect to the upgraded version of St Kitts and Nevis Citizenship by Investment Programme, which offers sustainability, pragmatism and good governance.
The updates introduced in the CBI Programme Regulation of the Twin-island Federation from February 9 2023, read below:
1. The minimum age of eligible parents or grand-parent of the main applicant or their spouse has been reduced from 65 to 55 years.
2. The application will be processed in 60 days under the accelerated CBI applications and Limited Time Offer (LTO)under the Sustainable Growth Fund (SGF) Investment Option. On the other hand, the non-accelerated CBI applications will be processed in the 90-day timeline.
3. The CBI Programme also includes premium due diligence fees for accelerated CBI applications as US$20,000 for the main applicant and US$10,000 for each dependant above age 16.
4. The lowest investment amount for the SGF Investment Option will increase from July 1 2023, towards the end of the Limited Time Offer.
5. The post-approval application fees have also changed for both CBI applications in accelerated and non-accelerated terms.
6. Any properties classified as approved projects previously need to reapply to the Board of Governors to be designated again as approved developments to continue to be called eligible investments under the Real Estate Investment Option from March 10, 2023.
7. The period for holding Private Homes Sales Investment is reduced from seven to five years. The applicants need to ensure eligibility by re-designation as an Approved Private Home through the Governor’s Board.
8. The applicants are also allowed to reapply as Approved Public Benefactors under the newly named Public Benefit Options.
The investors have the opportunity to choose from different types of investment options, which read as follows:
1. The Sustainable Growth Fund (SGF) allows investors and potential individuals to assist with financial support regarding economic development in various ways. The Limited Time Offer (LTO) was introduced from January 1 to June 30 2023, which allows the applicants to submit a minimum contribution with no additional costs. For a single applicant, the starting donation is USD 125,000.
2. Pre-Approved Real Estate requires investors to invest a minimum of USD 200,000 in an Approved Development.
3. Private Home Sale Investment Option allows a main applicant to make a minimum investment in a private home of USD 400,000, or two or more CBI applicants can make a joint investment of USD 400,000 each.
4. The Alternative Investment option (AIO) is replaced by the Public Benefit Option, whereby an Approved Public Benefits Project applicant fee is paid to an Approved Public Benefactor.