St. Kitts and Nevis Citizenship by Investment Program Changes: What You Need to Know
The St. Kitts and Nevis Citizenship by Investment Program, which allows international investors to earn citizenship of the twin-island nation by investing in its economy, has long been one of the most popular and recognized programs in the world.
Potential investors should remain up to speed on the latest developments as the program is updated and changed.
We’ll give you an overview of the St. Kitts and Nevis Citizenship by Investment Program changes in this blog article, including the most recent revisions, limited-time offer, changes to fees, and more.
Whether you’re thinking about investing in St. Kitts and Nevis for the first time or have been following it for years, this piece will provide you with the knowledge you need to make an informed choice.
Limited Time Offer
Limited Time Offer (January 1st – June 30th, 2023)
During the limited time offer, investors can take advantage of a special offer from the CIU that reduces the investment contribution to the SGF by $25,000. The minimum contribution to the SGF varies based on the number of dependents included in the application:
- Main applicant: $125,000
- Main applicant and spouse: $150,000
- Main applicant and two dependents: $170,000
- Additional dependents under 18: $10,000 each
- Additional dependents over 18: $25,000 each
Additionally, CBI applications submitted under the LTO will benefit from a shorter processing timeframe, reduced from 90 days to 60 days.
After Limited Time Offer (Starting from July 1st, 2023)
Starting from July 1st, 2023, the minimum contribution to the SGF will be adjusted. The minimum contribution for the main applicant and dependents included in the application will be as follows:
- Main applicant: $150,000
- Main applicant and spouse: $175,000
- Main applicant and two dependents: $195,000
The contribution for other additional family members included in the application will not change.
AIO replaced with PGIO for Social Housing Investments
The investment category formerly known as Alternative Investment Option (AIO) and involved investing in social housing will now be replaced with Public Good Investment Option (PGIO). Despite this change, the investment essence remains the same, with a minimum contribution of $175,000 for social infrastructure and housing investment.
Projects previously classified as AIO will lose their designation within 45 days of the new rules’ implementation, but investors and developers can prevent this by submitting an application to the Board of Governors promptly.
Additional Government Fees
Investors who choose to obtain citizenship through PGIO or real estate investments will need to pay additional government fees for submitting their application and undergoing Due Diligence processing, in addition to the mandatory contribution.
Here’s a breakdown of the fees:
Application fee:
- Main applicant: $25,000
- Spouse: $15,000
- Dependent under 18: $10,000
- Dependent over 18: $15,000
Accelerated application fee (processing within 60 days):
- Main applicant: $45,000
- Spouse: $32,500
- Dependent under 18: $22,500
- Dependent over 18: $37,500
Due Diligence fee:
- Main applicant: $7,500
- Dependent over 16: $4,000
Application processing fee:
- $250 per person
Changes to Approved Projects and CBI Program for Real Estate Developers and Property Owners.
Real estate developers who were previously designated as Approved Projects must now apply to the CIU’s Board of Governors to be designated as Approved Development. The minimum investment amount for purchasing a share of a resort is still $200,000, while purchasing a private single-family dwelling requires $400,000.
Under the Approved Projects designation, the property cannot be resold within seven years, cannot be sold to any other CBI applicant, and cannot be converted into apartments or condominiums.
Multiple applicants can apply for citizenship by investment in Saint Kitts and Nevis together by purchasing a property in joint ownership, but each applicant must contribute at least $400,000 to the SGF.
Owners of private dwellings that were previously designated as Approved Projects must apply to the CIU to re-submit their application and request the inclusion of their property in the relevant list of Approved Projects.
New CIU Board of Governors and Technical Committee Established
The government has created a new regulatory agency, called the CIU Board of Governors, to improve transparency and accountability of the CBI program. The Governors will advise the Prime Minister on managing and operating the CIU and monitor the program’s policies and development.
Additionally, a new Technical Committee has been established to conduct thorough background checks and spot checks on all CBI applicants, with the goal of increasing application processing efficiency and accuracy while maintaining strict Due Diligence rules.
These changes aim to preserve the program’s integrity and attract more investors from third countries.
Conclusion
In conclusion, the recent changes made to the Citizenship by Investment program in Saint Kitts and Nevis aim to improve transparency, accountability, and the program’s overall integrity. The temporary fee reduction under the Limited Time Offer provides a unique opportunity for investors to apply for citizenship at a reduced cost and shorter processing time.
Real estate developers and property owners must comply with new regulations and apply to the CIU’s Board of Governors for re-designation, and the AIO category has been replaced with PGIO for social housing investments.
The establishment of the CIU Board of Governors and the Technical Committee further demonstrates the government’s commitment to maintaining the program’s integrity while attracting more investors from third countries. Prospective investors should take note of these changes and regulations to ensure their application process runs smoothly.