New Changes to the St. Kitts and Nevis CBI Program: What you need to know
On July 27th 2023, The Government of St. Kitts & Nevis announced monumental changes to their Citizenship by Investment program.
The CBI program in St. Kitts and Nevis has been around for nearly 40 years. A reliable pioneer for the global investment migration industry, laying the ground work for residency and citizenship by investment programs worldwide. Such programs have come under heavy scrutiny over the last few years by the European Union and other world leading countries. In 2023 we’re beginning to see a ripple effect of strenuous changes and closures to these immigration pathways.
According to the Prime Minister, the Hon. Dr. Terrence Drew, these changes in addition to those made in December 2022, are a fundamental step to keep offering “the best Citizenship by Investment Programme in the world, but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defence 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.”
Here are the most important points you need to know as an investment migrant:
1. Replacing the SGF with a new fund
Replacing the Sustainable Growth Fund (SGF), the Sustainable Island State Contribution (SISC) is the new pathway to citizenship via a donation to the Island. The contribution will be redirected towards advancing St. Kitts and Nevis into a sustainable island with a thriving quality of life, based on the following 7 pillars:
- Increasing local food production;
- Transitioning to Green Energy;
- Diversifying the economy;
- Attracting and supporting sustainable industries;
- Evolving the Creative Economy;
- Recovering from the impacts of the COVID-19 pandemic; and
- Expanding social protection and safety nets to protect the most vulnerable.
The cost of contributions now begin at $250,000 USD for one applicant and increase when a spouse or dependents are included.
For a family of two, the contribution amount increases to $300,000 USD. The minimum Sustainable Island State Contribution is for a family of four is now $350,000 USD.
2. Real Estate investment minimum increase
The real estate investment minimum has increase. To qualify for Citizenship by Investment, the property must be held for seven years and can be sold once to another purchaser.
An approved private home, such as a condominium or single-family dwelling, can be sold as an option if the main applicant pays at least $400,000 USD to the condominium owner or $800,000 USD to the single-family dwelling owner.
Keep in mind that the private home must be held for seven years and can’t be sold to another purchaser unless the Federal Cabinet is satisfied that substantial further investment has been made into the real estate through construction, renovation, or similar means.
A public benefit unit in an approved public benefit project can qualify if the main applicant contributes a minimum of $250,000 USD to the approved public benefactor. This option is available to approved public benefactors who prioritise local employment, technology transfer, and capacity building. Additionally, upon substantial completion, they must transfer all real estate to the State and assume all financial risks.
3. Mandatory interview
Applicants will now go under a mandatory interview as part of the due diligence process. The Interview shall be held by an independent professional firm commissioned by the Citizenship by Investment Unit and can be done in person or virtually.
4. Certificate of Registration
The Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate.
Once the process is completed and approved, the applicant shall receive the Certificate of Registration (CoR). The Board of Governors, now requires this certificate must be collected in person in the country or at a designated embassy or Consulate.
The CBI landscape is changing
According to the Head of the country’s Citizenship by Investment Unit, as the benchmark of the global investor immigration industry, the St. Kitts & Nevis CBI program changes to maintain reliability, redirect investment focus and remain to be one of the most sought-after CBI programs worldwide.
This news comes only a week after changes were made to the Dominica citizenship by investment program. And within the same year as the closure of Ireland’s IIP and Portugal’s golden visa overhaul. Greece’s golden visa real estate investment costs are also due to rise at the end of this month. We can only assume more changes to come to other countries in what appears to be a new era of RCBI programs.
Contact our team for a free consultation on how these new regulations will impact your Investment Plans!
