The passport program of Saint Kitts and Nevis, the oldest among current CBI programs, is feeling rather confident in the investment immigration market. And, recently, the local government has announced more attractive changes in the CIP. The changes are to do with the cost of the program. What should an investor know before applying for a St. Kitts and Nevis passport? We provide answers in the article below!
In April 2018, the government of Saint Kitts and Nevis has introduced several radical changes to its CIP. What are the motivations behind them? What is the deal with the Sugar Industry Diversification Fund? Why has the Hurricane Relief Foundation ceased to exist if this option was so successful?
Les Khan, the CEO of the St. Kitts and Nevis Citizenship by Investment Unit, says the government’s intention is to optimize the conditions for the processing of the documents in order to attract more of private foreign capital to the country’s economy.
Here are the current investment options:
- Investment in the amount of $150,000 into the freshly-launched Sustainable Growth Fund (SGF) for an individual claimant; the minimum investment amount for a family of 4 people is slightly higher, $195,000.
- Purchase of resort property on the islands for the minimum amount of $400,000. The property can be sold in 5 years.
- Purchase of resort property by two investors, for $200,000 for each applicant. In this case, investors can sell the property not earlier than 7 years from the date of purchase.
Note: One can only purchase real estate listed by the government. The most promising options are the luxury resort Four Seasons Nevis, eco-resort Kittitian Hill, and five-star hotel Park Hyatt.
According to Mr Khan, the SIDF is currently in the pre-closure stage, since the sugar industry in St. Kitts is not profitable.
The temporary Hurricane Relief Fund has also been canceled, although it was well received in the CIP market. Its purpose was to raise foreign funds to restore infrastructure and economy after the hurricane season. According to Mr Khan’s statement, the expectations for the recovery plan were not only fulfilled but even exceeded. That is why the fund was closed in the end of March 2018, as planned.
Les Khan, head of the St. Kitts and Nevis CIU
Why were different real estate investment thresholds established?
Big real estate developers believe that the $400,000 investment option is currently not competitive. Other countries in the Caribbean region that have their own CBI programs offer similar schemes for a much lower price. In order to interest investors in the development of elite resort real estate, the St. Kitts and Nevis government decided to add another option of investment, a collective investment in real estate starting at $200,000.
The success of the Park Hyatt development project proves that influx of foreign funds into real estate stimulates the economic development of the country and helps create jobs. Moreover, St. Kitts and Nevis plans to build another resort, the Six Senses. The news was announced by the tourism minister, Lindsay Grant, at the official opening ceremony of St. Kitts Park Hyatt held on March 4, 2018, in Saint Petersburg. The construction will commence in LaVallee, and the resort will be the first object constructed by the five-star brand in the Caribbean region.
Park Hyatt St. Kitts is one of the most successful development projects in Saint Kitts and Nevis.
What changes should we expect in the future?
It is tricky to predict the future changes of the Saint Kitts and Nevis CBI program. The government is closely monitoring the current situation in the Caribbean investment immigration market and adapting to its changes.
However, in an interview with Caribbean News Now, Mr Khan, the head of the St. Kitts and Nevis CIU, said it is not likely that the cost of the program will go down in the foreseeable future. Rather, the fresh changes that had already been introduced helped diversify the passport program and strengthen its position in investment immigration market.
Why is the St. Kitts and Nevis citizenship program for investment called The Platinum Standard?
The passport program of St. Kitts and Nevis was launched at the legislative level in 1984. Since then, it has gained popularity as a simple and understandable tool for obtaining a Caribbean passport. The document processing is as transparent and prompt as it gets, and understandably so – all the procedures have been fine-tuned for over three decades.
The success of the passport program is repeatedly confirmed in the form of highest ratings given by international experts. In 2015, Saint Kitts and Nevis became the first country to launch a system for managing CBI application. In 2016, the country received an award for becoming the first country to use the accelerated application processing system. In 2017, the program of Saint Kitts and Nevis economic citizenship was recognized as the most innovative in the world.
According to Les Khan, the country has completely updated the procedures for processing applications. Therefore, investors can be sure that their cases will be processed in a timely manner.
Which countries can I visit visa-free with the Saint Kitts and Nevis passport?
An impressive list of visa-free countries is one of the key benefits of the Saint Kitts and Nevis passport. Local officials are doing their best to attract the attention of foreign investors, including expansion of the list of states that can be visited on a visa-free basis with a Caribbean passport. More recently, Saint Kitts and Nevis signed visa-free agreements with Russia, India and Indonesia. Citizens of Saint Kitts and Nevis can now travel to more than 140 countries without the need to obtain a visa, the Schengen states, the United Kingdom, Singapore among them.
Thanks to bilateral agreements, you will be able to visit most countries and stay there visa-free for a fixed amount of time. Residents of Saint Kitts can stay up to 90 days within, say, the Schengen Area, and up to six months In Egypt, Indonesia, Laos, Malaysia, and the Philippines.
A couple of additional nuances. To be allowed to travel to some African countries, including Mauritania, Senegal, Zambia and Uganda, the holders of a Saint Kitts and Nevis passport must carry an international certificate of vaccination. Another peculiarity: It is not necessary to submit fingerprints to enter Argentina, Cambodia, Malaysia, and South Korea.
Saint Kitts and Nevis Citizenship: Crucial details
There is no obligation to be physically present in the country for paperwork and submission of biometrics. The process is at all stages supervised by an agent certified by the government of Saint Kitts and Nevis. Investors who are of age, have an impeccable personal and business reputation are eligible for applying for this country’s citizenship. Providing false information, having a criminal record, or being seriously ill can be grounds for application rejection.
The citizenship of Saint Kitts and Nevis is issued for life and can be passed on to descendants.
Interested in more detailed information about Saint Kitts and Nevis’ citizenship by investment program? Contact us!
- We offer free consultations, understanding how important it is for the client to make the only correct decision.
- We work only in the field of investment immigration, integrating gained experience into the investor’s goal.
- We work only with official programs of the European Union and Caribbean countries.
- Before signing the contract, we inform our clients about all additional fees and expenses.
- We conduct a screening to assess the investor’s chances of obtaining the desired citizenship.
- We oversee the process at each stage and work exclusively towards the result.
- We are in touch 24/7.