The government of Saint Kitts and Nevis has announced that several new and innovative ways of investment would be introduced to the Citizenship by Investment Program in order to make the country’s economy stronger and the CBI program more competitive. The announcement was made by the Press Unit in the Office of the Prime Minister on March 20, 2018.
Does Saint Kitts and Nevis prolong the life of its passport discount?
According to the report, a new fund called the Sustainable Growth Fund will be launched to replace the Hurricane Relief Fund (HRF) that was temporary but successful investment option. The conditions of participation in the CBI program under this new fund will be slightly different, however, the price for a single applicant would remain the same, US$150,000. The HRF will stop to accept applications on March 30, 2018.
“The Sustainable Growth Fund for a single applicant will require a contribution of US$150,000, inclusive of government fees. The contribution for a family of up to four will be US$195,000 following incremental steps,” stated Prime Minister of St. Kitts and Nevis and Minister of Finance, Dr. the Honourable Timothy Harris.
He added that the investment received under the CBI program would be distributed between healthcare, education, alternative energy, tourism and culture, infrastructure, climate change and resilience, and other areas.
Prime Minister Harris also mentioned the benefits one would obtain together with a citizenship of Saint Kitts and Nevis. As Saint Kitts and Nevis has recently signed visa agreements with such big countries as India, Russia and Indonesia, it made St. Kitts and Nevis passport even more powerful. Now citizens of this country enjoy visa-free travel to more than 140 countries, including the UK, South Korea, Austria, Singapore, Germany.
According to CEO of the St Kitts and Nevis Citizenship by Investment Unit, Les Khan, even the discerning applicant would fund the opportunity to invest in the new fund, the Sustainable Growth Fund, quite attractive.
“The Sustainable Growth Fund is not just about sustaining development for our nation, it is also about providing a strong investment opportunity for our potential economic citizens. The program allows applicants and their families to secure their future in the same way the Fund operates to enhance the quality of living for our citizens on the islands.”
Over the past 6 months, the Citizenship by Investment Program of St Kitts and Nevis has received several awards such as ‘World’s Most Innovative Investment Immigration Program’ at the Global Citizen Awards Ceremony, it also has a top ranking in the 2018 Passport Index among other Caribbean programs.
“The Sustainable Growth Fund will be launched and will start to receive applicants on April 2, 2018.
Changes in the St Kitts and Nevis CBI program: more real estate investment options
Apart from the donation option, the changes will also be implemented in the real estate option, Prime Minister Harris stated.
“In order to attract luxury resort developments there is now being proposed another option where real estate offering that requires a US$400,000 investment may attract two applicants at US$200,000 each plus government fees, but this can only be resold after 7 years,” the Finance Minister said. He added that they “have given favourable consideration to the recommendation by real estate developers for existing developments to qualify for inclusion in the new option.”
The new real estate investment option will not replace the existing option. A single investor will still be able to invest at US$400,000, inclusive of US$75,000 government fees, in a government-approved real estate object which can still be resold after five years.