The two islands of St. Kitts and Nevis were unified to make a single nation in the Caribbean Sea. Now a favoured tourist resort, the country keeps drawing the attention of foreigners from all over the world by offering to purchase its passport and recognizing dual citizenship. In other words, the Federation of Saint Kitts and Nevis has designed a refreshing and rather easy way for wealthy individuals to deal with economy and finance-related problems. This way, the local treasury gets replenished while applicants obtain a legal document that opens many doors before them.
What are the benefits of the second citizenship of St. Kitts and Nevis?
St. Kitts is one among the few countries offering a second passport through a Citizenship by Investment scheme, which adds to the popularity of the program.
When debating whether to choose St. Kitts and Nevis as your host country to apply for a second, economic, citizenship, consider the following facts:
- Safety. St. Kitts and Nevis is a politically stable, peaceful nation well-perceived by the rest of the world. It has an extensive network of diplomatic relations;
- Fast & easy processing. Authorities issue an approval within just 2-5 months of reviewing the candidacy, and the applicant becomes a full-fledged citizen of St. Kitts and Nevis;
- Flexible & convenient. There is no requirement to visit or stay in the country; the applicant may be represented by a certified agent;
- Strict confidentiality. No details about second passport deals are disseminated to third parties;
- Functionality. St. Kitts and Nevis citizens can travel to multiple countries without having to get visas; a simple entry procedure for the US, Canada, and the UK;
- Tax advantages. There are no capital gains or direct personal taxes;
- Profit. By obtaining the citizenship through real estate investment, one also gains the chance to derive income from leasing the property;
- Well-being of your whole family. Family members can be included in the application;
- Permanence. Future generations become citizens automatically.
Procedure and cost of obtaining passport of St. Kitts and Nevis through investment
St. Kitts and Nevis established its scheme for attracting foreign investors in 1984. Since then, thousands of wealthy foreigners have received their second passports in exchange for economic contributions, and are enjoying the numerous benefits of their status.
As mentioned above, the citizenship application procedure is quite uncomplicated. The scheme is recognized by the two islands’ Constitution and is therefore protected by law.
To start the process, one will need to hire an authorised agent with a license from the Financial Services Regulatory Commission of the country, undergo an obligatory due diligence check, and provide the necessary documents to the authorities. And, of course, choose the most suitable investment option, of which there are several.
1) Most recently, the St. Kitts and Nevis Citizenship by Investment Unit has introduced an additional, albeit temporary, investment option in order to alleviate the devastation of hurricanes Irma and Maria: a one-time non-refundable donation to the Hurricane Relief Fund (HRF). The HRF option expires on March 30, 2018. A single applicant, as well as a group consisting of Main Applicant + three dependent family members, may make a contribution of at least US$150,000; the fee for all additional dependents is US$25,000. Add to this due diligence and processing fees of US$7,500 for the main applicant, and US$4,000 for each dependent of 16 years of age and above.
NOTE: The HRF contribution option is only available till March 30, 2018.
2) A one-time non-refundable contribution to the Sugar Industry Diversification Foundation (SIDF): US$250,000 for a single applicant; US$300,000 for a family of 4 (for instance, Main Applicant + Spouse + 2 children), each additional dependent – US$25,000. Not included are due diligence and processing fees: US$7,500 for the main applicant, and US$4,000 for each dependent over the age of 16.
NOTE: Dependent parents who are at least 55 years old, as well as unmarried dependent children within the age bracket of 18-30 years old may also be included in the application.
3) It is also possible to qualify for St. Kitts and Nevis citizenship through real estate investment. This requires investment of at least US$400,000 in a government-approved real estate project. The range of available property is pretty wide, the selection includes villas, condominiums, and hotel shares. Due diligence and processing fees must also be paid: US$7,500 for the main applicant, and US$4,000 for each dependent aged 16 and above.
NOTE: Further government fees apply to real estate investors and their dependents: US$50,000 for the main applicant, US$25,000 for the spouse, US$25,000 for a dependent child under 18 years of age, US$50,000 for a dependent child aged 18 and above, as well as a dependent parent aged 55 and above. Compulsory insurance fund contributions and conveyance fees also apply.
What documents do I need to submit to apply for St. Kitts and Nevis’ economic citizenship?
A reminder that personal attendance is not required when applying for the St. Kittian citizenship program. As we mentioned before, the paperwork is handled by a certified agent who also performs preliminary due diligence check (those of family members are required for checks, too). The agent submits the following documents :
– Completed application forms;
– Certified copies of internal and international passports;
– Certified copies of national identity cards;
– Certified copies of military records (if applicable);
– Birth certificates;
– Photos of each applicant (6 per person);
– Marriage certificate;
– Police clearance certificate;
– Medical certificates (+ HIV test results; required for all applicants including children over 12 years of age);
– Bank statements and at least 1 original bank reference letter;
– Evidence of source of investment;
– Certificate/proof of ownership.
What is Due Diligence?
In 2017, Professional Wealth Management compared and rated various parameters of world’s leading CBI programs. St. Kitts and Nevis emerged on top of the list, with highest results for its strict due diligence process. Essentially, it serves as a shield against ill-intentioned and criminal-minded individuals, and thus helps maintain stable political and economic environment.
Before submitting the aforementioned documents, investors and their family members must pay for and then go through the due diligence procedure to examine the following aspects:
- Whether or not the applicant has a criminal record;
- Previous convictions and under which Article;
- Tax avoidance;
- Filing for personal and/or corporate bankruptcy;
- Whether or not the applicant has had visa denial, reasons for deportation;
- Denial of citizenship;
- Denial of work permit;
Verification of legal income source.
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Already interested in acquiring the second citizenship of St. Kitts and Nevis? Find more detailed information, get answers to your specific questions. Our experts consult and accompany future investors in their journey to the second home.
We also urge our clients to compare conditions of the various CBI programs. This helps them make up their minds and opt for what suits them best. Speaking of Caribbean nations, we can name at least two other reasons to strongly consider one of the countries in the region as your second home:
- Antigua and Barbuda passport: visa-free entry to over 136 countries; passports are issued within 3-5 months.
- Dominican passport: visa-free entry to 91 country; passports are issued within 3-6 months; no residence requirements; no personal interview.
Have more questions? Want to know the total cost of obtaining the St. Kitts and Nevis citizenship through investment for the whole family? Don’t hesitate to reach out to us and get a free consultation.