St Kitts and Nevis: The Citizenship by Investment Unit (CIU) announced further updates to the regulations of the CBI Programme of St Kitts and Nevis, which came into effect on February 9, 2023.
Last year in December, the government of St Kitts and Nevis, along with CIU, announced new regulations to the CBI Programme and these new updates were instituted for the further clarification of those guidelines.
Head of St Kitts and Nevis CIU, Michael Martin, stated that the aim of issuing an update on the regulations is to make clearance on the requirements of the CBI Programme. He stated that CIU is committed to meeting the needs of the stakeholders and prospective applicants.
Michael Martin also called the Citizenship by Investment Programme one of the main pillars which are used to develop the economy of the country. He added that the fund generated through the CBI Programme assisted the government in uplifting the nation and the people of St Kitts and Nevis.
CIU Head stated that they have a bright vision in maintaining the platinum standard of the CBI Programme of St Kitts and Nevis. They will always work to enhance the integrity and competitiveness of the CBI Programme.”
The new regulations released by the CIU and the government of St Kitts and Nevis to the CBI Programme set an example in the citizenship industry and showed their seriousness in retaining their position as a leader in the investment migration industry.
Michael Martin explained that the introduction of the Limited Time Offer added a new layer of integrity to the CBI Programme of St Kitts and Nevis. Along with that, the Board of Governors and a Technical Committee are ensuring that St Kitts and Nevis CBI Programme remains highly regulated, to the benefit of both locals and investors.
A main priority of the government was to craft a solution that ensures that the evolution of the citizenship programme is based on a sustainable model filled with integrity, transparency and accountability.
The Programme will also be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.
Following are the regulation changes to the CBI Programme:
- The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
- The applicants for the Limited Time Offer and accelerated CBI under the Sustainable Growth Fund (SGF) will be processed in 60 days; on the other hand, the non-accelerated CBI applications will be processed in 90 days.
- The applicants have to pay premium due-diligence fees of US$20,000 for the accelerated CBI. The fees is for the main applicants, while US$10,000 is for each dependant aged 16 and above.
- Following the end of the LTO, the minimum investment amounts for the SGF investment option will increase from July 1 2023.
- There are changes to the post-approval application fees for both accelerated and non-accelerated CBI applications.
- There will be a change in the fees for the applicants ( including main applicants, spouses and dependents) after the approval for accelerated and non-accelerated CBI applications.
- There is a need to re-classify the property under the Real Estate Investment Option and recognize approved projects as Approved Developments through the Board of Governors from March 10, 2023.
- The property under the Private Homes Sales Investments should be re-designed as an Approved Private Home through the Board of Governors, and the holding period is reduced to five years.
- The applicant is allowed to reapply as an Approved Public Benefactor under the newly named Public Benefits Options. The project under AIO is named an Approved Public Benefit Project.
Following are the regulations for the four types of investment opportunities:
- The Sustainable Growth Fund (SGF) of the CBI Programme of St Kitts and Nevis offers a chance to investors to provide significant financial assistance towards economic development through various avenues. In order to attract investors, CIU announced the Limited Time Offer (LTO) on the investment option that started on January 1, 2023, and will continue till June 30, 2023. The applicants are allowed to pay less minimum contribution with no additional costs, and the contribution for the single applicant is USD 125,000.
- The investors who are applying under the Pre-approved Real Estate are required to invest a minimum of USD 200,000 in Approved Developments real estate.
- Private Home Sale Investment Option includes an Approved Private Home, and the main applicants, one or more than one, are required to make a minimum contribution; the same applies to more than one applicant.
- The Public Benefits Option replaces the Alternative Investment Option (AIO), and the Approved Public Benefit Project applicant fee is paid to an Approved Public Benefactor.