By Bayat Group
The St Kitts and Nevis Citizenship by Investment Unit (CIU) has unveiled the St Christopher and Nevis Citizenship by Substantial Investment (Amendment) Regulations, 2024, aiming to enhance its appeal and stimulate economic growth. These changes were published in the Extra-Ordinary Gazette on October 25, 2024, under the Statutory Rules and Orders No. 43 of 2024.
Key changes include:
Reduced investment thresholds for the Citizenship by Investment (CBI) Program
- The minimum real estate investment has been reduced from USD 400,000 to USD 325,000.
- For single-family private homes, the threshold has been lowered from USD 800,000 to USD 600,000.
Eligibility adjustments
- The eligible age for dependent parents has been reduced from 65 to 55.
Reduced add-on fee
- The fee for adding newborn children under three years of age to the main applicant’s citizenship has been reduced from $10,000 to $7,500.
Technical committee expansion
- The Technical Committee overseeing the program has been strengthened to include five experts from the government and CIU to ensure high governance standards.
Bankruptcy clause
- Initially, individuals declared bankrupt were ineligible to apply for the St. Kitts & Nevis CBI program. The new regulation allows applicants to invest in citizenship if they have not undergone bankruptcy proceedings within the last 10 years before their CBI application.
These changes, spearheaded by the board of governors of the CIU under the leadership of chairman H.E. Calvin St Juste, aim to align the program’s investment requirements with current trends in the investment migration industry while maintaining St Kitts and Nevis as a premier investment destination.
Chairman St Juste emphasized the significance of these modifications in positioning the Federation as a preferred choice for investors and advancing the Sustainable Island State Agenda.
“We have been leading the industry by crafting a sustainable model and fulfilling the standards set out by the international community. The modifications in the investment amount have been made to align with market realities while preserving the premier brand of St Kitts and Nevis and positioning it as the first choice for investors,” stated chairman St Juste.
The CIU’s commitment to innovation and responsiveness to stakeholder feedback ensures the program remains competitive and continues to contribute to the nation’s economic growth.
These encouraging developments follow the establishment of the CIU as a statutory corporation on October 1, 2024, and the CIU Chairman’s international tour across the Gulf region. During this tour, the chairman once again demonstrated the board of governors’ strong commitment to the integrity of the CBI program and adherence to the best international standards.
St Kitts and Nevis CBI program overview
The St. Kitts & Nevis CBI program offers several investment options designed to attract investors seeking a secure and prosperous future. These options cater to various preferences and financial capabilities, ensuring a diverse range of opportunities for applicants.
Sustainable Island State Contribution (SISC)
The SISC is a non-refundable contribution to the Federal Consolidated Fund, starting at USD 250,000 for a main applicant and 3 dependents, each additional family member to qualify will require an additional USD 25,000 for minors (under 18 years old) and USD 50,000 for adults (over 18 years old). This option supports government projects that drive economic growth and development, making it an ideal choice for investors looking to contribute to the nation’s progress.
Approved Public Benefit Project
This option allows investors to contribute to approved public benefit projects that bring substantial benefits to the people of St. Kitts & Nevis. The minimum contribution starts at USD 250,000 for a family of four, and it provides an opportunity for investors to make a positive impact on the local community while gaining citizenship.
Approved Real Estate Investment
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- Investors can choose to invest in real estate by purchasing a designated unit in an Approved Development with a minimum investment of at least USD 325,000.
- For those interested in private real estate, the program offers two options: condominium units and single-family private homes.
- The minimum investment for condominium units is USD 325,000.
- Single-family private homes require a minimum investment of USD 600,000.
Investors can resell the property after seven years. The real estate investment option provides a tangible asset and the potential for capital appreciation. They can also provide a luxurious lifestyle and guarantee a secure future.
These investment options provide a range of choices for investors looking to obtain their second passports in St Kitts and Nevis while contributing to the nation’s economic growth and development. Each option offers unique benefits and opportunities, ensuring that investors can find a path that aligns with their goals and values.
