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St. Kitts And Nevis' Citizenship Program Undergoes Monumental Overhaul

5 min read

St. Kitts And Nevis' Citizenship Program Undergoes Monumental Overhaul

Exploring new horizons will get increasingly more challenging as countries and even entire economic regions ask for new visas and put in place more regulations to acquire new citizenships.

In response to the demands of the European Commission and the US Treasury, the Citizenship by Investment Unit of the government of St. Kitts and Nevis has recently changed the criteria to get citizenship and it is these changes that you need to be aware of.

The recent changes in this program serve as a clear reminder of the ever-changing landscape of citizenship opportunities. What appears to be an easy-to-get citizenship today might not be so tomorrow. That’s why I always tell my clients to act quickly.  

In this article, we’re delving into the ins and outs of these updates, showcasing the knowledge you need to navigate the new program successfully. We’ll uncover both the key benefits and the new requirements to get this powerful passport.

Buckle up because you’ll learn everything you need to get this citizenship and, once again, why it’s important to make these moves fast before it’s too late. Let’s begin.

 

St. Kitts and Nevis has a strong commitment to attracting foreign capital, it is no wonder that it is one of the most renowned CBI programs

St. Kitts and Nevis has a strong commitment to attracting foreign capital, it is no wonder that it is one of the most renowned CBI programs

WHY SHOULD YOU CONSIDER THIS CITIZENSHIP?

The government’s website clearly outlines the benefits of this passport. Here are some reasons why I recommend St Kitts And Nevis citizenship by investment to my clients and why I am applying myself. Let’s check them out:

  • Great Mobility: This citizenship grants seamless access to EU Schengen countries, Switzerland, the UK, Ireland, Russia and other key destinations. The St Kitts and Nevis passport opens up a world of visa-free travel;

  • Tax-free Haven: Enjoy no income, inheritance, or wealth tax obligations;

  • Secure Dual Citizenship: Once a citizen of St Kitts and Nevis, always a citizen of St Kitts and Nevis;

  • Your Family Can Also Obtain Citizenship: This program allows you to extend your passport and citizenship to your beloved family members;

  • Choose Your Real Estate Investment: You can choose real estate projects;

  • Fast Acquisition Time: Experience and processing record time of only three months;

  • Visa-free Movement within CARICOM: Just like an EU passport grants visa-free travel to other member states, a St Kitts and Nevis' one grants free movement within CARICOM.

As you can see, a St Kitts and Nevis passport comes with multiple advantages, which prove the country’s commitment to attracting foreign capital and wealth. It’s no wonder why this is one of the most reputed Citizenship by Investment programs.

 

Related content: Will US And Canada Passport Holders Need A Visa To Travel To Europe Starting In 2024?

 

The former Sustainable Growth Fund (SGF) was replaced by the Sustainable Island State Contribution (SISC)

The former Sustainable Growth Fund (SGF) was replaced by the Sustainable Island State Contribution (SISC)

NEW CHANGES IN 2023

As I mentioned before, getting this citizenship has gotten more complicated overnight. You can check the previous CBI here. Let’s see what’s changed:

 

SUSTAINABLE ISLAND STATE CONTRIBUTION (SISC) OPTION

The former Sustainable Growth Fund (SGF) is gone and replaced by the Sustainable Island State Contribution (SISC). With the funds received through this option, the government intends to make St Kitts and Nevis a sustainable country by investing in projects such as diversifying the economy, increasing local food production and transitioning to green energy. The funds are paid to the Federal Consolidated Fund.

Here are the numbers:

  • Main applicant only: $250,000 USD (previously $125,000 USD);

  • Main applicant and spouse: $300,000 USD;

  • Main applicant and one dependant: $300,000 USD;

  • Main applicant, spouse, and one or two dependants: $350,000 USD;

  • Main applicant and two or three dependants: $350,000 USD;

  • Each additional dependant under 18: $50,000 USD;

  • Each additional dependant aged 18 or over $75,000 USD.


PUBLIC BENEFIT OPTION

This route requires aspiring citizens to pay a donation of $250,000 USD to an Approved Public Benefits Project.

 

According to the Citizenship by Investment Unit, the fee increases are to cover the costs of the new mandatory interview requirements

According to the Citizenship by Investment Unit, the fee increases are to cover the costs of the new mandatory interview requirements

REAL ESTATE INVESTMENT OPTION

This route requires aspiring citizens to invest a minimum of $400,000 USD in an approved real estate development. The mandatory holding period of 7 years stays the same.

 

PRIVATE HOME SALE INVESTMENT OPTION

The Approved Private Home requires a minimum investment of $400,000 USD for a condominium unit or $800,000 USD for a single-family private dwelling.

The mandatory holding period is 7 years, and the property cannot be sold to another purchaser seeking citizenship unless the property has undergone substantial investment, such as renovation, additional construction or other improvements.

 

DUE DILIGENCE

On top of increasing the investment amounts, each application must include non-refundable due diligence fees: $10,000 USD for the main applicant and $7,500 USD for each dependent aged 16 years or over. According to the Citizenship by Investment Unit, these increased fees are implemented to cover the cost of the new mandatory interview requirements.

 

All four CBI options from St. Kitts and Nevis are processed within 120 days from the unit submission knowledge date

All four CBI options from St. Kitts and Nevis are processed within 120 days from the unit submission knowledge date

MANDATORY INTERVIEWS

The Citizenship by Investment Unit now requires applicants to go through mandatory interviews, which can be conducted online, in person at the consulate or embassy, or simply in St. Kitts and Nevis. This is, supposedly, to ensure due diligence and reinforce integrity, but it’s another layer of complexity to get a second passport.

 

UPDATED ELIGIBILITY CRITERIA FOR DEPENDANTS

Siblings and grandparents are not considered eligible dependants under the program. In addition, the minimum age for parents wishing to obtain citizenship has been increased to 65 years.

 

APPLICATION PROCESSING TIME

All four CBI Options are processed in 120 days from the date of the Unit’s acknowledgement of submission. The option for accelerated application via premium due diligence or post-approval fees has been eliminated.

 

Navigating these transitions can be complex, but with guidance from the Expat Money team you can quickly adapt to new regulations

Navigating these transitions can be complex, but with guidance from the Expat Money team you can quickly adapt to new regulations

TRANSITION REQUIREMENTS FOR APPLICANTS FROM DISCONTINUED INVESTMENT OPTIONS

If you were previously in the process of applying through the Private Alternative Investment Option (AIO), the Public Alternative Investment Option (AIO), or the Previous Real Estate Option, here’s what you need to know:

  • Requirements for Applicants from Private Alternative Investment Option (AIO): you’ll need to make adjustments to meet the new requirements under the SISC option. The minimum contribution and any additional requirements must align with the new program's guidelines;

  • Requirements for Applicants from Public Alternative Investment Option (AIO): you’ll need to explore the SISC option or other available routes;

  • Requirements for Applicants from Previous Real Estate Option: you’ll need to meet the new investment threshold of $400,000 USD.

Navigating these transitions can be challenging, but with the right guidance, you can successfully adapt to these new regulations.

 

Related content: The Basics Of How To Get A Second Passport Or A Second Residency

 

Candidates for the St. Kitts and Nevis will be notified of any program changes or updates

Candidates for the St. Kitts and Nevis will be notified of any program changes or updates

COLLECTION OF CERTIFICATES OF REGISTRATION

After your Citizenship by Investment application has been successfully approved, and all required investments and due diligence processes are completed, as a main applicant, you’ll get a Certificate of Registration, which must be collected in person, either in St. Kitts and Nevis or at an Embassy or Consulate as specified by the Citizenship by Investment Unit and approved by the Board of Governors. Applicants of the St. Kitts and Nevis Program will be notified of any updates and changes made to the program.

 

You can expect more CBI programs to change radically in the coming months, get your desired citizenship before it gets too complicated

You can expect more CBI programs to change radically in the coming months, get your desired citizenship before it gets too complicated

CONCLUSION

The St. Kitts and Nevis Citizenship by Investment Program offers a powerful passport with numerous benefits. However, recent changes to the program, including the introduction of the SISC and increased investment thresholds, have made this citizenship more difficult to obtain.

The landscape of citizenship opportunities is ever-changing, and what might seem easy today could become more challenging tomorrow. I cannot emphasize enough how important it is to act quickly before governments shift the goalposts and make the acquisition of your desired citizenship 10 times harder.

You can expect more CBI programs to change drastically in the upcoming months, so I strongly urge you to seize opportunities and take the necessary steps to get citizenship before the requirements become more inaccessible.

 

Beyond the Backyard Unlock Cashflow, Capital Appreciation & Currency Diversification on Brazils Beachfront (4)

 

WORK WITH ME

I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of your home country (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap; however, I can assure you that when you work with a professional firm like ours, the results will be worth it.

 

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Mikkel Thorup

Written by Mikkel Thorup

Mikkel Thorup is the world’s most sought-after expat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land and other hard-money tangible assets. Mikkel is the Founder and CEO at Expat Money®, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets - How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money, and his second book: Expats Guide On Moving To Mexico.

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