The Citizenship by Investment Programme of St Kitts and Nevis holds a prime position in the economy of St Kitts and Nevis. Considering its significance for the nation, PM Terrance Drew, on December 13, 2022, appointed Michael Martin as the new head of the country’s Citizenship by Investment Unit(CIU).
Following his appointment, the CIU is set to introduce some reforms with a vision to enhance the integrity and competitiveness of the CBI programme. The changes, so announced, will be effective from January 2023.
1: Management of the CIU
Board of Governors: In the CIU Management, the newly appointed Citizenship by Investment Board of Governors would be taking charge. The Board will be performing advisory functions for the Prime Minister, about the operations and activities of the unit. Also, the critical analysis of policies will be conducted by this Board.
Technical Committee: The newly appointed Technical Committee will assume the responsibility of reviewing the Citizenship by Investment applications. The Committee will also look to ensure that due-diligence checks and spot checks are being comprehensively completed on all CBI applications.
2: Sustainable Growth Fund Option
The Sustainable Growth Fund Option(SGF) provides for the economic and social upliftment in St Kitts and Nevis.Â
Through SGF, the resources are channelized into educational institutions, medical facilities, and infrastructural development, boosting local tourism and preserving the local culture and heritage.
SGF Limited Time Offer: January 1 2023- June 30 2023
The CIU has introduced a Limited Time Offer, that would be valid for a period of 6 months, starting from January 1 to June 30, 2023. Under this, the applicants will be benefitted from the reduced payable minimum investment amount as well as a quicker processing time-lapse, which would be 60 days instead of 90 days.
In the Limited Time Offer, the minimum investment amount would be as follows:
-For the Main Applicant: US$125,000
 – For Main Applicant and Spouse: US$150,000
 -For Main Applicant, spouse and two dependants: US$170,000
 -Each additional dependant under 18 years: US$10,000
 -Each additional dependant, aged 18 or above: US$25,000
SGF: From July 1 2023 onwards
After the Limited Time Offer ends, the minimum investment amount for SGF would be as follows:
 -For the Main Applicant: US$150,000
 – For Main Applicant and Spouse: US$175,000
 -For Main Applicant, spouse and two dependants: US$195,000
 -Each additional dependant under 18 years: US$10,000
 -Each additional dependant, aged 18 or over : US$25,000
3:Â Real Estate Investment Option
The current Real Estate Investment Option calls for minimum real estate investment of US$200,000 in an Approved Project. From January 2023 onwards, only approved developments will be considered eligible for Real Estate Investment Option under the new CBI regime.Â
However, the previously designated as Approved Projects will lose their status once new regulations come into force. The developers of these properties will have to apply to the Board of Governors of the CIU to have them re-designated as Approved Development.
Upon designating a property as an Approved Development, the Government of St Kitts and Nevis will designate the number of real estate units to be sold, the construction completion schedule and the corresponding escrow drawdown process.
Additionally, the CIU plans to introduce penalties upon any person/entity who attempts to circumvent the payment of the legally prescribed minimum investment amount.:
-Fine on summary conviction;
-Suspension or revocation of the Approved Development status;
-Removal of Authorized Agent licence; or
-Blacklisting on the CBI website as a person or entity not authorized to submit any CBI application.
4:Â Private Home Sale Investment Option
The Private Home Sale Investment option will be retained as a permanent investment option as per CBI programme, with US$400,000 as the minimum investment in a private single-family dwelling house designated as an Approved Private Home.
It is noteworthy that properties that previously held designatory Approved Private Homes will lose this designation after the new regulations are enacted. Developers of such properties are required to apply to the Board of Governors of the CIU to have their properties re-designated as Approved Private Homes again.
An Approved Private Home is subject to the following restrictions:
-It cannot be resold within seven years;
-It cannot be resold to any other CBI applicant; and
-It cannot be converted into apartments or condominiums.
5:Â Public Good Investment Option
With the introduction of the new regulations, the new Public Good Investment Option (PGIO) will replace the Alternative Investment Option(AIO), and the minimum investment amount for PGIO stands at US$175,000 into an Approved Public Good Project and payable to Approved Public Good Investor.
Only Approved Public Good Projects would be considered eligible for PGIO.Â
The previously designated as AIO developments will lose such designation with new regulations. The investors of these developments would require to apply to the Board of Governors of CIU to acquire the designation as Approved Public Good Investors, following which they can apply to have their developments designated as Approved Public Good Projects.
Once the Approved Public Good Investor status is designated, the government of St Kitts and Nevis will designate a number of PGI units of the Approved Public Good Project to be sold along with the schedule of completion and distribution of the units and the corresponding escrow drawdown process.
6:Â Government Fees for CBI Applications
 From January 2023, for non-accelerated CBI applications under the Real Estate, Private Home Sale, and PGIO, the government charges(payable on approval in principle) would be:
– Main applicant: US$25,000
– Spouse: US$15,000
– Each dependant child under 18: US$10,000
– Each dependant child or other qualified dependant aged 18 or above: US$15,000
And for the accelerated applications:
– Main applicant: US$42,500
– Spouse: US$32,500
– Each dependant: US$22,500
7:Â Â Government Fees for Post-citizenship Addition Applications
For the accelerated post-citizenship addition applications after the approval of the main applicant’s CBI application, the government fees payable will be as follows:
– Addition of spouse: US42,500
– Addition of dependant: US$22,500
– Addition of minor child born before approval: US$12,500
Similarly, from January 2023, the government fees for non-accelerated post-citizenship addition, following the main applicant’s approval, would be:Â
– Addition of spouse: US$20,000
– Addition of dependant: US$15,000
– Addition of a minor child born before approval: US$10,000
