Basseterre: Keeping up its efforts to uphold the Platinum Standards of the Citizenship by Investment Programme, the Government of St Kitts and Nevis unveiled considerable changes to the programme. Prime Minister Dr Terrance Drew introduced a new investment option, Sustainable Island State Contribution (SISC), which is the major highlight of the recently introduced amendments.
The minimum amount of investment under the Developer’s Real Estate Option has been amended to US$ 400,000. At the same time, Approved Private Homes and Approved Public Benefit Projects have also been included as investment options under the programme.
INVESTMENT OPTIONS IN ST KITTS AND NEVIS CBI PROGRAMME AND RESPECTIVE AMOUNTS:
1: Sustainable Island State Contribution (SISC)
- For Single Applicant: US$250,000
- Family of two: US$ 300,000
- Family of four: US$350,000
2: Developer’s Real Estate Option
- Minimum Investment: US$400,000
- The property must be held by the investor for a period of seven years
3: Approved Private Home
- Condominium: A minimum investment of US$400,000 paid to owner
- Single Family Dwelling: A minimum investment of US$ 800,000 paid to the owner
- The property must be held by the investor for seven years
4: Approved Public Benefit Project
- Minimum contribution of US$250,000 paid to the Approved Public Benefactor
WHAT CHANGES WITH SISC?
Notably, the Sustainable Island State Contribution (SISC) is a replacement for the Sustainable Growth Fund(SGF) option, which has been constituted on the basis of recommendations of the European Commission. Under the Sustainable Island State Contribution,
- The minimum contribution for a single applicant starts from US$250,000.
- The minimum contribution for Family of Two starts from US$ 300,000.The minimum contribution for Family of Four starts from US$ 350,000.
In contrast to this, the amount of contribution under the previous investment option Sustainable Growth Fund(SGF) stood at US$125,000 for a single applicant, US$150,000 for a family of two and US$170,000 for a family of four.
At the same time, the Due Diligence fees has also been revised under the Sustainable Island State Contribution (SISC) option. The revised fee structure for the Due Diligence is as follows:
|DUE DILIGENCE FEES|
|NO. OF APPLICANTS||SISC||SGF|
|1: Single Applicant||US$10,000||US$7,500|
|2: Family of two||US$17,500||US$11,500|
|3: Family of four||US$32,500( Aged 16+)||US$19,500|
Under the leadership of Michael Martin, the Citizenship by Investment Unit (CIU) of St Kitts and Nevis has also worked upon strengthening the security and credibility of the programme by making interviews a mandatory element of the due-diligence checks of the investors seeking alternative citizenship of the nation.
Moreover, independent professional firms from UK, USA and Europe will be deployed to conduct due diligence checks within the accords specified by the Board of Governors.
Each and every applicant, along with the dependants above 16 years of age, now require to go through mandatory interviews, which can be conducted virtually or in-person at the location specified by the CIU and approved the Board of Governors.
The interviews ensure that the investors are thoroughly assessed for their legitimacy and credibility before the Citizenship of St Kitts and Nevis is bestowed to them, thereby eliminating any potential threats to national security and integrity.
It is noteworthy that the independent professional firm commissioned by the CIU will conduct the interviews, alongside due diligence and background checks.
MAJOR MARKETING LIMITATIONS
The Board of Governors is also regulating International Marketing Agents with Major Limitations on the advertising methodology to align with the EU’s principle, which reiterates that the promotion of citizenship should not be primarily based on travel benefits.
As the CIU Head Michael Martin remarked, the amendments to the Citizenship by Investment Programme of St Kitts and Nevis is the realization of a shift in the approach of the Government towards the quality of investors rather than the quantity of investors.
With the spectrum of changes introduced in the Citizenship by Investment Programme, the Government of St Kitts and Nevis envisages upholding the national integrity and prestige internationally.
As Prime Minister Dr Terrance Drew noted, the Government will continue to engage with the international community and assure that global investors with adequate will resources and goodwill are welcomed to be the citizen of St Kitts and Nevis.