St Kitts and Nevis CIU works to enhance integrity of CBI Programme, shares 2023 updates

 The Citizenship by Investment Unit (CIU) of St Kitts and Nevis shared further updates to the regulations of the CBI Programme, which have taken into effect on February 9, 2023

St Kitts and Nevis CIU works to enhance integrity of CBI Programme, shares 2023 updates
St Kitts and Nevis CIU works to enhance integrity of CBI Programme, shares 2023 updates

St Kitts and Nevis: The Citizenship by Investment Unit (CIU) of St Kitts and Nevis shared further updates to the regulations of the CBI Programme, which have taken into effect on February 9, 2023. The new regulations aimed to increase the integrity of the programme, maintain a platinum standard and meet the requirements of the stakeholders. 

The government of St Kitts and Nevis, along with CIU, made these changes after consulting with the key stakeholders of the citizenship industry. The updates were implemented after recognizing the need for further clarification on the changes set out in the regulations released in December 2022. 

Highlighting the significance of the CBI Programme of St Kitts and Nevis, the Head of CIU stated that they wanted to make efficient clearance on the requirements of the CBI Programme, due to which they have taken on board these recommendations and issued an update on the regulations. The new regulations also aimed to meet the need of the stakeholders and prospective applicants.

He stated that the Citizenship by Investment Programme of St Kitts and Nevis works as a key pillar for the economic development of the country and makes substantial benefits to the people of the nation. Michael Martin stated that the CIU always works to enhance the integrity and competitiveness of the CBI Programme and prioritizes the reform of the Programme. 

St Kitts and Nevis emerged as the perfect example in the CBI industry after releasing details of their upgraded programme late last year, showing the seriousness of the government in retaining their position as a leader in the investment migration industry.

Michael Martin also referred to the introduction of Limited Time Offer a new layer of integrity to the CBI programme. Along with that, the introduction of a Board of Governors and a Technical Committee helps to regulate the CBI Programme of St Kitts and Nevis and ensure that it will efficiently benefit both locals and investors. 

The government of St Kitts and Nevis has prioritized the sustainable model filled with integrity, transparency and accountability to ensure the evolution of the citizenship programme. 

The programme will depend upon three fundamental principles such as – sustainability, good governance and pragmatism.

Following are the changes to the CBI Programme regulations implemented on February 9, 2023:

  • The scope of dependants, as well as the minimum eligible age of the main applicant from 65 years to 55 years.
  • There will be 60 days of processing time for the Limited Time Offer (LTO) and accelerated CBI applications under the Sustainable Growth Fund (SGF). On the other hand, the applicants who applied for the non-accelerated CBI Programme of St Kitts and Nevis will be processed in 90 days. 
  • The premium due diligence fees for the main applicants of the accelerated CBI are US$20,000, while it is US$10,000 for each dependant aged 16 and above.
  • The Sustainable Growth Fund will witness significant changes after the Limited Time Offer period, which is set to be completed on June 30, 2023. 
  • 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.