St Kitts and Nevis: Following the introduction of Michael Martin as the new head of the Citizenship by Investment Unit (CIU) of St Kitts and Nevis, there have been several revelations regarding the working of the Sustainable Growth Fund, also known as Fund Option.
One of the big revelations made by the sources close to the CIU was the involvement of former CEO Les Khan in diverting all Sustainable Growth Fund applicants to other investment options.
Reportedly, the prime reason behind his wrongdoings of diverting the applications of the Fund Option to some other investment options was to provide significant benefit to one specific developer who was closely associated with Khan.
After the change in the government of St Kitts and Nevis, the new Citizenship by Investment Unit was introduced, which prioritized the Sustainable Growth Fund (SGF). The SGF is a one-time investment into the government authorized to obtain alternative citizenship.
In order to attract Foreign Direct Investment (FDIs) into the national economy, the new authorities have also launched several limited-time offers on the investment option. The funds generated through the CBI Programme of St Kitts and Nevis are used to support socio-economic projects in the country. The funds also helped to build advanced infrastructure in the country.
Various agents associated with the Citizenship by Investment industry of St Kitts and Nevis stated that the unit had witnessed a significant surge in demand for the Sustainable Growth Fund after the announcement of the new changes to the programme under the new head of CIU.
The agents also outlined that they have now started converting consisting applications to SGF. After the introduction of the new limited-time offer, various applications have been shifted from the other investment options to Fund Options. The reason behind the conversion is that the SGF is the most straightforward route to alternative citizenship of St Kitts and Nevis.
The limited-time offer has increased the interest of investors in the CBI Programme of St Kitts and Nevis as it provides citizenship with 60 days of processing without any additional cost. However, the clients who will file the application after the expiration of the limited-time offer will have to pay additional charges to opt-in for fast-track processing.
On the other hand, people who filed their application under the Real Estate Option will have to shell out an additional US $42,500 if they opt for fast-track processing.
The agents also asserted that the Sustainable Growth Fund is an easy and more straightforward route. Various applications have been shifted from other investment options into the fund option due to its fast processing and affordable as the amount of investment is much lesser following the launch of the new offer, becoming more suitable for our clients.
The processes of the Sustainable Growth Fund sometimes take less than 60 days to complete. The agents are also suggesting their clients to shift their investment into the fund option regardless of the fact that their applications are under the process into other investment options of Citizenship by Investment Programmes of St Kitts and Nevis.
The Limited time offer was launched by the government of St Kitts and Nevis from 1 January 2023 to 30 June 2023. The offer contained the reduced amount of investment under all categories as well as an approval in principle within 60 days of submission after the multi-layered due diligence and other background checks without any additional charges.
- Single applicant – US $125,000
- Main applicant and a spouse – US $150,000
- Main applicant, spouse and two dependants – US $170,000
- Each additional dependant under 18 – US $10,000
- Each additional dependant over 18 – US $25,000
On the CBI Programme of St Kitts and Nevis, the new Head of CIU- Michael Martin, added that the progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.
“Today, these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.
Prime Minister Terrance Drew also stated, “We need to ensure that our treasured Citizenship by Investment Programme is mutually beneficial for all stakeholders, from the people of St Kitts and Nevis, the investors themselves, to the developers, to the local service providers and the international marketing agents. While we have always been the benchmark of the global investor immigration industry, we understand that in order to remain as one of the most sought-after economic citizenship programmes in the world, we need to continue to evolve and forge a path for ourselves that is sustainable in the long term.”
