St Kitts and Nevis has become the first country to take swift action on CBI programme principles outlined by the EU Commission, as exclusively reported by Associates Times.
The island nation has rolled out a series of substantial changes to its citizenship by investment programme. These changes aim to safeguard the programme’s integrity and reinforce its ‘Platinum Standard’ status. Island nation has attempted to address all the principles outlined by the EU Commission.
A new investment option, the Sustainable Island State Contribution (SISC), has been introduced, replacing the previous Sustainable Growth Fund (SGF). The minimum investment for the Developer’s Real Estate Option is now US$400,000. Approved Private Homes and Approved Public Benefit Projects have also been included as investment options.
Investors applying for CBI are now required to have a mandatory interview, conducted either virtually or in person. All background due diligence checks will be conducted by independent professional firms from the United Kingdom, USA, and Europe.
Investment Options in St Kitts and Nevis Citizenship by Investment Programme
- Sustainable Island State Contribution (SISC)
- Single applicant: US$250,000
- Family of two: US$300,000
- Family of four: US$350,000
- Developer’s Real Estate Option
- Minimum investment: US$400,000
- Property must be held for a period of seven years
- Approved Private Home
- Condominium: Minimum investment of US$400,000 paid to the owner
- Single-family dwelling: Minimum investment of US$800,000 paid to the owner
- Property must be held for a period of seven years
- Approved Public Benefit Project
- Minimum contribution: US$250,000 paid to the Approved Public Benefactor
The introduction of the new investment option- Sustainable Island State Contribution (SISC) will assist the country for turning into a Sustainable Island state. Keeping the recommendations put forth by EU Commission in mind, St Kitts and Nevis has increased the substantial amount of investment into the SICS.
SISC as a part of CBI Programme, with a minimum contribution starting at US$250,000 for a single applicant, US$300,000 for a family of two, and US$350,000 for a family of four.
Investment Options: SISC vs SGF
|Family Size||SISC (New)||SGF (Previous)||Due Diligence (new)||Due Diligence (old)|
|Family of two||US$300,000||US$150,000||US$17,500||US$11,500|
|Family of four||US$350,000||US$170,000||US$32,500 (Aged over 16)||US$19,500|
Enhanced due diligence
St Kitts and Nevis showcased its commitment and seriousness in mitigating the risks related to fraud, money laundering and other illicit activities by increasing the amount of the due diligence for the CBI applicants. The fees for the main applicant are US$10,000.
While sticking to the principles out forth by EU Commission, PM Terrance Drew announced that all background due diligence checks will be commissioned by the Citizenship by Investment Unit and will be conducted by independent professional firms from the United Kingdom, USA and Europe, and in accordance with the requirements set by the Board of Governors.
The applicant is issued the certificate of registration after the Citizenship by Investment application has been approved, all process and due diligence checks are finalised and the investment is made.
Besides this, new regulations also announced that the Certificate of Registration must be collected in person in St Kitts and Nevis or at an Embassy or Consulate specified by the Citizenship by Investment Unit as approved by the Board of Governors.
St Kitts and Nevis mandates the interview for the applicants and their dependants aged 16 or above applying for Citizenship by Investment. Applicants will now be required to give mandatory interview either virtually or in person at a location specified by the Citizenship by Investment Unit and approved by the Board of Governors.
Interviews will be conducted by an independent professional firm commissioned by the Citizenship by Investment Unit, who will also perform background due diligence checks, or the Unit itself.
The step aimed to assess the legitimacy of the applicants and create defence mechanism against illicit actors. Prime Minister Dr Terrance Drew said,” Today, St Kitts and Nevis takes another bold step in reaffirming our intention to not only offer the best Citizenship by Investment Programme in the world, but also to offer a programme held together by a tight regulatory system designed to be a best-in-practice defence mechanism against illicit actors and those who try to bypass our high-end investment and contribution options. We are continuously committed to preserving the exclusivity and prestige associated with being a citizen of St Kitts and Nevis.”
Major Limitation on Marketing
St Kitts and Nevis has empowered the Board of Governors to regulate all authorise agents and International Marketing agents. “Major Limitations” will be implemented with respect to the methods by which the St Kitts and Nevis Citizenship by Investment Programme is to be advertised internationally.
The step has been driven by the EU’s principle stipulating that the promotion of the citizenship should not be primarily based on the travel benefits.
CIU Head Michael Martin said,” In this ever-changing and unpredictable world, it is imperative that the Government of St Kitts and Nevis and its Citizenship by Investment Programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country.”
New regulations: Revolutionizes St Kitts and Nevis CBI Programme
While maintaining its platinum standards, St Kitts and Nevis announced these groundbreaking changes to the Citizenship by Investment Programme. These are aimed to safeguard the nation’s integrity, making the Programme sustainable and preserving the privileged status of being a citizen of St Kitts and Nevis.
PM Terrance Drew said that the government will continue to engage with the international community to provide clarity and assurance to investors that St Kitts and Nevis is a safe destination for long term investments.
These changes will also help in bolstering St Kitts and Nevis’s reputation globally. St Kitts and Nevis wish to attract distinguished applicants who have demonstrated exceptional accomplishments, possess substantial investment capabilities, and are committed to making significant contributions to the country’s growth and development.
The primary objective of this approach is to ensure that St Kitts and Nevis maintains the highest standards of citizenship and fosters a vibrant community of nationals who share a common vision for the nation’s advancement.
St Kitts and Nevis is on the path toward sustainable growth and the changes to the Citizenship by Investment Programme show a clear direction that the country is setting itself apart.
Set forth an example for other Caribbean nations offering Citizenship by Investment Programme, St Kitts and Nevis has started work on the directions of meeting the international standards. The timely changes have provided the country with the chance to save themselves from suspension of the visa-waiver agreement with United Kingdom.
By following the league of St Kitts and Nevis, other nations with CBI Programme may also become able to meet the international security standards and escape from the suspension of the visa-waiver agreement.