St Kitts and Nevis unveils new regulations, aims to revamp CBI Programme 

St Kitts and Nevis: In a landmark step, St Kitts and Nevis has once again announced changes to its Citizenship by Investment Programme. Titled “Citizenship by Substantial Investment Regulations, 2024,” the CIU has set US$250,000 as the new minimum investment threshold for a family of four under the Sustainable Island State Contribution  

As per the new regulations, the main applicant who is applying under the SISC will have to contribute US$250,000 to qualify for citizenship. The same investment will be implemented for an applicant with up to three dependants which will include a spouse and other two dependants (considered as a family of four).  

On the other hand, for each additional dependant under eighteen years of age, an investment of US$25,000 shall be paid. A contribution of US$50,000 has been set for each additional dependant eighteen years of age or over under the new changes.  

The island nation has rolled out a series of substantial changes, aiming to safeguard the integrity of the programme and reinforce its reputation across the globe. The new regulations also pointed to several changes for the due diligence aspect, marketing strategies and other functionaries of the Citizenship by Investment Programme of St Kitts and Nevis. 

Enhanced Due Diligence 

Under the new regulations, the changes have also been put forth for the due diligence aspect of St Kitts and Nevis Citizenship by Investment Programme. As per the Citizenship by Investment Unit (CIU), the application fee of US$25,000 payable by the main applicant under the Public Benefit Option shall be deducted from the investment sum of US$250,000 and further will be paid to the unit.  

In addition to that, the new regulations stated that the due diligence background check will include the submission of the details of the main applicant, spouse any dependants over fifteen years of age.  

Further, the background checks will now be conducted by four different bodies including the Financial Intelligence Unit, the Continuing International Due Diligence Unit of the Government of St Kitts and Nevis, the Join Regional Communication Centre- a sub-agency of CARICOM IMPACS and at least one reputable international due diligence service provider firm.  

Meanwhile, the CBI applicant who is aged sixteen years or over, or will attain sixteen years of age during the pre-approval-in-principle processing stage of the application, shall undergo a due diligence background check after submitting a CBI application to the Unit and before approval-in-principle. 

Along with other due diligence requirements, a CBI applicant who conceals information required to be provided on his or her application form and has not provided sufficient proof of source of funds to make the qualifying investment will also not be approved for the Citizenship by Investment Programme.  

Major Limitation on Marketing 

Major Limitations have been implemented with respect to the methods by which the programme is to be advertised internationally. As per the new changes, an Authorised Agent approved by the Board of Governors prior to the coming into effect of these Regulations wishes to continue to be an Authorised Agent.  

Further, Authorised Agents who have paid the non-refundable application fee of US$5,000 prior to the 27th day of July 2023, shall not be required to make a further application fee payment for 2023. 

Changes to the Technical Committee  

The members of the technical committee will include the Chief Executive Officer of the Unit, a senior officer from the Unit and a civil servant assigned by the Minister.  

Qualification for Citizenship by Investment Programme  

The government has made the regulations more concrete by reassuring that a person who has been denied citizenship of any country, and been denied a visa to any country to which citizens of St Kitts and Nevis have visa-free travel and has not subsequently obtained a visa to the country that issued the denial will not be eligible for the programme.  

Private Real Estate Sales  

The new regulations have changed the name of the Private Home Sales Investment Option to Private Real Estate Sales.  

While leading to the investment industry, St Kitts and Nevis has again turned out to be an example of these groundbreaking changes. The changes showcased the commitment of the CIU 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 citizenships and fosters a vibrant community of nationals who share a common vision for the nation’s development.  

Notably, St Kitts and Nevis announced the last changes to its programme in July 2023 and within a year, a new framework of the CBI has been initiated.