This twin island is home to the most trustworthy CBI Programme across the globe. With the ever-changing world, the CBI Programme of St Kitts and Nevis has changed accordingly. Let’s take a look at the latest updates to St Kitts and Nevis CBI Regulations…
Key industry stakeholders noticed that some of the changes in the Regulations released in December 2022 required further clarification. That’s where these updates come in.
Head of the St Kitts and Nevis CIU, Michael Martin said:
“We’ve taken onboard these recommendations. We’re issuing an update on the Regulations with the aim of ensuring that the requirements of the CBI Programme are clear and unambiguous and meet the needs of our stakeholders and prospective applicants.”
“The programme is one of the main pillars of the economic development of our country. It has generated substantial benefits to the people of the nation over the years. As such, strengthening the reform of the CBI Programme is our priority. Our aim is to further enhance the integrity and competitiveness of the CBI Programme.”
Serious about the investment migration industry
St Kitts and Nevis set a new industry standard when they released details of their upgraded CBI Programme late last year. These changes show the government’s seriousness in retaining its position as a leader in the investment migration industry. The introduction of a Board of Governors and a Technical Committee is ensuring that the St Kitts and Nevis CBI Programme remains highly regulated. This will benefit both locals and investors.
A main priority of the government was to craft a solution that ensures that the evolution of the citizenship programme is based on a sustainable model filled with integrity, transparency and accountability.
The Programme will also be underpinned by three fundamental principles that have guided the administration’s decision-making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme:
- Sustainability
- good governance, and
- pragmatism.
Updates to St Kitts and Nevis CBI Regulations
From 9 February 2023, the CBI Programme Regulation changes include:
- The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
- Limited Time Offer (LTO) and accelerated CBI applications under the Sustainable Growth Fund (SGF) Investment Option will be processed in 60 days from the acknowledgement of the application by the CIU. Whereas non-accelerated CBI applications will be processed in 90 days.
- There are premium due diligence fees for accelerated CBI applications in the amounts of US$20,000 for the main applicant and US$10,000 for each dependant aged 16 and above.
- The minimum investment amounts for the SGF Investment Option will increase from 1 July 2023, following the end of the LTO.
- There are changes to the post-approval application fees for both accelerated and non-accelerated CBI applications.
- From 10 March 2023 any properties previously classified as Approved Projects are required to re-apply to the Board of Governors to be re-designated as Approved Developments to continue to be eligible investments under the Real Estate Investment Option.
- The Private Home Sale Investments holding period is reduced from seven to five years. To be eligible a property needs to be re-designated as an Approved Private Home through the Board of Governors.
- The newly named Public Benefit Option allows applicants to reapply as an Approved Public Benefactor and a project under AIO becomes an Approved Public Benefit Project.
Four types of investment opportunities in St Kitts and Nevis
There are four types of investment opportunities for investors to select from, these being:
1. The Sustainable Growth Fund (SGF) allows investors to provide financial support towards economic development through various avenues. There is a Limited Time Offer (LTO) that is from 1 January to 30 June 2023. This permits applicants to submit a reduced minimum contribution with no additional costs. For a single applicant, the starting donation is US$125,000.
2. Pre-Approved Real Estate requires investors to invest a minimum of US$200,000 in an Approved Development.
3. Private Home Sale Investment Option allows a main applicant to make a minimum investment in a private home of US$400,000. Alternatively, two or more CBI applicants can make a joint investment of US$400,000 each.
4. Public Benefit Option replaces the Alternative Investment option (AIO). An Approved Public Benefactor receives a Public Benefit Project applicant fee.
Also Read: St Kitts and Nevis Citizenship by Investment Programme
