Beatrice Gatti, the Head of Government Advisory Practice at CS Global Partners, walks us through the details of the temporarily reduced Sustainable Growth Fund offer by St Kitts and Nevis.
Learn more about the offer
AM: Why do you think that the Government of St Kitts and Nevis has decided to make this offer available now, and that also for such a short period of time?
BG: Government has made it clear that the offer is linked to the COVID-19 crisis, and that is one that is therefore intended to be temporary. It has two main goals: to incentivise greater volumes of investment and to provide access to families who feel now is the time to secure their future in a safe jurisdiction such as St Kitts and Nevis.
AM: What exactly is the Limited Time Offer?
BG: The Limited Time Offer Refers to SGF only. Normally, under the SGF, the main applicant is asked to contribute US$150,000. A spouse requires an extra US$25,000, while any other qualifying dependant requires a US$10,000 contribution. Now, there is a ‘cap’ of US$150,000 for a family of up to four people – for a standard family made up of a husband, wife, and two children, this results in a US$45,000 discount (US$195,000 – US$150,0000 = US$45,000)
AM: Does the January 15, 2021 deadline refer to the applicant receiving citizenship or to when the application must be submitted?
BG: Submission.
AM: It has been about 4 weeks since the Limited Time Offer went live, what has the response to it been like so far?
BG: Four weeks is too soon to have official Government data, but the government is expecting a strong response. Unit Head, Les Khan, has noted that the Unit has enough staff in place to deal with the increase in interest expected
AM: Now that St Kitts and Nevis has discounted their SGF price, can we expect other CBI jurisdictions to do the same or do you expect prices to rise considering an increase of interest in second citizenship due to the pandemic?
BG: St Kitts and Nevis is not a jurisdiction that changes its price lightly, and the decision seems to have been driven by other nations making similar moves. In Antigua and Barbuda, for example, a price reduction was announced for post-citizenship additions. St Lucia also serves as another example, as the country introduced a Covid-19 government bonds option under the Programme.
AM: Can you tell us what this reduction to the SGF means for investors and their ability to apply?
BG: A reduction in price means that some families that were on the fence about applying may now have the incentive they need to apply together. At the same time, it must be specified that all other requirements remain in place, including passing the stringent due diligence processes that are the hallmark of the St Kitts and Nevis Programme.
This interview has been edited and condensed for length and clarity.
