Last Updated on February 14, 2023, 8:41 AM AST by Anthony Morris
The Citizenship By Investment Unit (CIU) of St Kitts and Nevis, in collaboration with the government of the federation, has introduced further updates to the rules and regulations governing the country’s Citizenship By Investment Programme. The new updates aim to clarify further and strengthen the application processes for the programme.
The government and the Citizenship By Investment Unit have engaged the key stakeholders of the Citizenship By Investment Industry in consultation. The two parties acknowledge that the updates that the CIU Introduced to the CBI Programme in December 2022 require further clarification.
Talking about the same, the head of the CIU, Michael Martin, stated that the team has considered the recommendations. Following the discussions, the Unit has issued an update on the regulations to ensure that the programme’s requirements are clear and unambiguous. He also asserted that these updated regulations would meet the needs of the industry stakeholders and prospective applicants.
Meanwhile, Martin acknowledged that the Citizenship Programme of St Kitts and Nevis is one of the primary pillars of economic development in the country. He also added that the programme had benefitted the people of the country. This is why the CIU, headed by Michael Martin, is committed to strengthening and reforming the programme to enhance its integrity and competitiveness of the CBI Programme.
The CIU of St Kitts and Nevis released their newly upgraded programme details. The announcement of the upgrades set a standard in the industry, which falls in line with the government’s commitment to retaining the position of the leader of the Investment Migration Industry.
Accordingly, the government set up a Board of Governors and a Technical Committee. This step by the authorities ensures that St Kitts and Nevis CBI Programme remains highly regulated and can benefit the locals and investors. Primarily, the government aims to create a solution that provides that the evolved programme is based on a sustainable model filled with integrity, transparency and accountability.
The new regulations of the CBI Programme came into effect on February 9, 2023. These changes include:
- The CIU has lowered the Minimum eligible age of a parent or grandparent of the main applicant or their spouse from 65 to 55.
- Processing Time for Applications under the Limited Time Offer and Accelerated Applications under the SGF: 60 Days
- Non-Accelerated Applications: 90 Days
- CIU Introduced Premium Due Diligence Fees of US $20,000 for the main applicant and US $10,000 for each dependant aged 16 and above.
- Increase in Minimum Investment for the Sustainable Growth Fund after LTO ends on July 1, 2023
- The CIU has introduced changes to the post-approval application fees for accelerated and non-accelerated CBI applications.
- As per new regulations, properties previously classified as Approved Projects need to re-apply to the Board of Governors to be re-designated as Approved Developments to continue their eligibility as investments under the Real Estate Investment Option.
- CIU has reduced the Private Home Sales Investments holding period from seven to five years. The Board of Governors must re-designate properties as Approved Private Homes to remain eligible under the programme.
- Public Benefit Options, a newly renamed investment option from Alternative Investment Option, allows applicants to re-apply as an Approved Public Benefactor. Thus, a project under AIO becomes an Approved Public Benefits Project.
- The Citizenship By Investment Programme allows prospective investors to select from Four Investment Options:
Sustainable Growth Fund: Under this investment Option, investors can financially support the country’s development projects through various paths. Under the Limited Time offer Currently being offered in this investment option, donations start from $125,000 for a single applicant.
Real Estate Option: This programme allows investors to put $200,000 in a pre-approved real estate development
Private Home Sale Investment Option: Investors can make a minimum investment in a private home of USD 400,000, or two or more CBI applicants can make a joint investment of USD 400,000 each.
Public Benefit Option has replaced the Alternative Investment Option: Under this programme, the applicant fee is paid to an Approved Public Benefactor.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
