caribbean , cbi , cip , citizenship-by-investment , club , coronavirus , policy-updates , saint-kitts-and-nevis

Saint Kitts CIP Cuts Contribution for Families to US$150,000, Same as Single-Applicant Price

July 4, 2020

In a circular issued yesterday, the Saint Kitts & Nevis Citizenship by Investment Unit announces that, with immediate effect, the donation requirement under the Saint Kitts & Nevis CIP for families of up to four members is reduced from US$195,000 to US$150,000 until the end of the year.

That, in effect, means that the contribution requirement for a single applicant under the program’s Sustainable Growth Fund (SGF) option is the same for applications that include one, two, three, or four family members, although overall costs will still be higher for families due to government and due diligence fees.

The announcement comes “in light of the significant global economic fallout caused by the coronavirus pandemic and efforts by the country to find creative ways to stabilize the economy and put it on a path to consolidate growth enjoyed over the last five years before COVID-19,” reads the circular.

Saint Kitts & Nevis, then, becomes the fourth Caribbean CIP jurisdiction to change its terms as a direct consequence of the pandemic. Antigua & Barbuda was first to react, making it simpler and cheaper to add dependents to already-approved applications and reducing the cost for larger families under certain options.

Saint Lucia, shortly thereafter, introduced a COVID-19 Relief Bond option, the minimum investment in which is half that of the ordinary bond option, and has also expanded its definition of “qualifying dependents”. Last week, it was Dominica’s turn to react by significantly expanding the definition of “dependents” to make the program more attractive for families.

The ball, presumably, is now in Grenada’s court.

The circular is reprinted in full below:

Basseterre, 2 July 2020: St. Kitts and Nevis Prime Minister Dr. The Honourable Timothy Harris has today announced a significant yet time-limited reduction in the level of contribution required to secure the country’s best-in-class economic citizenship. The announcement came in light of the significant global economic fallout caused by the corona virus pandemic and efforts by the country to find creative ways to stabilize the economy and put it on a path to consolidate growth enjoyed over the last five years before covid-19.

From today 3rd July 2020, until the end of this year (31 December 2020), families of up to four people will be able to secure citizenship of the safe, beautiful and prosperous twin-island Federation at a substantially discounted rate.

Today also marks 46 days since St. Kitts and Nevis health authorities declared the country completely free of COVID-19. Just 15 people were confirmed in the country to have contracted mild forms of the disease since the start of the global pandemic, all of whom were isolated and recovered, with zero cases requiring hospitalisation and zero fatalities. St. Kitts & Nevis has received international recognition for its superb management of covid-19.

A single applicant seeking economic citizenship with a donation to the Sustainable Growth Fund is normally required to contribute at least USD 150,000 and a family of up to four at least USD 195,000. Now the Government of St. Kitts and Nevis has decided to temporarily reduce the family minimum contribution by USD 45,000 to a competitive USD 150,000. However, the minimum contribution for a single applicant will remain at USD 150,000, a level that recognises St. Kitts and Nevis’s continuing market-leading position.

Prime Minister Dr. The Honourable Timothy Harris said: “St. Kitts and Nevis is the safest, most beautiful and prosperous country in the Caribbean to offer economic citizenship and we remain so during these difficult times.

“While COVID-19 has placed the world under enormous strain, St. Kitts and Nevis’ record to date of zero hospitalisations and zero fatalities from the disease underlines the character and enduring appeal of our great country.” This limited time offer will provide the resources to help us successfully fight covid-19 and enhance the safety nets for those who have lost their jobs/ income  as a consequence.

St. Kitts and Nevis Citizenship Investment Unit chief executive Les Khan said: “In today’s uncertain world it is only right that individuals and families want the ability to travel the globe as flexibly and confidently as possible.

“St. Kitts and Nevis has been offering this peace of mind for longer than any other citizenship programme and, with visa-free access to 156 countries, is recognised as a market leader in independent, global rankings. 

“We are now delighted to offer – for a limited period while the world grapples with the pressures of the COVID-19 pandemic – all of the benefits of full economic citizenship at an even more competitive rate for families, and with a new paper-free application process.

“Once travel restrictions are lifted, we are delighted that the St. Kitts and Nevis passport will continue to enable our citizens to travel visa-free to more countries in the world than any other programme in the Caribbean and the vast majority of passports in the world.”

St. Kitts and Nevis’s citizenship by investment programme is the oldest and most respected in the world. It is the recognised market leader in the Caribbean, entitling citizens to travel visa-free to 156 countries, without any St. Kitts and Nevis residency requirements. The St. Kitts and Nevis passport is ranked top of all Caribbean countries with citizenship by investment programmes, most recently in April 2020 in the Henley & Partners 2020 Q2 Passport Index. The country’s programme is also known for its highly efficient processing of applications while insisting on best international-standard due diligence checks and vetting.

Donations to the Sustainable Development Fund by citizenship applicants are a welcome and significant contribution to the development of the country in which their citizenship is being secured. They provide support and investment in local heritage, infrastructure, tourism and culture, business and entrepreneurship, climate change resilience, education and health services, poverty alleviation and people empowerment programs.

Alternatively, those seeking the benefits of citizenship through property are able to invest USD 200,000 (re-saleable after seven years) or USD 400,000 (re-saleable after five years) in an approved real estate project. There is no discount for the property investment option at this time.

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Governments offering CIPs need to start treating their CBI citizens as real citizens, and not life-long piggy-banks, writes Justin Donovan.

 

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