Saint Kitts and Nevis citizenship by investment program has just introduced some major changes regarding passport cost.
On March 31, 2018, the St. Kitts and Nevis government scrapped the Hurricane Relief Fund, but the Sustainable Growth Fund was launched instead with the purpose to attract foreign investors’ funds to the country’s economy.
ON APRIL 2, 2018, THE AMOUNT OF INVESTMENT IN THE FUND WAS SET AT $150,000 FOR A SINGLE INVESTOR, AND $195,000 FOR A FAMILY OF UP TO 4 PEOPLE.
Taking into account all the additional fees, the cost of a Saint Kitts and Nevis passport for a single investor amounts to around $158,000, and around $212,000 for a family of 4 people (say, the investor, their spouse, and two children aged 10 and 20 years).
According to Saint Kitts and Nevis Prime Minister Timothy Harris, the money raised through the fund will be used to improve the quality of local education system, improve and modernize the medical sector, develop alternative energy sources, as well as towards the development of tourism and national culture sectors.
Les Khan, the chief executive officer of the St. Kitts and Nevis Citizenship by Investment Unit, has noted that not only will the creation of the Sustainable Growth Fund positively affect the economic state of the country, but also play an important role in improving the CBI program conditions for foreign investors. The economic citizenship of Saint Kitts and Nevis is the perfect opportunity to lay the “foundation” for a sustainable future.
Along with introducing the new donation option, Timothy Harris announced that changes were made in the real estate purchase option as well. The amount of investment remains unchanged, $400,000, but it can now be divided between the two main applicants. In this case, the applicants can put the real estate back on the market in 7 years.
THE COST OF THE PASSPORT, ADDITIONAL FEES INCLUDED, AMOUNTS CLOSE TO $243,000 FOR A SINGLE INVESTOR, AND $292,000 FOR A FAMILY OF 4 (TWO PARENTS, AND TWO KIDS, ONE OF AGE AND ONE UNDERAGE).
This new option does not replace the existing option of investing $400,000 in real estate. A foreign investor is expected to purchase government-approved projects with the possibility to put the property back on the market in 5 years’ time.
Recall that since January 8, 2018, the amount of some government fees when buying real estate was reduced by 50% for the principal investor and three dependents.
The option of government fund donation is the cheaper one, but the real estate could be sold after a 5-year period, thus guaranteeing the money would be returned to the investor.
The most promising options are the Four Seasons Nevis five-star resort, Kittitian Hill eco-project, or the Park Hyatt hotel in the Christophe Harbor. They yield 4.5% to 5.3% per annum. But one should keep in mind that owning property in Saint Kitts and Nevis is associated to some extent with hurricanes risks.
The changes in St.Kitts and Nevis’ citizenship by investment program were introduced with the aim of attracting more foreign investors. At the moment, the cheapest passport for a single applicant is offered by St. Lucia and Dominica (for the price of about $110,000, additional fees included), while the cheapest option for applicants with families (the investor, the spouse, and two children, one of age and the other minor) is offered by Antigua and Barbuda (close to $146,000), and St. Kitts and Nevis (about $212,000).
In 2017, the Saint Kitts and Nevis passport program was recognized as World’s Most Innovative Investment Immigration Programme at Russia’s Global Citizen Awards ceremony. Saint Kitts is also among the leaders in the Passport Index, occupying 27th position. As per the official Centre for the Study of Developing Societies data, St. Kitts and Nevis occupies the second position on the list of Caribbean countries ranked by the ease of obtaining the type B visa to the US.
Launched in 1984, the citizenship by investment program of Saint Kitts and Nevis is the oldest in the world. Over 11,000 passports have been issued from 2005 to 2015 to investors from 127 countries around the world.