Reducing the Fees of St. Kitts and Nevis Investment in a Golden Opportunity from January 2023
Applying for St. Kitts and Nevis Citizenship or Passport by Investment is considered one of the main foundations of the economic development of this country during these years, it has created significant benefits for the people of this island.
After the election of the new president, Mr. Michael M Martin on December 13, 2022, the citizenship sector through investment (CIU) Committed to strengthening the program CBI and This program has become more competitive with other Caribbean countries and has prioritized reforming the CBI program with the aim of promoting integrity and honesty.
Following a review of the citizenship program and regulations, significant changes to the CBI program will be implemented from January 1, 2023.
In the continuation of this article, we will examine all these fundamental changes and the reduction of incredible investment amounts in St. Kitts and Nevis, as well as special and exceptional opportunities for citizenship in this country.
Exceptional and limited opportunity for grants to Sustainable Growth Funds (SGF) from January 1 to June 30, 2023
The Citizenship Investment Unit (CIU) offers a golden opportunity for a limited period (a period of 6 months from January 1 to June 30, 2023) to further increase the attractiveness of the citizenship program in this way. The minimum contribution amount payable by St. Kitts and Nevis investor applicants and processing of cases will be reduced from 90 days to 60 days.
Reduction of investment amounts in the procedures for obtaining St. Kitts and Nevis citizenship through investment from January 1, 2023:
Option 1 – Non-Refundable Contribution to the Sustainable Growth Funds (SGF)
- Non-Refundable of $125,000 USD for a single applicant,
- Non-Refundable of $150,000 USD for the main applicant and spouse,
- Non-Refundable of $170,000 USD for the main applicant and spouse and adding two qualified dependents to the file,
- Non-Refundable of $25,000 USD to add each eligible dependent over 18 years of age to the file,
- Non-Refundable of $10,000 USD for adding each eligible dependent under the age of 18 to the file.
Changes in Non-Refundable Contribution to the Sustainable Growth Funds (SGF) from 1 July 2023
From July 1, 2023, the minimum contribution to the sustainable growth investment fund will be divided as follows:
- Non-Refundable of $150,000 USD for a single applicant,
- Non-Refundable of $175,000 USD for the main applicant and spouse,
- Non-refundable of $195,000 USD for the main applicant and spouse and adding two eligible dependents to the file – maximum family of 4 people,
- Non-refundable of $25,000 USD to adding any dependent over 18 years of age related to the case,
- Non-refundable of $10,000 USD for adding any dependent under 18 years of age related to the case.
and paying government and other expenses. It is noteworthy that in the side cost only the cost of reviewing the case is reduced from $500 to $250 USD.
Option 2 – Investing in Real Estate
- Purchasing authorized real estate to the minimum value of $200,000 USD in an approved project under the new CBI program.
Currently, the minimum investment amount will remain at $200,000 USD; However, the new Citizenship by Investment regulations specify that the minimum investment amount will be along with items such as background check fees, CBI application fees, CBI application form fees, etc.
- Purchasing authorized real estate to the minimum value in private houses (villas) of $400,000 USD for 7 years.
The private property approved and maintained until the end of 7 years includes the following restrictions:
- It is not for sale,
- Non-transferable to any other CBI applicant,
- It cannot be converted into an apartment or condo.
Option 3 – Alternative Investment Option
- Investments of at least US$175,000 in Public Good Investment Options (PGIO) have replaced Public Good Project Investments (PGPD).
Government Fees for NEW CBI Applications:
1- From January 2023 onwards, for non-accelerated CBI applications under the Real Estate Investment Option, Private Home Sale Investment Option and the PGIO, the government fees payable upon approval-in-principle will be adjusted as follows:
- Main Applicants $25,000 USD,
- Spouse $15,000 USD,
- Per Additional Dependent Child or eligible defendant $10,000 USD under 18 years of age,
- Per Additional Dependent Child or eligible defendant $15,000 USD above 18 years of age.
2- For accelerated CBI applications, the enhanced government fees payable upon approval in principle will be as follows:
- Main Applicants of $42,500 USD,
- Spouse of $32,500 USD,
- Per Additional Dependent or an eligible person of $22,500 USD under 18 years of age,
- Per Additional Dependent or an eligible person of $32,500 above 18 years of age.
3- Government Fees for Non-Accelerated and Post-citizenship Additional Applications:
- Add a spouse after the approval of the main applicant’s CBI application $20,000 USD – for non-accelerated post-citizenship,
- Add a newborn child before the citizenship letter is granted $10,000 USD – for non-accelerated post-citizenship,
- Adding a spouse or other eligible dependents after the approval of the main applicant’s CBI application $37,500 USD – For accelerated post-citizenship,
- Adding a newborn child after approval-in-principle but before citizenship is granted to the main applicant is $22,500 USD – For accelerated post-citizenship,
And Additional Fees and others.
These government sums are only eligible for investment in public interest projects (PGIO).
Some of the benefits of obtaining citizenship of St. Kitts and Nevis through investment
Once granted citizenship, applicants can enjoy numerous benefits including visa-free travel to more than 157 countries, including European Schengen countries, the UK, Hong Kong, and India, capital returns, no residency in St. Kitts and Nevis, and good job opportunities.
On the other hand, St. Kitts and Nevis passport holders are allowed to live, work, and buy property in the 8 member countries of the Organization of Eastern Caribbean States (OECS) without the need for a residence or work permits.
In addition, the dual citizenship of Saint Kitts and Nevis allows investors to invest in this country without having to pay personal income tax.
Restrictions on obtaining St. Kitts and Nevis passports for Iranians
As we have already mentioned, it has not been possible for Iranians to obtain citizenship of Saint Kitts and Nevis in recent years. Currently, only Iranians who have resided in a country other than Iran for two years in the last five years are eligible to take part in this unique opportunity.
Therefore, as an alternative to this program, Cross Border Freedom offers you the Dominica Citizenship by Investment program:
The Dominica citizenship by investment program is one of the best programs you can look for; The process is also simple and fast.
Dominica is the best program for obtaining citizenship through investment for Iranians!
Dominica has made citizenship very convenient for investor applicants, and we can review some of the benefits of obtaining Dominica citizenship and obtaining a passport through investment below:
- Receive a passport in the shortest time between 4 and 6 months.
- Visa-free travel to more than 140 countries in the world, including Schengen member states, England, Russia, Hong Kong and recently Brazil, Azerbaijan, and China.
- No need to prove management experience, education, and business and English language skills,
- Obtaining citizenship without the need to reside in Dominica,
- The right to have multiple citizenships,
- Obtaining citizenship for life,
- Exempt from inheritance, gift or capital gains tax.
- Confidentiality of the banking system.
For more detailed information on the requirements for obtaining Citizenship and Residency by Investment, please contact one of our advisers in the UAE, Denmark, or Canada, we will accompany you and your family until you obtain your Second Passport.
If you have any questions or comments about Citizenship and Residency by Investment, you can share them with us in the comments section.