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March 25, 2018

St. Kitts & Nevis Announces New Options to Boost Citizenship by Investment Program

Posted by:
Elevay Global

Source: St. Kitts and Nevis Citizenship by Investment Unit

With the Hurricane Relief Fund (HRF) set to expire at the end of March 2018, the Government of St. Kitts & Nevis has announced plans for two new investment options to invigorate the Citizenship by Investment program.

The Hurricane Relief Fund was established in September of 2017 as a third investment option, in addition to the Sugar Industry Diversification Fund and Real Estate options, has been a great success for the program:

What we have heard from all the players is that the Hurricane Relief Fund was the best thing to have ever happened to the market.
Prime Minister, Dr. Timothy Harris

However, the government is not sitting still. In a recent press statement, Prime Minister Harris has announced a new fund, called the Sustainable Growth Fund, which will be launched as a successor to the Hurricane Relief Fund.

A new fund to be called the Sustainable Growth Fund will be launched… The Sustainable Growth Fund for a single applicant will require a contribution of US $150,000, inclusive of Government fees. The contribution for a family of up to four will be US $195,000 following incremental steps.
Prime Minister, Dr. Timothy Harris

In addition to the new fund, St. Kitts and Nevis has also announced a new real estate offering under the citizenship program. This new option will not replace the existing real estate option which has a minimum investment of $400,000 plus $75,000 in government fees and can be resold after five years.

… in order to attract luxury resort developments there is now being proposed another option where real estate offering that requires a US $400,000 investment may attract two applicants at US $200,000 each plus government fees but this can only be resold after 7 years.
Prime Minister, Dr. Timothy Harris

Although this new program is intended for new developments, the government is considering a recommendation by Real Estate developers on the island that would allow existing developments to qualify for this new option.

These impending changes to the CBI programme came about following an exhaustive consultative process between the Federal Government, developers and other stakeholders on the way forward for the citizenship program. The Prime Minister has assured all that although this represents a decrease in the investment amount, the due diligence fees will remain the same and vetting of applicants will not be effected.

The Sustainable Growth Fund is slated to be fully implemented by April 2nd, 2018.

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To get more information on the St. Kitts and Nevis Citizenship by Investment Program and the new investment options, be sure to request your free, no-obligation consultation today.