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February 15, 2018

St. Kitts & Nevis Citizenship Program Reduces Fees on Real Estate

Posted by:
Elevay Global

Source: SKN Vibes - Government of St. Kitts-Nevis Responds to Real Estate Developers Request for Adjustment in CBI Fees

The CEO of the Citizenship by Investment Unit, Les Khan, has announced that they will be reducing the government fees associated with the St. Kitts & Nevis Citizenship Program Real Estate option.

In response to the competing demands and in an effort to support our real estate developers in the citizenship program we have reviewed the government’s real estate fees. A comparison of fees showed that St. Kitts and Nevis’ real estate fees were generally $75,000 higher than at least three other programs for a family of four, and so we have decided that the government fees will be adjusted to $75,000 for a family of four.
Prime Minister, Dr. Timothy Harris

Prior to the announcement, the government fees for the real estate option were:

  • Main applicant – $50,000
  • Spouse – $25,000
  • Each Dependent Under 18 – $25,000
  • Each Dependent Over 18 – $50,000

The new government fees will be:

  • Main applicant – $35,000
  • Spouse – $20,000
  • Each Dependent regardless of age – $10,000

All other associated costs and fees remain the same.

In addition to the changes, CNN recently named the Park Hyatt St. Kitts as the top spot in its list of the 14 best new hotels and resorts opening in the Caribbean. The Park Hyatt was partly financed by the country’s Citizenship by Investment Program.

These announcements make a strong case for the real estate option in St. Kitts in Nevis. Between the reduction in cost and the international attention the real estate projects are receiving, it is a great time to consider the St. Kitts and Nevis real estate investment.

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

The complete press release from the Office of the Prime Minister is included below:

From the press unit in the Office of the Prime Minister

BASSETERRE, St. Kitts – The “forward-thinking” government of St. Kitts and Nevis say its officials listened to the concerns of real estate developers in the federation and has responded positively to their request for adjustments to government fees under the real estate option of the Citizenship by Investment (CBI) Programme.

In making the announcement during the Feb. 13 sitting of the National Assembly, Prime Minister – and minister of finance – the Honourable Dr. Timothy Harris said the decision to adjust the government fees downward to $75,000 for a family of four was made in response to the competing demands in the CBI programme and in an overall effort to support real estate developers in the citizenship programme.

The decision came following several rounds of discussions between Cabinet officials and a group of real estate developers, who represent a wide cross-section of participants in the real estate market on the islands of St. Kitts and Nevis. Among the developers who met with the ministers were Deon Daniel, Arthur Sharpe, Kevin Huggins and Scott Caines.

Prime Minister Harris said “they made a case to the Cabinet. Cabinet received that case and determined that we could assist in further giving a boost to our real estate programme by making an adjustment in the fees. And so we have decided that the government fees will be adjusted to $75,000 for a family of four. This makes us more competitive, although we are still above the threshold in other CBI jurisdictions.”

The prime minister continued by saying that in doing this, his government has maintained a higher price level “as we are determined to maintain the platinum brand that we have become known for, while still assuring our competitive edge.”

Harris said the Cabinet is satisfied that it has responded to the persuasive case made by the developers, who have the best interest of the country at heart. He added, “we are assured that each and every one of the developers who were there, as well as their representatives, are committed to St. Kitts and Nevis and St. Kitts and Nevis alone.”

The Citizenship by Investment Programme has been one of the largest contributors to the construction growth in the country, particularly in the tourism-related sector. Evidence of this was when Park Hyatt St. Kitts Christophe Harbour employed more than 800 workers on its property at the peak of the construction phase.

St. Kitts and Nevis’ CBI programme remains the leading option for obtaining citizenship in the Caribbean. The programme recently achieved the No. 1 ranking in the OECS by a quality of passport index survey conducted by Henley & Partners in January 2018. The federation was also recognized for offering the “World’s Most Innovative Investment Immigration Programme” at the 2017 Russian Global Citizen Awards Ceremony.

“We believe that these accolades auger well for the continuing strong and positive response to our platinum brand,” Harris said.

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