Changes To St. Kitts & Nevis Citizenship Program Special Announcement
Changes To St. Kitts & Nevis Citizenship Program Special Announcement
Changes and Fees Update from January 2023
Incorporation & Registration:
Management of CIU
Appointment of Board of Governors
From January 2023 onwards, the CIU will be managed by the newly appointed Citizenship by Investment Board of Governors. The Board will be in charge of advising the Prime Minister over the operation and activities of the CIU, as well as monitoring and reviewing the development and policies of the CBI Programme.
Technical Committee
Sustainable Growth Fund Option
To further enhance the attractiveness of the CBI Programme, the CIU has decided make a Limited Time Offer (LTO) for a period of 6 months from 1 January to 30 June 2023. CBI applications submitted under the LTO will benefit from the reduction of the minimum amount of contribution payable by applicants and the shortening of processing timeframe from 90 days to 60 days.
SGF Limited Time Offer: 1 January 2023 – 30 June 2023
Under the LTO, the minimum amount of SGF contribution is as follows:
- Main applicant: US$125,000
- Main applicant and a spouse: US$150,000
- Main applicant, spouse and two dependants: US$170,000
- Each additional dependant under 18: US$10,000
- Each additional dependant over 18: US$25,000
SGF: 1 July 2023 onwards
From 1 July 2023, the minimum amount of SGF contribution will be adjusted as follows:
- Main applicant: US$150,000
- Main applicant and a spouse: US$175,000
- Main applicant, spouse and two dependants: US$195,000
- Each additional dependant under 18: US$10,000
- Each additional dependant over 18: US$25,000
Real Estate Investment Option
The Real Estate Investment Option under the current CBI Programme allows applicants to make a minimum real estate investment of US$200,000 in an Approved Project.
From January 2023 onwards, only Approved Developments will be eligible for the Real Estate Investment Option under the new CBI regime. All real estate properties previously designated as Approved Projects will lose their designation upon the coming into effect of the new CBI Regulations. Developers of these properties are required to apply to the Board of Governors of the CIU to have them designated as an Approved Development.
The minimum investment amount remains US$200,000. However, the new CBI Regulations make it clear that the minimum investment amount does not include the following:
- International Marketing Agent commissions
- Authorized agent fees
- Advances to the main applicant or dependents of any nature
- Financial returns, guaranteed returns, advances or any type of payments to the main applicant or dependents of any nature
- Due diligence background check fees
- CBI application form fees
- Any other commissions of any nature and Any other related fees listed in regulation 35
Upon designating a property as an Approved Development, the Government of St Kitts and Nevis will designate the number of real estate units to be sold, the construction completion schedule and the corresponding escrow drawdown process.
To maintain integrity of the CBI Programme, the following penalties will also be introduced to any person or entity who circumvents or attempts to circumvent the payment of the legally prescribed minimum investment amount
- Fine on summary conviction
- Suspension or revocation of the Approved Development staturs
- Removal of Authorised Agent license; or Blacklisting on CBI website as a person or entity not authorised to submit any CBI application
Private Homes Sale Investment Option
The Private Home Sale Investment Option will be retained as a permanent investment option under the CBI Programme, where the minimum investment per application is US$400,000 in a private single-family dwelling house designated as an Approved Private Home.
Any properties previously designated as Approved Private Homes will lose such designation upon the coming into effect of the new CBI Regulations. Developers of such properties are required to apply to the Board of Governors of the CIU to have their properties re-designated as Approved Private Homes again.
An Approved Private Home is subject to the following restrictions:
- It cannot be resold within 7 years;
- It cannot be resold to any other CBI applicant;
- It cannot be converted into apartments or condominiums;
Public Good Investment Option
From January 2023 onwards, the Alternative Investment Option (AIO) under the current CBI Programme is to be replaced by the newly introduced Public Good Investment Option (PGIO), where the minimum investment per application is US$175,000 in an Approved Public Good Project, payable to an Approved Public Good Investor.
The minimum investment amount does not include the following:
- International Marketing Agent commissions;
- Authorized agent fees;
- Advances to the main applicant or dependents of any nature;
- Financial returns, guaranteed returns, advances or any type of payments to the main applicant or dependents of any nature;
- CBI application form fees;
- Any other commissions of any nature; and
- Any other related fees listed in regulation 35
Only Approved Public Good Projects qualify for the PGIO. All developments previously designated as AIO Developments will lose such designation upon the coming into effect of the new CBI Regulations. Investors of such developments are required to apply to the Board of Governors of the CIU to be designated as Approved Public Good Investors, whereby they can apply to have their developments designated as Approved Public Good Projects
Upon designating an investor as an Approved Public Good Investor, the Government of St Kitts and Nevis will designate the number of public good investment units of the Approved Public Good Project to be sold, the schedule of completion and distribution of the units and the corresponding escrow drawdown process.
Government Fees for CBI Applications
- Main applicant: US$25,000
- Spouse: US$15,000
- Each dependant child or qualified dependant under 18: US$10,000
- Each dependant child aged 18 or above or qualified dependant: US$15,000
For accelerated CBI applications, the enhanced government fees payable upon approval-in-principle will be as follows:
- Main applicant : US$42,500
- Spouse : US$32,500
- Each dependant child or other qualified dependant under 18 : US$22,500
- Each dependant child aged 18 or above or qualified dependant: US$32,500
Government Fees for Post-citizenship Addition Applications
From January 2023 onwards, for non-accelerated post-citizenship addition applications after the approval of the main applicant’s CBI application, the government fees payable will be adjusted as follows:
- Addition of spouse: US$20,000
- Addition of a minor born after approval-in-principle but before citizenship is granted: US$10,000
- Addition of spouse or other qualified dependant: US37,500
- Addition of a minor born after approval-in-principle but before citizenship is granted to the main applicant: US$22,500
Online Enquiry
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