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: The St Kitts and Nevis Citizenship by Investment Programme is one of the main pillars of the economic development of St Kitts and Nevis and over the years it has generated substantial benefit to the people of the nation.Following the appointment of Michael M Martin as new Head of the Citizenship by Investment Unit (CIU) on 13 December 2022, the CIU is committed to strengthening the CBI Programme and has prioritised reform of the CBI Programme with a view to further enhancing the integrity and competitiveness of the CBI ProgrammeUpon a comprehensive review of the current CBI Programme and Regulations, the CIU has decided that the following important changes to the CBI Programme will be implemented in January 2023: 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 From January 2023 onwards, the review of CBI application will be the responsibility of the newly appointed Technical Committee. The Committee is also in charge of ensuring that all due diligence background checks and spot checks are comprehensively completed on all CBI applications Sustainable Growth Fund Option The Sustainable Growth Fund was established with a view to facilitating economic development and social upliftment in SKN. The SGF is also used to provide financial support to educational institutions and medical facilities in SKN, as well as to provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and the support of sustainable growth initiatives in SKN. 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 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. 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… Continue reading Changes To St. Kitts & Nevis Citizenship Program Special Announcement