Known to offer the Platinum Standard of citizenship by investment, St Kitts and Nevis has once again brought innovation to the industry, announcing new Government Fees to facilitate investment in its real estate, and to incentivise further growth in what is proving time and time again to be one of the nation’s most profitable sectors.
St Kitts and Nevis’ new Government Fees were written into the nations’ latest Citizenship by Investment (Amendment) Regulations, 2018, gazetted on 6 February 2018. Under the Regulations, applicants who decide to invest in property in St Kitts and Nevis can do so with a payment of US$400,000 plus US$35,000 for the main applicant, US$20,000 for the spouse, and US$10,000 for any other qualifying dependant. A family of four can thus obtain citizenship after payment of a US$75,000 Government Fee – a significant reduction from the previous US$125,000 minimum fee.
During a speech before the National Assembly on 13 February, Prime Minister Dr the Honourable Timothy Harris explained that the change came as an effort to support local real estate developers. “[Real estate developers] 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,” he highlighted.
Mr Faron Lawrence, one such developer, noted that this was a sign of good faith and understanding on the part of the administration, and evidence that “the Government and we as a people can adapt to change as the future demands it, so that we can stay competitive and continue to ensure that our citizens benefit from what has been a tremendous industry for us.”
The reduction increases the attractiveness of the real estate option without lowering the standard of the programme
The reduction increases the attractiveness of the real estate option without lowering the standard for excellence and exclusivity St Kitts and Nevis represents. Indeed, Prime Minister Harris remarked that the fees, while reduced, remain “above the threshold in other CBI jurisdictions.” It is outcomes such as these that make the islands a ‘Platinum Product’ which continues to enjoy many accomplishments.
Another of St Kitts and Nevis’ most successful citizenship by investment initiatives, launched in September 2017, is the Hurricane Relief Fund (HRF), which enables families of up to four people to apply for citizenships at a cost of US$150,000. Applicants interested in this option must submit their application to the Citizenship by Investment Unit no later than 30 March 2018.