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05/06/24
St Kitts and Nevis: CBI Programme
The Federation of St Christopher and Nevis, commonly known as St Kitts and Nevis, is a gem situated in the tropical Caribbean.
The twin-island paradise offers a tranquil lifestyle brimming with flora and fauna, surrounded by idyllic beaches and flourishing coral reefs. Those lucky enough to call it home enjoy year-long sunshine, and the breathtaking scenery of Mount Liamuiga and Nevis Peak. The high quality of services within healthcare and education, financial and tax incentives, as well as global investment opportunities, make this island nation the perfect location for those seeking an additional citizenship.
With a rich history spanning centuries, the country has much to offer its citizens. Once dominated by the sugarcane industry, the economy now relies predominantly on tourism, with crop cultivation of fruit and vegetables serving as an additional thriving industry. The official language is English, and the official currency is the Eastern Caribbean dollar. As the country recognises dual citizenship and promotes sustainable travel, it is easy to understand why people are keen to call it home.
History Of The Programme
The St Kitts and Nevis Citizenship by Investment Programme (CBI Programme), which offers a route to obtaining economic citizenship, is celebrating its 40th anniversary this year. St Kitts and Nevis made waves in the global investor immigration industry when it launched its CBI Programme in 1984. The first of its kind, it has inspired many other countries to follow suit and offer similar services.
As the world’s longest running CBI programme, there is no denying it has gone from strength to strength in the last four decades. As recently as 2023, the CBI Index ranked the St Kitts and Nevis programme number one with a score of 86% per cent against the nine comparative pillars.
The CBI Options
The Programme is open to persons aged eighteen years or older, who make a legally prescribed investment or contribution per the CBI regulations and meet all the CBI application requirements.
It offers four routes to economic citizenship:
· A donation to the Sustainable Island State Contribution (SISC).
· Investment in Approved Real Estate Project.
· Approved Private Home Purchase.
· The Public Benefit Option.
For individuals seeking to secure citizenship through the SISC and the Public Benefit option, the minimum investment amount is US$250,000.
The SISC option prioritises the environmental conservation and sustainability of the island nation in the face of climate change. In the words of Honourable Dr Terrance Drew, the Prime Minister of St Kitts and Nevis, this option “allows aspiring investors to take part in the social, environmental, and economic goals of the country”.
Applicants looking to support the development of the public sector may invest in the Public Benefit Option. The minimum contribution must be made to an Approved Public Benefactor for the completion of an Approved Public Benefit Project. Current Approved Public Benefit Projects include projects focused on local development of the arts and film industries, including the development of infrastructure and local upskilling to make St Kitts and Nevis an increasingly popular location for the filming and production of motion pictures. Another current project is focused on developing a performing arts centre, with the intention of broadening the industry through creating jobs within the profession.
For those interested in the real estate investment option or the purchase of a private home, the minimum investment amount is US$400,000. The government-designated real-estate projects are approved under the 2023 Regulations, which have seen developments completed at a quicker rate. Note, the purchase of a private home has a minimum holding period of seven years before it can be re-sold.
Additions
The CBI Programme is not only open to individuals. Main applicants may include their legal spouse as part of their application.
Dependant children under the age of eighteen may also be included in an application. Dependant children aged eighteen and over may be included in an application under certain circumstances: Firstly, for a child aged between eighteen and twenty-five years of age who is in full-time attendance at a recognised secondary or tertiary level institution of learning, and fully supported by the main applicant. Secondly, for children aged eighteen years or older who are physically or mentally challenged.
Main applicants are welcome to include in their application dependant parents aged sixty-five years or older, provided that the main applicant fully supports them and the parent(s) lives with the main applicant. As such, the CBI Programme caters to all types of family units, helping them realise their lifestyle goals well into retirement.
Given the stringent due diligence associated with the CBI Programme, each additional member will be subject to checks. The figures cited for each option do not include such fees associated with the application.
The investment starting price point of US$250,000 reflects the high standards of the Programme and the plethora of opportunities that St Kitts and Nevis offers its economic citizens. Individuals and their families who become citizens of St Kitts and Nevis will secure financial stability in a politically democratic state with low crime rates and enhanced global mobility.
The Process
The CBI process is relatively straightforward. A prospective citizen applies through an Authorised Agent that has been extensively vetted by the CBI Unit, known as the CIU. Upon completion of extensive background checks, the application is duly processed, and the applicant will receive an ‘approval in principle’ letter within approximately 120 days from submission of the application. Following approval in principle, the applicant is required to complete the economic contribution. Once the investment clears, the CIU will issue the Certificate of Registration as Citizen of St Kitts and Nevis.
The Programme is renowned for conducting stringent and comprehensive checks on applicants to ensure that it attracts the best candidates with the right profile. The process entails submitting identity documents, police certificates, and proof of source of funds. The robust requirements protect the integrity of the Programme and instil confidence in citizens’ and global observers that it is a legitimate instrument which greatly benefits the country.
To protect the integrity and reputation of the Programme, and to ensure effective checks can be conducted on all applicants to the same standards, nationals of the following countries are banned from applying for the St Kitts and Nevis CBI Programme: Afghanistan, Belarus, Iran, Iraq, North Korea, and Russia.
Although applicants are keen to visit St Kitts and Nevis, there is no requirement to do so as part of the process. There is no prerequisite to reside or stay on the islands before citizenship is granted.
Following the successful US-Caribbean Roundtable talk in 2023, St Kitts and Nevis implemented six principles to strengthen the Programme. Consequently, each main applicant is required to attend a mandatory interview conducted by an independent professional firm as part of the due diligence process, and any dependants aged 16 or over can be requested to be interviewed at the CIU’s discretion, which serves as an additional safety layer of vetting applicants. The interview can take place in person or virtually.
In line with developing technology, a citizen is issued a biometric passport. Once the passport is issued, it remains valid for ten years for citizens aged sixteen years or older, and five years for children under the age of sixteen.
Effects Of The Programme
Through the success of the CBI Programme, St Kitts and Nevis has consistently pushed boundaries to realise its goal of becoming a Sustainable Island State. Projects that prioritise renewable energy have flourished through the CBI Programme to contribute to the overall development of the country.
To further promote conservation of the natural beauty of the Caribbean, applicants are given the opportunity to invest in various projects that promote harnessing local resources and developing infrastructure that complement the climate resilience agenda. The Sunset Reef Hotel, for instance, utilises a sustainable energy storage system that allows the resort to operate on harnessed renewable energy. It comes as no surprise, then, that the Caribbean Journal recognised it as the Sustainable Hotel of the Year for 2024.
Diversification into other sustainable energy options, such as geothermal and wind power, has led to the implementation of solar farms with the aim of reducing the use of fossil fuels.
The islands are actively pursuing ways to modernise farming techniques, rearing fish, supporting local fisheries by strategising the increased production of baitfish, and expanding sea moss production.
In a bid to expand the country’s tourism sector, the Hotel Indigo project was unveiled, which will feature luxury accommodation, premium facilities and fine-dining experiences. The CBI Unit welcomes collaborations with investors who are keen to execute similar projects to enhance the tropical paradise experience for tourists.
The St Kitts and Nevis CBI Programme is an incredible opportunity for those seeking to invest in their future and contribute to the growing development of the country.
