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- July 14, 2024
- 2 months ago
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In a surprising move, the government of St. Kitts and Nevis has announced a significant reduction in the cost of its Citizenship by Investment (CIP) program, just one year after raising the prices. This change comes as a response to a notable decline in applications, largely due to the previous price increase.
Michael M. Martin, the CEO of the St. Kitts & Nevis Citizenship by Investment Unit (CIU), has shared the new investment thresholds and post-approval fees for the Citizenship by Investment (CIP) program. He stressed the need for agents to immediately inform all applicants about these significant updates.
One of the key changes is the reduced minimum investment for the Sustainable Island State Contribution (SISC) option. This adjustment aligns with the recent price seen in other Caribbean CIP programs over the past few weeks.
New Pricing Announced
CEO of the St. Kitts & Nevis Citizenship by Investment Unit (CIU), Mr. Martin issued a memo detailing the new prices and revised investment thresholds. The memo stressed the importance of agents promptly informing applicants of these updates.
Revised Investment Amounts Under The CIP
Sustainable Island State Contribution (SISC):
- US$250,000 for a single applicant or a family of up to four persons (reduced from US$350,000)
- US$25,000 for each additional dependent under 18 years of age
- US$50,000 for each additional dependent aged 18 or older
This reduction brings St. Kitts and Nevis closer to the US$200,000 price point recently adopted by other Caribbean CIP jurisdictions like Dominica, Grenada, and St. Lucia under the pan-Caribbean CIP Memorandum of Agreement. Antigua & Barbuda has proposed similar prices but requested a 30-day postponement for implementation.
Real Estate and Public Benefit Options
St. Kitts and Nevis offers attractive real estate and public benefit investment options for those seeking citizenship. Investors can choose from various real estate investments, including properties in approved developments or private family homes, as well as the Public Benefit Option. All real estate investments can be resold after a holding period of seven years, ensuring flexibility and potential financial return for investors. These investments provide both a path to citizenship and a valuable asset.
- Developer’s Real Estate Investment:US$400,000
- Private Real Estate Investment:
- US$400,000 for a condominium unit or a share in an approved real estate development
- US$800,000 for a single-family private dwelling home
- Public Benefit Option: US$250,000
Post-Approval CIP Application Fees
Fees
The memo also details post-approval citizenship by investment application fees for the real estate and Public Benefit investment options:
- Post-Approval CIP Application Fees:
- US$25,000 for the main applicant (waived for the Public Benefit Option)
- US$15,000 for the spouse of the main applicant
- US$10,000 for each dependent under 18d
- US$15,000 for each dependent aged 18 years or older
- Due Diligence Fees:
- US$10,000 for the main applicant
- US$7,500 for the spouse and each dependent aged 16 years or over
- Other Fees:
- Application Processing Fee: US$250 per applicant
- Certificate of Registration Fee: US$50 per applicant
Aiming to Restore Confidence
The reduction in CIP prices and the detailed fee structure are designed to restore confidence in the program and attract more applicants. By aligning with recent changes in other Caribbean CIP programs, St. Kitts and Nevis aims to remain competitive and appealing to potential investors.
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