St Kitts and Nevis citizenship by investment programme evolving with time : Michael Martin

St Kitts and Nevis citizenship programme evolving with time says head Michael Martin

The Head of citizenship by investment unit of St Kitts and Nevis, Michael Martin, Hosted a special luncheon with agents in Dubai on Monday. During the event, he emphasized that the St Kitts and Nevis citizenship programme is evolving with time.

CIU Head also addressed the local media during the event and invited people to invest in the country. The event, attended by various agents associated with the citizenship by investment field, received a huge response.

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Michael Martin was accompanied by Samal Duggins, Minister of Agriculture, Marine Resources, Fisheries and Cooperatives, Small Business and Entrepreneurship, Sports and the Creative Economy.

During the address, Martin emphasized the ongoing limited-time offer and discussed its benefits to investors. He added that with a reduced investment amount of only USD 125,000 into the Sustainable Growth Fund, a qualified individual can be awarded citizenship in only 60 days.

He added that earlier, applicants had to pay an extra amount for Accelerated Application Processing (AAP); however, the fee has been removed under the offer. As part of this offer, all applications are accelerated without additional costs.

Michael Martin stated that the offer is only valid till 30 June 2023, while from 1 July 2023, the investment for a single applicant will resume to USD 150,000.

Notably, this is the first official visit of the CIU Head to the UAE after he replaced Les Khan in December 2022.

Earlier in November, Prime Minister Dr Terrance Drew also participated in a special event hosted by St Kitts and Nevis Embassy in the UAE on “Citizenship by Investment Programme Evolution”

During the event, Michael Martin stated that the Sustainable Growth Fund is designed to enhance development in the country and its people.

Highlighting the significance of the Sustainable Growth Fund, he said, “The funds received under SGF go into for assistance of schools, medical facilities, new enterprises, and technology. It is a very important option in our citizenship by investment programme,”.

He added that citizenship by investment programme is an opportunity for investors to invest in a country with a stable democracy, good infrastructure, and educated people.

“Our citizenship by investment programme provides mobility, stability, security and peace of mind,” he added.

Furthermore, Michael Martin also encouraged agents and important stakeholders to market Sustainable Growth Fund clients. He also added that all options under the CBI Programme are designed for individuals from different.

He emphasized that investments under the CBI Programme are beneficial for citizens as well as investors who get added benefit of becoming a citizen.

Michael Martin highlighted that the relationship between St Kitts and Nevis and the United Arab Emirates is very important.

“We are always inspired by what is happening in the UAE and the vision that created UAE, which continues to develop it. In relation to that, we offer the opportunity for investments to residents and citizens of UAE to take part in the development of our country,”.

On questioned about the recent regulatory changes in the programme, CIU Head stated that the recent changes have been made to keep in touch with the times.

“We have decided to enhance our programme by introducing new regulations to ensure that the programme continues to attract premium investors,” he added.

He stated that the regulations continue to evolve as the CIU listens to the feedback of important stakeholders and it makes necessary changes.

“Only in December we published new regulations, and in February, we made some changes, so we continue to get feedback from our stakeholders. We listen to their concerns and make changes where it is possible,”.

While answering questions of the media, Minister Samal Duggins stated that St Kitts and Nevis has one of the oldest citizenship-by-investment programmes in the world. He said that Sustainable Growth Fund options help in social empowerment and drive economic growth on the island.

Further, Michael Martin also delivered a keynote address at the Dubai event and highlighted aspects of St Kitts and Nevis CBI Programme. He stated that as the Head of the Citizenship by Investment Unit, he has an open-door policy for the agents and industry stakeholders via their local service providers.

“I lead a team of efficient, knowledgeable and focused experts who ensure that the programme increases processing efficiency and accuracy while also maintaining strong due diligence processes so that only investors of the highest calibre are accepted. We have increased the team to assist in the streamlining of the process, ensuring accuracy, efficiency, and quicker processing, “said the CIU Head.

Outlining the regulations updates of the CBI Programme, Michael Martin said that the government of St Kitts and Nevis, along with the Citizenship by Investment Unit (CIU), have made further updates to the country’s Citizenship by Investment (CBI) Programme regulations, effective 9 February 2023.

The updates were instituted after further consultation with key industry stakeholders, after acknowledgement that some of the changes set out in the Regulations released in December 2022 required further clarification.

From 9 February 2023, the CBI Programme Regulation changes include:

1. The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
2. Limited Time Offer (LTO) and accelerated CBI applications under the Sustainable Growth Fund (SGF) Investment Option will be processed in 60 days. Whereas non-accelerated CBI applications will be processed in 90 days.
3. There are premium due diligence fees for accelerated CB applications in the amounts of: US$20,000 for the main applicant and US$10,000 for each dependant aged 16 and above.
4. The minimum investment amounts for the GF Investment Option will increase from 1 July 2023, following the end of the LTO.
5. There are changes to the post-approval application fees for both accelerated and non-accelerated CBI applications.
6. From 10 March 2023 any properties previously classified as Approved Projects are required to re-apply to the Board of Governors to be re-designated as Approved Developments to continue to be eligible investments under the Real Estate Investment Option.
7. The Private Home Sale Investments holding period is reduced from seven to five years. To be eligible a property needs to be re-designated as an Approved Private Home through the Board of Governors.
8. The newly named Public Benefit Option allows applicants to reapply as an Approved Public Benefactor and a project under AIO becomes an Approved Public Benefit Project.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a limited-time offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval-in-principle in 60 days from the date of the CIU’s acknowledgement of the application.

Under the Limited Time Offer, investment options are as follows:

• Single 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

From 9 February 2023, the CBI Programme Regulation changes include:

1. The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
2. Limited Time Offer (LTO) and accelerated CBI applications under the Sustainable Growth Fund (SGF) Investment Option will be processed in 60 days. Whereas non-accelerated CBI applications will be processed in 90 days.
3. There are premium due diligence fees for accelerated CB applications in the amounts of: US$20,000 for the main applicant and US$10,000 for each dependant aged 16 and above.