St. Kitts and Nevis once again makes a significant move by announcing modification to its Citizenship by Investment Programme and titled it as “Citizenship by Substantial Investment Regulations, 2024”.

St. Kitts and Nevis: New regulations for CBI Programme to ensure safety and standards

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St. Kitts and Nevis once again makes a significant move by announcing modification to its Citizenship by Investment Programme and titled it as “Citizenship by Substantial Investment Regulations, 2024”. The new minimum Investment threshold for a family of four has been set to US $250,000 by the CIU, under the Sustainable Island State Contribution (SISC).

The main applicant, applying under the SISC now has to contribute US $250,000 to qualify for the citizenship, as per the new regulations. Implementation of the same investment will be done for the applicants with up to three dependants, which includes a spouse and two dependants, in other terms that we refer to as a family of four.

For each additional dependant who is under the age of eighteen, will have to make an investment of US $25,000. On the other hand, the additional dependants of age eighteen years or more will have to make a contribution of US $50,000 according to the new changes.

A series of substantial changes have been made for the Island Nation with the aim to safeguard the integrity of the Citizenship programme and to fortify its reputation around the globe. The introduced regulations also point to various changes in aspects of-

Due Diligence Enhancement

The Citizenship by Investment Unit (CIU) regulated that the application fee of US $25,000 to be paid by the main applicant under the Public Benefit Option, will be deducted from the sum investment of US $250,000, further, to be paid to the unit.

Additionally, the new regulations stated that the background checks regarding the due diligence will include the submission of details of the main applicant along with the spouse and any dependant over the age of fifteen. Moreover, the background check will now on be conducted by four different organizations including the Continuing International Due Diligence Unit of the Government of St. Kitts and Nevis, the Financial Intelligence Unit, the Join Regional Communication Centre a sub-agency of CARICOM IMPACS and at least one of the reputable international due diligence service provider firms.

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Marketing Limitations

Significant limitations have been implemented in regards of the methods of advertising the programme internationally. As per the regulation, an Authorised Agent that was approved by the Board of Governors before the changes came into effect, shall continue the same and be an Authorised Agent. Further, the Agents who have paid the non-refundable application fee of US $5,000 on or before July 27,2023 will not be liable to pay application fee any further.

Technical Committee Composition

The Technical Committee shall comprise of the members including the Chief Executive Officer of the unit, a Civil servant assigned by the Minister, and a Senior Officer from the Unit.

Qualification Criteria

The regulations have been rooted and made more concrete by the government, reassuring that a person with any of the following setbacks-

  • Denied citizenship of countries to which citizens of St. Kitts and Nevis have free-visa travel to.
  • Denied a visa to any country where citizens of St. Kitts and Nevis enjoy visa-free travel and has not subsequently obtained a visa from the country that issued the denial.

Such an individual will not be eligible for the Citizenship Programme.

Sales: Private Real Estate

The Private Home Sales Investment Option has been renamed as Private Home Sales Investment Option as per the new regulations. The changes highlighted the commitment of the CIU of St. Kitts and Nevis to make remarkable contribution to the Growth and Development of the Nation.

The supreme objective behind this approach is to make sure that the country maintains and provides the highest standards of Citizenships and promote a vibrant community of nationals sharing a common mindset and vision regarding the nation’s development.

To summarize the whole, St. Kitts and Nevis, with the new framework for the CBI, aims to maintain a balance between attracting investment and to ensure the integrity of the programme. Modifying and setting higher investment threshold and with the enhanced due diligence, the nation aims to ensure the reputation of the Investment Programme and additionally to enforce security measures.