Country Spotlight: St Kitts and Nevis

About St Kitts & Nevis

St Kitts & Nevis can be found in the northern Leeward Islands of the Caribbean, tucked away and brimming with a beautiful nature and a lengthy and rich cultural history. It has something for everyone, whether your preferred activities are fishing, water sports, golfing, sailing, going for a nice meal or simply relaxing on the sandy, palm fringed beaches. Although small, Nevis is an unspoiled playground with empty beaches that stretch as far as the eye can see. If you are looking for a place to escape the hustle and bustle of everyday Western life and to find some tranquility, Nevis may be the perfect place for you. There’s also ample opportunity to lose yourself in fishing, diving and a number of other water based activities. There are a plethora of wrecks, caves, walls and pristine reefs just waiting to be explored.

Citizenship in St Kitts & Nevis

Background

The Government of St Kitts & Nevis has introduced extensive legislation to attract financial services businesses to the island. The Citizenship by Investment Programme has also been in operation since 1984, allowing foreign investors to acquire citizenship under certain conditions. This makes it the oldest existing citizenship programme in the world and is the most reputable citizenship programme in existence. One can invest in either designated real estate or contribute to the Sugar Industry Diversification Foundation (“SIDF”). St Kitts & Nevis citizenship is highly regarded. As a result, St Kitts & Nevis citizens enjoy a passport with an excellent reputation and very good visa-free travel, including to all of the EU, Hong Kong, Switzerland, and other countries. Accordingly, the St Kitts & Nevis Citizenship by Investment programme is an attractive option if one is looking to acquire a second citizenship through investment without prior residence requirements. The Citizenship Programme of St Kitts & Nevis requires applicants to make an economic contribution to the country. In exchange, they are granted full citizenship. To qualify for citizenship, the applicant must make either an investment of at least USD 400,000 in one of the approved real estate developments in addition to paying Government fees, due diligence fees and taxes, or a contribution to the Sugar Industry Diversification Foundation (SIDF) to the amount of USD 250,000 (for a single applicant). However, this includes all Government fees with the exception of due diligence fees.

Benefits

When you acquire citizenship under the St Kitts & Nevis Citizenship Programme, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent. As a citizen of St Kitts & Nevis, you have the right to take up residence in St Kitts & Nevis at any time and for any length of time. You will not be taxed on foreign income, capital gains, gift, wealth or inheritance tax so this may complement your current wealth protection and tax planning strategies.

Requirements and Procedures

Real Estate Option

To qualify for citizenship of St Kitts and Nevis under the real estate option of its Citizenship by Investment Programme, the Government requires an investment in designated real estate with a value of at least USD 400,000.

On approval in principle of an application under the real estate investment option the following fees are payable to the Government of St Kitts and Nevis:

  • USD 50,000.00 for the main applicant.
  • USD 25,000.00 for the spouse of the main applicant
  • USD 25,000.00 for each child of the main applicant under the age of 18
  • USD 50,000.00 for each qualified dependant of the main applicant above the age of 18 other than spouse
  • Children over 18 years but below 30 and in a dependency relationship with their parents.

In addition, parents and grandparents aged 55 or over must be living with and dependent on the main applicant.

Additionally to these fees, real-estate buyers should be aware that there are also purchase costs (mainly compulsory insurance fund contribution and conveyance fees) of approximately 4–5% of the purchase price.

Only villas and condominium units from an approved developer will qualify for citizenship.

SIDF Contribution

To qualify for citizenship of St Kitts and Nevis under the SIDF option, the Government requires a contribution to the St Kitts and Nevis Sugar Industry Diversification Foundation, a public charity. Under this option, there are several alternatives available:

  1. Single Applicant: a non-refundable contribution of USD 250,000 is required.
  2. Applicant with up to three family members, i.e. one spouse and two dependants irrespective of age: a non-refundable contribution of USD 300,000 is required.
  3. Any additional dependent, regardless of age: USD 25,000

In each of these categories, the above amounts include all government fees with exception to due diligence fees. Children aged 30 or under and parents or grandparents aged at least 55 may also be included in the application if they fulfil certain terms.

Required Investment and Fees

USD 7,500.00 for due diligence for the main applicant.

USD 4,000.00 for due diligence and background check fees for each dependent over 16 years.

 

Posted in Country Spotlights.

3 Comments

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