Time flies, and we have entered the end of 2023 in a blink of an eye.
During this year, news of changes came out of identity planning projects in many countries. Some raised the application threshold, and some were terminated, catching many onlookers off guard.
The popular St. Kitts and Nevis citizenship by investment program has also undergone major adjustments in the second half of this year. Next, let’s take a look at its changes.
investment projects
Old administration:
★Invest no less than US$400,000 in a government-approved real estate project, which can be sold after 5 years of holding. The status will not be affected.
★Invest at least US$200,000 in a government-designated real estate project to obtain joint property rights, which can be sold after 7 years of holding, without affecting the acquired status.
★Invest at least US$150,000 into the Sustainable Development Fund. When applying as a family unit, the investment amount will vary due to changes in the total number of people.
★Invest at least US$250,000 in the Sugar Industry Diversification Fund. When applying as a family, the investment amount will vary due to changes in the total number of applicants.
New Deal:
★The St. Kitts and Nevis Sustainable Island Country Contribution (SISC) option replaces the original Sustainable Development Fund (SGF) option and stipulates a new minimum donation amount of US$250,000. The limited-time discount of the original Sustainable Development Fund has been terminated.
★The minimum investment amount to apply for a government-approved private residential apartment unit remains at US$400,000, while the minimum investment amount for a government-approved single-family residence is adjusted to US$800,000.
★The original option for two or more main applicants to jointly purchase a residence will no longer be available.
★The minimum holding period for all residences is 7 years.
Subsidiary Applicant
Old administration:
★L(fēng)egal spouse of the main applicant and his or her children under 18 years old;
★The main applicant and his/her spouse’s parents who are over 55 years old.
New Deal:
★L(fēng)egal spouse of the main applicant and his or her children under 18 years old or children between 18 and 25 years old who are financially dependent on their parents;
★The main applicant and his/her spouse’s parents who are over 65 years old.
Added interview requirements
Effective July 19, 2023, principal applicants to the St. Kitts-Nevis CBI program aged 16 and above will be required to undergo a virtual or in-person interview as part of the application process.
This policy applies to all applicants, including those who have submitted but have not yet been approved by the National Investment Unit (CIU).
Processing time changes
★ The application will be approved 120 days after the Investment Immigration Bureau officially confirms receipt of the application.
★ The original 60-day accelerated application service is closed.
Due Diligence Fee Adjustments
★ The due diligence fee for the main applicant is US$10,000.
★ Due diligence fee for affiliated applicants is US$7,500.
Strengthen supervision
Optimizing the regulation of advertisements for the citizenship by investment program is an important initiative of the St. Kitts-Nevis government.
The government is committed to protecting the rights and interests of investors and ensuring that information in project advertisements is true and accurate and complies with relevant regulations.
In addition, the government has also strengthened supervision of project authorization agents and international marketing agents.
They will strictly review and supervise the behavior of agencies, prevent agencies from misleading and improper publicity, and protect the interests of investors.
The political coup turmoil continues to spread, which undoubtedly sounds a warning to those who are interested in planning their identity. You should plan your identity as early as possible. Plan early and benefit early!
If you are interested in the St. Kitts and Nevis citizenship by investment project and want to know more about it, please contact Xingyunhai International!
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