Experts from the Immigrant Invest law firm explained how to obtain citizenship in the sunny Caribbean nation and how much it will cost investors in 2018.
Saint Kitts and Nevis is a small Caribbean federation located on two islands. The state, an independent member of the British Commonwealth, combines elements of British and American law in its legislative system.
The government of St. Kitts and Nevis established the first citizenship-by-investment program in 1984. Over the years, special committees developed amendments and updates, striving to create a program that would be attractive to investors and beneficial to the state. More than 30 years of work have paid off. In 2018, the St. Kitts and Nevis program was recognized as the best among Caribbean countries and received platinum status.
Reducing the minimum contribution for obtaining citizenship
St. Kitts and Nevis strives to offer investors the most favorable conditions possible. Since September 2017, the easiest way to obtain citizenship was through investment in the Hurricane Relief Fund, but in 2018, the government decided to replace the fund.
Since April 2018, citizenship applicants have been able to invest in the new Sustainable Growth Fund. Proceeds will be used to improve healthcare and energy systems, and develop tourism and culture.
The contribution amount is $150,000 for an individual or $195,000 for a family of four.
Another popular way to obtain a Caribbean passport is through real estate investment. Until recently, investors were required to purchase government-registered real estate worth at least $400,000. In 2018, the minimum property value was reduced by $50%, making the program even more attractive. Now, for four people relocating, applicants can purchase real estate worth at least $200,000.
This is a return-on-investment investment. The property can be sold after seven years, and while it remains in the investor's possession, it can be rented out for additional income.
Other ways to obtain a passport Saint Kitts and Nevis
The traditional method is a contribution to the Sugar Industry Diversification Fund. This is what the government offered to its first investors in 1984. The minimum contribution is $250,000 for a single applicant or $300,000 for a married couple with two children.
Additional expenses
St. Kitts and Nevis values its reputation. Before approving new citizens, special authorities ensure their credibility. To do this, each applicant must undergo a due diligence check. This process incurs a separate fee: $7,500 for the main applicant and an additional $4,000 for each family member over 16. A passport fee of $361 per passport is also required.
When purchasing real estate, you'll have to pay an administrative fee. Until recently, it was $125,000, but thanks to the influence of local developers, the price has been reduced to $75,000. Additionally, for each additional family member (if there are more than four people in the family), an additional $10,000 government fee must be paid.
If an investor wants to relocate with a family of more than two children, an additional $25,000 will be charged for each additional family member, and if the family member is over 16 years old, an additional $4,000 will be charged for due diligence.
Along with the investor, family members can also obtain Caribbean passports: spouse, children under 30, and parents over 55. It is important that all family members be financially dependent on the main applicant.
Requirements for applicants
People with criminal records are not eligible to participate in the program. According to the High Commissioner of St. Kitts and Nevis to the UK, it doesn't matter whether the crime was committed recently or 30 years ago. The government wants to attract only first-class investors with a clean record and expects their activities in St. Kitts and Nevis to be completely legal.
Those convicted of financial fraud and corruption are not eligible to participate in the program. Each applicant must prove the legal origin of their funds.
Advantages Saint Kitts and Nevis
In addition to being a comfortable, sunny country surrounded by the Caribbean Sea and the Atlantic Ocean, St. Kitts and Nevis citizenship offers investors a number of advantages:
- Visa-free travel to over 140 countries. A Caribbean passport allows visa-free travel to Schengen countries, the Caribbean, the United Kingdom, Singapore, and Brazil.
- A lenient tax policy. Most traditional taxes are absent in the Caribbean. Furthermore, foreign companies can take advantage of a variety of tax incentives when setting up a business in the country.
- Property registration anywhere in the world. Citizenship of St. Kitts and Nevis allows for easy registration of movable and immovable property, regardless of geography.
- Low cost. Following the latest changes, a St. Kitts and Nevis passport has become one of the cheapest among Caribbean countries. Investors can also rest assured that their funds are secure, as any deposits are made only after final approval.
- Remote processing. To obtain citizenship of the island nation, you don't need to fly to the islands. Immigrant Invest can help you obtain passports for your entire family without them ever visiting St. Kitts and Nevis. By receiving a passport, each investor becomes a full citizen, even if they live on the other side of the world.
- Remote passport renewal option. A St. Kitts and Nevis passport is valid for 10 years. After this period, investors can renew their passport remotely.
- Benefits of obtaining a ten-year US visa. With a Caribbean passport, it's much easier to obtain a US business visa, and you can do so anywhere in the world. Immigrant Invest specialists are always ready to assist you and can recommend friendly consulates where visa processing will be quick and easy.
Changes in the programs of other Caribbean states
Grenada is also actively working to make its investment programs more attractive. In 2018, the government decided to reduce the contribution to the National Transformation Fund to $150,000.
More information about Grenada's investment immigration programs can be found on the official Immigrant Invest website. Information on the cost of obtaining citizenship and residency in Dominica, Antigua, and Barbuda is also available there.
Comparing the Cost of Caribbean Passports
Official registration of citizenship in European and Caribbean countries
Immigrant Invest, a law firm, has been helping residents of Russia, Kazakhstan, Azerbaijan, Belarus, and Ukraine obtain European and Caribbean passports for over 8 years.
The company, an authorized representative of immigration-by-investment programs, operates without intermediaries. This guarantees security and speed of processing. Immigrant Invest specialists provide a personalized approach to each client, assisting in choosing the optimal program, and consulting on choosing real estate and commercial investment projects.
Full support is one of the company's key advantages. Specialists accompany clients from application to passport collection. The company also offers additional services on the islands, helping them choose the best accommodation, language courses, preschools, schools, and universities for their children.
The company collaborates with governments not only in the Caribbean but also in European countries. For example, it is a licensed agent for the Maltese government program, which allows individuals to obtain EU citizenship in 12 months.
A full list of programs is available on the official Immigrant Invest website. There, you can also get a specific cost estimate for citizenship and residency in different countries, compare programs, and request a personal consultation.
Immigrant Invest
Moscow, Russia,
st. Okhotny Ryad, 2, 109012
+7 (495) 150-40-55
moscow@imin.pro
https://immigrantinvest.com/
Source: trn-news.ru
