In times of crises, wealthy people start thinking about relocating to a safer place. Some of them are considering moving to Europe but European citizenship costs a lot and the process of acquiring it takes time.
There are healthy alternatives in other parts of the world, however, and one of them is the Federation of St Kitts and Nevis in the Caribbean. It’s an offshore paradise with breathtaking nature and amicable people. The country’s economy is based on tourism and the production of cotton, sugar cane, and coffee.
The oldest citizenship-by-investment program
St Kitts and Nevis administers a citizenship-by-investment (CBI) program that has been functional since 1984. It was the first such program to ever appear. Today, it is a reputable and highly reliable CBI program. A passport of the country gives visa-free access to 152 countries including the UK and Schengen zone countries. Citizens of St Kitts and Nevis are eligible to apply for 10-year visas to the USA.
You can acquire passports of St Kitts and Nevis for all members of your family. Moreover, the country’s CBI program is more attractive for large families than its competitors in the region as far as the required investments are concerned. Dependent children of up to 30 years of age and dependent parents of at least 55 years of age can be included into family applications for citizenship.
St Kitts and Nevis allows dual citizenship and it does not publish the information about its economic citizens. Many foreigners (and Americans in particular) buy passports of St Kitts and Nevis to do international business rather than to live on the islands. The matter is that you could reduce your tax burden if you became a fiscal resident of St Kitts and Nevis.
Financial routes to citizenship of St Kitts and Nevis
You can make a donation or invest into property to qualify for citizenship of St Kitts and Nevis:
- You can make a ‘Sustainable Island State Contribution’ or choose the ‘Public Benefit Option’. In the latter case, you’d be putting money in a socially significant project. In both cases, the required donation amount is US$ 250,000. What is attractive about this opportunity is that a family of up to 7 members can qualify for citizenship of St Kitts and Nevis.
- You can invest at least US$ 400,000 into real property in the country. The property can be residential or commercial. It has to be approved by the Government for CBI purposes. The property can have two owners each of them investing US$ 200,000 and both qualifying for citizenship. It can be sold after five years and most likely at a profit because the property prices are constantly growing in St Kitts and Nevis. Besides, you can let the property on a lease: this is allowed.
Please note that if you sell the property before the 5-year term expires, you will lose citizenship of St Kitts and Nevis.
You can apply for citizenship of the country from the comfort of your home. The application processing takes 6 months or more.
You don’t have to live on the islands to retain your passport but if you chose to relocate there, you’d have the right to elect and be elected after living in St Kitts and Nevis for 2 years.
Requirements to the main applicant
The requirements to foreign applicants for citizenship of St Kitts and Nevis are quite ordinary:
- Be of age (above 18);
- Have a clean police record;
- Pass the due diligence checks;
- Prove the legality of the investment capital;
- Be in good health and have a medical insurance policy.
Please bear in mind that if you have a criminal past, you won’t be able to conceal this fact when applying for citizenship of St Kitts and Nevis. True, the country needs foreign investments but it does not issue passports to every Tom, Dick, and Harry. A detective agency is going to inquire about your reputation with the official bodies in your home country.
In any case, the due diligence checks are going to be rigorous. Only after they yield positive results, will the CBI Unit start processing your application for citizenship.
If you have no criminal past and you have made an investment in the required amount, you are going to be issued a passport of St Kitts and Nevis. The main investor’s passport is going to be valid for 10 years and the children’s passports for 5 years. When the period expires, new passports can be obtained.
Administrative fees payable by applicants for citizenship of St Kitts and Nevis
Some other costs are going to be involved in acquiring citizenship of St Kitts and Nevis in addition to the donation/ investment. The costs of the due diligence procedures is US$ 7,000 for the main applicant and US$ 4,000 for other family members. The application processing fee is US$ 35,000 for the main investor, US$ 20,000 for the spouse, and US$ 10,000 for the children and parents. Thus, if you make a donation of US$ 150,000 and apply for citizenship with your spouse and two children, the total amount is going to be US$ 195,000.
If you choose to invest in real property, the required amount is not going to be higher if you apply with your family. However, you have to add the due diligence and the application processing fees anyway. Besides, you have to pay a property tax and a fee for property right transfer when buying a house or an apartment in St Kitts and Nevis.
Consider investing into real property in St Kitts and Nevis
Even though the required amount of investment is considerably higher than the amount of donation, this option has one clear advantage: the investment is going to be returnable.
You would have a place to live if you decided to relocate to St Kitts and Nevis. You would have a place to stay when you visit the country on holidays. You can rent your property on a lease when you don’t need it. Finally, you are entitled to sell it after 5 years.
St Kitts and Nevis is a highly popular tourist destination and property prices steadily grow there. Therefore, you should be able to sell your house or apartment at a higher price after the 5-year period expires. You could probably gain enough capital to compensate for the state duties and fees (no capital gains tax is charged in St Kitts and Nevis). In this way, you could obtain citizenship of a foreign country at no cost at all!
Vacationing in St Kitts and Nevis is rather expensive in 2024. The price of a hotel room starts at around US$ 250 per night and high-class hotels are much more expensive. If you have US$ 400,000 in idle money, you could benefit greatly from investing it in real property in St Kitts and Nevis. It’s a wonderful place for a Caribbean vacation!
