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Introduction to St Kitts and Nevis
Located in the West Indies at the northern end of the Lesser Antilles, the Federation of St Kitts and Nevis are twin islands famous for their greyish black sand beaches and mountainous interior. Also known as the Federation, the islands have long been an idyllic Caribbean destination for eco-tourism enthusiasts and traditional holiday makers alike.
The Federation has a low population density with a combined land area of 107 square miles and only 54,000 local inhabitants. With the Atlantic Ocean on one side, the Caribbean on the other, St Kitts and Nevis is an increasingly popular sailing and yachting destination for global travelers.
The islands are indeed well suited for the new age of social distancing. Investors will also enjoy world class golfing and horse racing plus the annual carnival, triathlon and music festival.
St Kitts and Nevis Citizenship by Investment Program
Established since 1984, the St Kitts and Nevis citizenship by investment program is the oldest and most venerable CBI program in the world. To successfully complete the application process, applicants must submit to a due diligence background check and make a contribution into the government’s Sustainable Growth Fund (SGF) or purchase government approved real estate.
- The SGF allows applicants to qualify by making a nonrefundable minimum contribution of US$150,000 towards sustainable economic development on the islands.
- The real estate option requires the purchase of government approved real estate for a minimum price of US$200,000 (7 year holding period) or US$400,000 (5 year holding period).
Under each investment option, dependents of the main applicant may include siblings age 30 and below with no children, parents and grandparents age 55 and above, plus adult children age 30 and below (additional costs and certain limitations may apply).
St Kitts and Nevis CBI Program Highlights
- 45-60 day accelerated application processing is available.
- Dual citizenship is allowed with no requirement to renounce your current citizenship.
- Eligibility for long term US visas, usually 1 year to start with first renewal 3-5 years and next renewal 5-10 years.
- St Kitts and Nevis passport is issued by a neutral country with a noninvasive foreign policy.
- St Kitts and Nevis legal system is based on English Common Law.
- There is no personal interview requirement.
- There is no residency requirement to obtain or retain citizenship.
- No tax on overseas income including capital gains, wealth or inheritance tax.
- No requirement to report overseas assets e.g. FBAR
- Visa free or visa on arrival access to 160+ countries including all of the EU, UK, Russia, plus Hong Kong, Singapore and much more.
- Enjoy the right to live and work in any of the CARICOM countries.
- As a citizen of the British Commonwealth you may receive assistance at British Embassies and consulates plus preferential treatment inside the UK.
- English is the national language and there are no fluency requirements.
Offshore Banking and Economics
Long established as an offshore banking destination, St Kitts is also the location of the Eastern Caribbean Central Bank. The central bank is charged with maintaining the stability of the national currency (Eastern Caribbean Dollar) which is pegged to the US Dollar.
Furthermore, St Kitts and Nevis is a member of the Organization of Eastern Caribbean States, CARICOM and also the British Commonwealth. The head of state is the Queen of England and the Federation is a stable democracy based on the British parliamentary system.
St Kitts and Nevis Application Process
- The investor signs the professional agreement with iGlobal and submits the professional retainer fee.
- (Real Estate Only) The investor completes the reservation form and enters into a purchase and sale agreement for the property. The 10% down payment is collected.
- All of the application forms are completed and the supporting documents are collected.
- After thorough review by our legal team, the forms are submitted to the St Kitts and Nevis CIU along with all of the required supporting documents.
- Due diligence fees, legal processing fees, government fees, 5% share registration fees (real estate only) and accelerated application fees (if applicable) are collected and submitted at this time.
- The due diligence period takes effect which is usually completed within 3-4 months (accelerated service available).
- Upon successful completion, the application approval in principle is received from the St Kitts and Nevis CIU.
- After the approval letter is received the investor must transfer the required investment funds in full into the designated government account or the developer’s account for real estate transactions.
- The office of the prime minister issues the certificate of naturalization.
- Passport application fees are collected from the applicant and the passport application is submitted to the department of immigration.
- After processing is completed (2-3 weeks), the passport(s) and certificate of naturalization is forwarded to the investor via reputable delivery service.
Answers provided by iGlobal