Effective Jul 27, 2023, The Government of Saint Kitts and Nevis has announced important changes to the SKN Citizenship by investment program. These changes are aimed at safeguarding the nation’s integrity, preserving the privileged status of being a citizen of St Kitts and Nevis in line with the EU recommendations and to safeguard visa waiver agreements with other countries. The New CBI regulations came into effect on Jul 27, 12 noon Atlantic Standard Time, when the Government of St Kitts and Nevis enacted the Saint Christopher and Nevis Citizenship by Substantial Investment Regulations, 2023 (the CSI Regs).
New Changes
Here are quick overview of the important changes.
- SGF Fund replaced – Donations to Sustainable Growth Fund (SGF) has been closed, replaced with new investment option – Sustainable island state contribution (SISC). The minimum required investment is $250,000 for SKN citizenship by donation to this fund.
- LTO closed – The Limited Time Offer (LTO) under SGF fund has been removed effective immediately.
- Processing extended – Accelerated applications process where applications processed within 60 days has been removed. Now all applications will undergo 120 day standard processing times to give enough time for background checks.
- Investments Doubled – Minimum investment contributions has been increased (doubled) for donation ($250k) and real estate ($400k) investments.
- Holding Period – Real estate properties cannot be sold for 7 years and wont qualify next buyer for SKN citizenship.
- Strict Vetting – The due diligence process has been strengthened further in line with the EU recommendations. Internationally reputable vetting firms from UK, US and EU will be used for background checks.
- Mandatory Interviews – Mandatory interviews imposed for all applicants above 16 years or more. They must appear for interviews virtual or in person.
- Real Estate – Now possible to buy condominiums for $400,000 and private homes for $800,000 or more (property cannot be sold for first seven years)9. Minimum eligibility criteria has been set, candidates must have had a visa refusal from partner countries and application not already refused by another CBI nation.
- Family members Rules – Major changes to family members also announced: From now on, siblings and grandparents cannot apply, but minimum age of parents increased to 65 years to be included in the applications (in other words, parents under 65 years cannot apply)
- Due diligence fees – The Due diligence fees for enhanced background checks has been increased to $10,000 (main applicant) and $7,500 for spouse and other dependents above 16 years.
- Canada Visa Free – SKN citizens now eligible for visa free access to Canada (eTA required) provided if they already held canada visa or non-immigrant US visa.
- Blacklisted countries added – Afghanistan, Iran, Iraq, Russia, Belarus, North Korea cannot apply.
Sustainable Island Fund
The minimum SISC required by law are as follows:
- Main applicant only: US$250,000
- Main applicant and a spouse: US$300,000
- Main applicant and one dependant: US$300,000
- Main applicant, a spouse and one or two dependants; US$350,000
- Main applicant and two or three dependants: US$350,000
- Each additional dependant under 18: US$50,000
- Each additional dependant aged 18 or over: US$75,000
Real Estate
The minimum required real estate investment has been doubled
- Condominium or Hotel resort – US$ 400,000
- Private homes – US$ 800,000
By implementing these changes, St Kitts and Nevis wish to attract only distinguished applicants who have demonstrated exceptional accomplishments, possess substantial investment capabilities, and are committed to making significant contributions to the country’s growth and development.
