DUBAI, UAE, Jan. 21, 2023 /PRNewswire/ -- The newly appointed CEO of St. Kitts & Nevis' Citizenship by Investment Unit (CIU), Michael Martin, has rolled out new changes that will come into effect immediately from the beginning of 2023.
Mr Martin had earlier indicated his plans to assess the program and find ways to maximise its efficiency and effectiveness while making it more exclusive.
Investors will now find a stricter set of rules for approved real estate developments, each of which will need to be re-qualified for such designation from the new year.
The following changes will be made to St. Kitts and Nevis citizenship program:
1-Real estate option:
Only approved developments will be eligible for the RE option, and previously approved developers will have to be re-designated by applying to the Board of Governors at the CIU office. Also, the board will designate the number of units to be sold and determine when the construction should be completed.
2-Donation option:
Within the first 6 months of 2023, the popular sustainable Growth Fund (SGF) government contribution will be discounted at an amount of $25,000.
The new government donation costs will now be:
Single Applicant -$125,000
Main Applicant + Spouse -$150,000
Main Applicant + Spouse + 2 dependents -$170,000
For any additional dependent under the age of 18 -$10,000
For any additional dependent over 18 -$25,000
New investment option:
A new investment option has been introduced to replace the alternative investment with the Public Good investment option with a starting investment of $175,000.
The government fees under the real estate option, Private Home sale and the Public good investment has also been revised:
Standard processing
Main applicant - $25,000
Spouse - $15,000
Each dependent child or any other qualified dependent under 18 - $10,000
Each dependent child or any other qualified dependent over 18 - $15,000
Fast-track applications will also observe an increase in the corresponding fees as follows.
Main Applicant - $42,500
Spouse -$32,500
Each dependent child or any other qualified dependent under 18 -$22,500
Each dependent child or any other qualified dependent over 18 -$32,5000
Add-ons to already approved applications will have to pay the following corresponding fees under the standard processing and the fast track.
Standard processing add-ons
Addition of spouse - $20,000
Addition of minor children born after the approval in principle and before the citizenship is granted - $10,000
Fast track add-ons
Addition of spouse or any other qualified dependents - $37,500
Addition of minor children born after the approval in principle and before the citizenship is granted - $22,500
Find the complete breakdown and comparison of fees, and changes below:
DONATION OPTION - SUSTAINABLE GROWTH FUND | ||
DESCRIPTION | AMOUNT BEFORE | NOW |
Main applicant | $150,000 | $125,000 |
Main applicant + Spouse | $175,000 | $150,000 |
Main applicant + Spouse + 2 Dependents | $195,000 | $170,000 |
Qualified dependent under 18y/o | $10,000 | $10,000 |
Qualified dependent over 18y/o | $10,000 | $25,000 |
GOVERNMENT PROCESSING FEES FOR REAL ESTATE, | ||
Main applicant | $35,050 | $25,000 |
Spouse | $20,050 | $15,000 |
Qualified dependent under 18y/o | $10,050 | $10,000 |
Qualified dependent over 18y/o | $25,000 | $15,000 |
FOR ACCELERATED CBI APPLICATIONS, THE ENHANCED GOVERNMENT FEES | ||
Main applicant | $25,000 | $42,500 |
Spouse | $20,000 | $32,500 |
Qualified dependent under 18y/o | 0 | $22,500 |
Qualified dependent over 18y/o | $20,000 | $32,500 |
POST APPROVAL-IN-PRINCIPLE APPLICABLE FEES - ADD-ONS | ||
Standard process | ||
Addition of Spouse | $35,000 | $20,000 |
Addition of any qualified dependent | $10,000 | $20,000 |
FAST TRACK PROCESS | ||
Description | Applicable fees | |
Addition of Spouse | $37,500 | |
Addition of any qualified dependent | $37,500 | |
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. Founded in 1797, the agency has evolved from pharmaceuticals to family assets and legacy protection through second citizenship and residency. The company's professional, multinational staff is made up of expert advisors who have guided thousands of clients, including many North African investors, on their journey to find the most suitable CBI program for them. The Savory & Partners team will be happy to answer your enquiries in English, Arabic, Farsi, French and Spanish. To contact, send and email to info@savoryandpartners.com or visit www.savoryandpartners.com.
For more information, please send an email to contact@savoryandpartners.com. You can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.
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