Saint Kitts and Nevis has added an option for investors with a benefit of $25,000
A new Alternative Investment Option (AIO) involves the purchase of shares in social and infrastructure real estate projects.
The minimum investment amount depends on the type of project. At the same time, the most inexpensive option allows the investor to save from $25,000 compared to buying shares in hotels on the islands.
Author •Vladlena Baranova
Head of Legal & AML Compliance Department, CAMS, IMCM
Saint Kitts and Nevis has added an option for investors with a benefit of $25,000
The St. Kitts and Nevis Citizenship by Investment Program includes two types of projects under the AIO option:
Public Good Project Developer, PGPD. The project is fully financed by the developer, and investors provide for its development from $250,000. A few years after the construction is completed and the facility is put into operation, it becomes the property of the state of Saint Kitts and Nevis.
Private Enterprise Developer, PED. The constructed or financed asset is privately owned. The minimum investment in such projects is $250,000.
In order to participate in the citizenship program, the investor also covers Due Diligence, fees and charges. If the investor plans to get a second passport with his family, the amount of investment in real estate may increase.
Investment in real estate under the Saint Kitts and Nevis program
Additional costs for the investor when buying property under the new option include fees for:
Due Diligence — $7,500 for the main applicant and $4,000 for each family member over 16;
filing an application for citizenship — $250 for each applicant;
issuance of a passport — $360 for each applicant.
Developers and real estate projects are vetted by the government before being listed for investment under the citizenship program. Thus, the state seeks to minimize the risks for investors. The program department will pre-screen contractors and facilities legibility, and then monitor construction progress.
Due to the new option, the government of Saint Kitts and Nevis expects to combine the efforts of the state, developers and foreign investors in order to develop infrastructure on the islands. New projects will also contribute to the creation of new jobs and the development of technology.
What other options are available under the citizenship program
Participants in the St. Kitts and Nevis citizenship program can still make contributions to the Sustainable Development Fund and buy property on the islands.
$250,000+ — contribution to the Sustainable Development Fund
$400,000+ — purchase of real estate
A contribution to the state fund is non-refundable and does not bring income to the investor. But this option is chosen for the simplicity of the procedure: the only thing that is required from the investor is to transfer the amount of the contribution once to the account provided by the program department.
A minimum contribution of $250,000 will be charged to the main applicant. If the investor participates in the program with a family, then the following is added to the contribution amount:
$25,000 for a spouse;
$10,000 per child or parent.
The government of Saint Kitts and Nevis forwards the investments from the Sustainable Development Fund on the development of healthcare, education, alternative energy sources and tourism.
The purchase of real estate is possible in two scenarios: investment in approved projects or residential properties on the islands.
In the first case, the applicant invests in projects approved by the government of Saint Kitts and Nevis. As a rule, these are five-star hotels and resort complexes in which investors buy shares, apartments or villas.
The profitability of objects from renting out is from 2 to 5% per annum. After five or seven years of ownership, the property can be sold and the money invested can be returned.
The term of ownership of real estate depends on the amount of investment. If you invest $200,000 in an approved project, you need to own real estate for at least 7 years. With an investment of $400,000 or more, the holding period is reduced to 5 years.
Purchase of a house without government approval is eligible for the program if the value of the property exceeds $400,000. In this case, the investor must be the sole owner of the property: fractional ownership is not allowed. You can sell your home 5 years after receiving a passport.
The option to buy unapproved housing is limited in time: you need to conclude a deal and apply for citizenship by investment before November 1st, 2022.
Investments in approved properties or private residences are subject to the payment of a government fee:
$35,050 for the investor;
$20,050 for a spouse;
$10,050 per child or parent.
Examples of properties in St. Kitts and Nevis
St Kitts & Nevis, Frigate Bay
$325,000 — $4,000,000
Share in a villa and apartments in a luxury hotel complex
58 m² — 426 m²
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Saint Kitts and Nevis citizenship gives investors the freedom to move around the world. The country’s passport replaces a visa to enter 157 countries, including the Schengen area, the UK, Singapore and Hong Kong. Citizens of Saint Kitts and Nevis can also get a tourist visa to the United States valid for 10 years.
The second citizenship of the Caribbean country helps investors in the development of international business and tax optimization.
Immigrant Invest is a licensed agent for the Saint Kitts and Nevis citizenship program. If you want to get a second passport by investment, please contact our investment program experts for advice.
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