St Kitts and Nevis: Michael Martin– the Head of the Citizenship by Investment Unit of St Kitts and Nevis pledged to take their CBI Programme to the next level, the level of sustainability during the special luncheon in Dubai on March 6, 2023. He stated that whether it is any programme or any business, one must continually evolve to keep in touch with the latest times, which is why they have decided to enhance the program by introducing new regulations.
The Minister of Agriculture, Fisheries and Marine Resources, Cooperatives, entrepreneurship, and Creative Economy for St Kitts and Nevis, Samal Duggins, also attended Martin the event in Dubai, UAE. Michael Martin addressed the local media during the event.
During the address, Michael Martin said that the regulations were announced to ensure that the programme continues to attract the premium investor that it was intended to attract as it is a premium programme, it is a top-level program and so they are continually working to improve it. These regulations are designed to do just that and the regulations are not written in stone which is why they are continually evolving.
Evidence of that comes from the fact that only in December, Michael Martin cited,” We publish new regulations and by February, we have made some changes. So we’ll continue to look at the regulations. We continue to get feedback from our stakeholders. And wherever it is possible, we make the necessary changes in order to ensure that all of our stakeholders on board with the regulations, understand what we are trying to do, and keep it moving forward.”
While talking about the Sustainable Growth Fund, CIU Head stressed that the fund option is designed to enhance the development of the country and its people and all these funds will go towards the establishment of schools and medical facilities, Enterprises new Enterprises in technology, and so forth. He considered it “a very important option.”
He added that it is an investment opportunity that provides the ability to invest in stable democracy with good infrastructure, and highly educated people. So, Martin further encouraged the agents and the stakeholders to market that option and ensure that they can have a win-win situation as far as St Kitts and Nevis CBI Programme is concerned.
Further, emphasizing the benefits of St Kitts and Nevis CBI Programme, CIU Head asserted,”All of our options are designed to attract investors of every time there’s something in our program for everyone.
What we are focusing on now is to ensure that our program, the longest-running program in the industry and the most respected program, we are trying to ensure that those who come to our programme, bring Investments, mutually beneficial to the people of St Kitts and Nevis and to the investors.”
Reiterating his vision for the CBI programme of St Kitts and Nevis, Michael Martin noted that his new focus is to reset the programme and keep it on its path of being a premium programme.
Further, he highlighted the relationship between St Kitts and Nevis and the UAE and considered it a very important one. He said that the UAE is considered to be a small country, St Kitts and Nevis is even smaller. People probably would have some difficulty finding us on the map, but they are always inspired by what is happening in the UAE and the vision that created the UAE and that continues to develop new age.
“And so relation to that, we offer opportunities for investment to Residents and citizens of the UAE to take part in the development of our country. So, we look forward to enhancing what we already have in terms of the relationship between us and the UAE and we look forward to seeing some investment coming out of the UAE that would be mutually beneficial,” said the CIU Head.
He said that the CBI programme of St Kitts and Nevis is all about creating win-win situations and its’ not just a one-way street, it’s it’s a two-way street and they encourage investors from the UAE to come and have a look at our country and take advantage of the many opportunities that are there for investment.
Further, Minister Samal Duggins also address the media and said that the Sustainable Growth Fund is benefitting all the ministries he is concerned about as the country has the oldest citizenship by investment programme and added, “SGF is one of the innovative ways that we thought to drive economic development, especially as it related to the social empowerment of all people.”
Further, Michael Martin also delivered a keynote address at the Dubai event and highlighted aspects of St Kitts and Nevis CBI Programme. He stated that as the Head of the Citizenship by Investment Unit, he has an open-door policy for the agents and industry stakeholders via their local service providers.
“I lead a team of efficient, knowledgeable and focused experts who ensure that the programme increases processing efficiency and accuracy while also maintaining strong due diligence processes so that only investors of the highest calibre are accepted. We have increased the team to assist in the streamlining of the process, ensuring accuracy, efficiency, and quicker processing, “said the CIU Head.
Outlining the regulations updates of the CBI Programme, Michael Martin said that the government of St Kitts and Nevis, along with the Citizenship by Investment Unit (CIU), have made further updates to the country’s Citizenship by Investment (CBI) Programme regulations, effective 9 February 2023.
The updates were instituted after further consultation with key industry stakeholders, after acknowledgement that some of the changes set out in the Regulations released in December 2022 required further clarification.
From 9 February 2023, the CBI Programme Regulation changes include:
1. The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
2. Limited Time Offer (LTO) and accelerated CBI applications under the Sustainable Growth Fund (SGF) Investment Option will be processed in 60 days. Whereas non-accelerated CBI applications will be processed in 90 days.
3. There are premium due diligence fees for accelerated CB applications in the amounts of: US$20,000 for the main applicant and US$10,000 for each dependant aged 16 and above.
4. The minimum investment amounts for the GF Investment Option will increase from 1 July 2023, following the end of the LTO.
5. There are changes to the post-approval application fees for both accelerated and non-accelerated CBI applications.
6. From 10 March 2023 any properties previously classified as Approved Projects are required to re-apply to the Board of Governors to be re-designated as Approved Developments to continue to be eligible investments under the Real Estate Investment Option.
7. The Private Home Sale Investments holding period is reduced from seven to five years. To be eligible a property needs to be re-designated as an Approved Private Home through the Board of Governors.
8. The newly named Public Benefit Option allows applicants to reapply as an Approved Public Benefactor and a project under AIO becomes an Approved Public Benefit Project.
The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a limited-time offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval-in-principle in 60 days from the date of the CIU’s acknowledgement of the application.
Under the Limited Time Offer, investment options are as follows:
• Single applicant – US$ 125,000
• Main applicant and a spouse – US$150,000
Main applicant, spouse and two dependants – US$170,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000
From 9 February 2023, the CBI Programme Regulation changes include:
1. The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
2. Limited Time Offer (LTO) and accelerated CBI applications under the Sustainable Growth Fund (SGF) Investment Option will be processed in 60 days. Whereas non-accelerated CBI applications will be processed in 90 days.
3. There are premium due diligence fees for accelerated CB applications in the amounts of: US$20,000 for the main applicant and US$10,000 for each dependant aged 16 and above.
