The Head of the Citizenship by Investment Unit of St Kitts and Nevis, Michael Martin along with Minister of Agriculture, Fisheries and Marine Resources, Samal Mojjah Duggins, has held an exclusive luncheon, which took place on March 6, at Taj Dubai Hotel, Burj Khalifa Street, Business Bay, Dubai.
During the luncheon ceremony, CIU Head Michael Martin, along with Agriculture Minister, Samal Mojjah Duggins held media conference, during which, they addressed the key queries of the media persons related to the Citizenship by Investment Programme of St Kitts and Nevis.
It is to be noted that one of the key concerns during the media address was the Sustainable Growth Fund (SGF) option of the CBI Programme of St Kitts and Nevis. Notably, while recalling the SGF, Minister Duggins added that, “Sustainable Growth Fund is one of the innovative ways that we opt to drive Economic Development, especially as it relates to the social empowerment of all people.”
While adding the details on it, CIU Head Michael Martin added that, “As the minister has indicated, the Sustainable Growth Fund is designed to enhance the development of the nation as well as its people, and these funds will directly go towards the establishment of the schools as well as medical facilities, enterprises, new enterprises in technology and so forth. So it is a very important option in our Citizenship by Investment Programme, which we hope that an intelligent investor will take advantage of it.”
He further added that, “It is an investment opportunity that provides the ability to invest in a stable democracy with good infrastructure, highly educated people. And so we are encouraging you and our agents are very important stakeholders to market the option as well as ensuring that we can have a win-win situation as far as St Kitts and Nevis Citizenship by Investment Programme is concerned.”
During the media address, CIU Head Michael Martin has focused that, “All of our options are designed to attract investors. Everytime, there is something in our programme for everyone. What we are focusing on now is to ensure that our programme, which is the longest running programme in the industry and the most respected programme. We are trying to ensure that those who come to our programme, bring investments, that are mutually beneficial to the people of St Kitts and Nevis and to the investors. So and in addition to that, you have the added bonus of becoming a citizen of a progressive country.”
“There is something for Indians, all kinds of investors. There is a real estate option. There is a fund option. There’s a public benefit option and you decide which options best suit you in gaining citizenship,” said CIU Head Martin.
While noting to the further plans, Michael Martin added that, “I am focusing on taking our CBI program to the next level, the level of sustainability of producing for the country, and for the people enterprises, that will continue to generate revenue and benefits for very-very long time. So that is our new Focus as we reset the program and keep it on its path of being a premium program. That Designing intelligent investors would see great benefit in being a partner. So that’s my focus.”
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 February 9 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 February 9 2023, the CBI Programme Regulation changes include:
- The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
- 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.
- 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.
- The minimum investment amounts for the GF Investment Option will increase from July 1 2023, following the end of the LTO.
- There are changes to the post-approval application fees for both accelerated and non-accelerated CBI applications.
- From March 10 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.
- 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.
- 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 January 1 to June 30 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 February 9 2023, the CBI Programme Regulation changes include:
- The minimum eligible age of a parent or grandparent of the main applicant or their spouse has been lowered from 65 to 55.
- 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.
- 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.
