Les Khan, CEO of the Citizenship by Investment Unit (CIU), announced today that the Cabinet has approved changes to the Citizenship by Investment programme.
The changes are being implemented to better integrate applicants into the life of the Federation by supporting applications from families. To this end, the announced changes include the lowering of the dependent ages for parents from 65 to 55, the increasing of the age of a financial dependent from 25 to 30 and the confirmation that children under the age of 16, born after the main applicant received citizenship, will no longer be required to be processed by the CIU. These dependents can be added through an application to the Ministry of National Security.
In addition, the Sugar Industry Diversification Foundation (SIDF) contribution requirements have been modified. The minimum contributions to the SIDF to qualified persons will now be:
Single Applicant: US$250,000.00
Applicant with up to three dependents: US$300,000.00;
Additional contribution for each additional dependent, regardless of age: US$25,000.00;
Mr, Khan said:
“We know that many of our applicants want to bring parents in order to offer them a better quality of life in their advancing years and in a country that is both beautiful and with a favourable climate. We recognise that citizenship is more than a passport. It’s a lifestyle choice for the whole family and we want to ensure that applicants with larger families are catered for.”
Prime Minister Harris also commented saying:
“My government continues to review policies and procedures to ensure that the Platinum brand of the programme is maintained whilst also being flexible in meeting the needs of applicants. The changes announced today are the first of many expected during the course of 2017.
This will include further enhancements to the due diligence process for Authorized Agents to ensure that they follow all of the required procedures with regards to Anti-Money Laundering and Know Your Client practices.”
