Basseterre, St. Kitts, February 16, 2023 (SKNIS): The regulations governing the operation of the long-standing Citizenship by Investment (CBI) Programme in St Kitts and Nevis were recently amended with elements aimed at benefiting local businesses and entrepreneurs and nationals in the diaspora.
The CBI Unit’s Head, Mr. Michael Martin, said that “there are 3 options for innovators, at home and in the diaspora, to benefit and raise capital through CBI. Firstly, any person can apply to the CBI Board of Governors to be designated as an Approved Public Benefactor. Under this option, once the applicant can prove that his or her business idea can bring substantial benefit to the people of St Kitts and Nevis; maximize local employment; and transfer technology and local capacity building, then that business idea will be considered.”
Under the Public Benefit Option, the Cabinet can allocate public benefit units to an Approved Public Benefactor to be sold on the international market for no less than US$175,000 per unit. Purchasers of public benefit units can then apply to the CBI Unit to become citizens of St Kitts and Nevis.
“Local contractors and developers can also benefit from the new regulations if they apply to have their proposed residential or commercial developments designated by Cabinet as Approved Developments. Once approved, real estate units can be sold on the international market for no less than US$200,000 per unit. Under the amended regulations, there is now a strict regulatory process to ensure that such developments are completed,” said Mr. Martin.
Citizens of St Kitts and Nevis, at home and in the diaspora, can also benefit from the CBI Programme through the Private Home Sale Option. Homeowners who wish to sell their single-family private dwelling home or a single-family condominium unit can apply to the CBI Board of Governors to have their home designated an Approved Private Home. Such homes can be sold for no less than US$400,000 to persons wishing to apply for St Kitts and Nevis citizenship.
“The CBI Programme is not just for international investors, it is for all of us to benefit. If locals and nationals in the diaspora do not take advantage of the 3 options [referenced above] they can also become Authorized Agents/Service Providers or International Marketing Agents. Our people are the ultimate beneficiaries of our treasured CBI Programme and should also participate in this international industry,” said Mr. Martin.
Applications can be submitted to the Citizenship by Investment Unit, situate at the Ministry of Finance Building (First Floor), Golden Rock, Basseterre, St Kitts KN0111 (PO Box 597), Office: 869.467.1474 Fax: 869.465.9926 Email: info@sknciu.com Website: www.ciu.gov.kn.
REVISED ST KITTS AND NEVIS’ CBI REGULATIONS PROVIDE OPPORTUNITIES FOR LOCAL AND DIASPORA BUSINESSES AND ENTREPRENEURS TO BENEFIT
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