The COVID-19 crisis has seen a global economic slowdown, with many countries on the verge of an economic recession. Therefore, it’s no surprise that countries which offer Citizenship by Investment programs have restructured or amended their investment requirements, to entice further investment and sustain economic growth.
One such country that has done so is St. Kitts & Nevis. As of July 2020, St. Kitts & Nevis is offering investors seeking to obtain second citizenship and passport, a discounted price on the minimum contribution for a family, for a limited-time only.
What would usually cost a minimum contribution of $195,000 for the main applicant with up to 3 dependants, has now been reduced to $150,000 – which is a $45,000 reduction. A minimum contribution for a single applicant is still $150,000.
The country’s second investment option remains unchanged, which consists of investing in government-approved real estate with either a minimum value of $200,000 (re-saleable after 7 years) or a minimum value of $400,000 (re-saleable after 5 years).
The reduced price of $150,000 for a family of 4 is a welcome move by the government who are taking necessary steps to lessen the effects the pandemic has had on their economy.
“We are delighted to offer – for a limited period while the world grapples with the pressures of the COVID-19 pandemic – all of the benefits of full economic citizenship at an even more competitive rate for families, and with a new paper-free application process,” says Les Khan, St. Kitts & Nevis Citizenship Investment Unit Chief Executive.
“In today’s uncertain world, it is only right that individuals and families want the ability to travel the globe as flexibly and confidently as possible. Once travel restrictions are lifted, the St. Kitts and Nevis passport will continue to enable our citizens to travel visa-free to more countries in the world,” adds Mr Khan.
The temporary offer is active immediately and will run until January 15th 2021. Once granted, investors and their families will become lifelong citizens of St. Kitts & Nevis, will be allowed to travel visa-free to numerous countries including Singapore, Russia, and the UK; and will be exempt from certain taxes.
- Fast-track processing time of 90 days
- Citizenship passes down to future generations
- Dual nationality accepted
- Visa-free and visa-on-arrival access to 150+ countries around the world
- Duty-free trading within the Caribbean
- Families of 4, and dependent parents, are also given second citizenship and passport
- No taxes on wealth, capital gains, inheritance, gift or foreign income
St. Kitts & Nevis Citizenship by Investment program is regarded as one of the highest-ranked investment programs in the world, and the oldest of its kind. Thanks to this new temporary reduction, the St. Kitts & Nevis Citizenship by Investment program will reposition itself as an affordable and competitive alternative to European citizenship and other non-European citizenship and passport.
“While COVID-19 has placed the world under enormous strain, St Kitts and Nevis’ record to date of zero hospitalisations and zero fatalities from the disease underlines the character and enduring appeal of our great country,” said the Prime Minister, The Honourable Dr. Timothy Harris.
“This limited-time offer will provide the resources to help us successfully fight COVID-19 and enhance the safety nets for those who have lost their jobs or income as a consequence.”
To learn more about what the process of St. Kitts & Nevis Citizenship by Investment program entails, click here.
While we expect many investors looking to secure second citizenship and passport for their families will take advantage of this limited-time offer, there are other British Commonwealth countries that have also implemented amendments, including price reductions, to their Citizenship by Investment programs. Book a consultation with one of our agents to learn more about each Citizenship by Investment program.
Savory & Partners can assist investors in securing second citizenship and passport for themselves and their families. Contact us today for a free online consultation and secure your future or to find out more about our services offered.
We are available on every channel convenient for you.