The COVID-19 pandemic has created a string of economic challenges for countries worldwide. Amid crippling travel restrictions, one industry that’s been deeply affected is the global tourism industry.
Countries have had to look at other strategies internally to regenerate economic stability, and those that offer Citizenship by Investment programs, have revised their programs to include new amendments and exclusive discounts for a limited period. Included in this is St. Kitts & Nevis.
St. Kitts & Nevis’ Citizenship by Investment price change
Speaking about the new developments, the St. Kitts & Nevis Prime Minister Honourable Dr. Timothy Harris says, “St. Kitts and Nevis is the safest, most beautiful and prosperous country in the Caribbean to offer economic citizenship and we remain so during these difficult times. 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,” he adds.
What is the reduced price?
Starting from July, a family contribution now costs investors a minimum of $150,000 as opposed to $195,000, a massive $45,000 drop in price. This includes a family of 4. For a single applicant, the minimum contribution will remain the same, at $150,000.
Also worthy to note there will be no changes to St. Kitts & Nevis’ government-approved real estate investment option. To invest in this option, investors must invest in real estate with a minimum value of $200,000 (re-saleable after seven years) or with a minimum value of $400,000 (re-saleable after five years).
How long will the reduced price run for?
The discounted contribution price of $150,000 for a family of 4 is effective immediately and will only be valid until the end of December 2020. This gives investors seeking to secure a future for themselves and their families the opportunity to apply for second citizenship and passport within this timeframe.
“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,” explains Les Khan, CEO of St. Kitts & Nevis Citizenship Investment Unit.
St. Kitts & Nevis first launched their Citizenship by Investment program in 1984, making it the oldest Citizenship by Investment program in the world. In the last few years, St. Kitts & Nevis has expanded on their visa-waiver program to include more countries and has added more benefits for investors looking to invest in an alternative to European citizenship.
There are extensive benefits to owning a St. Kitts & Nevis passport. Some of the benefits include:
Investors are looking at a timeframe of up to 4-6 months for second citizenship and passport. The process is straightforward, and there is also a fast-track processing time of 90 days.
Dual citizenship allowed
St. Kitts & Nevis recognizes dual citizenship, so there is no need for investors to renounce their current citizenship.
Investors can rest assured that there are no taxes on wealth, gift, inheritance, worldwide income or capital gains.
The new temporary change in price for St. Kitts & Nevis Citizenship by Investment program will no doubt appeal to investors who wish to invest in non-European citizenship. It is regarded as one of the highest-ranked investment programs in the world, and this price reduction will position St. Kitts & Nevis’ Citizenship by Investment program as an affordable and strong competitor within the industry.
Other British Commonwealth countries that offer Citizenship by Investment programs include St. Lucia, Grenada, Commonwealth of Dominica, Antigua and Barbuda and Vanuatu. Each program comes with its own set of rules and requirements governed by the country’s local legislation.
For a Citizenship by Investment program comparison and to find out which program will cater to your needs, click here.
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