The majority of applicants for the St Kitts and Nevis’ citizenship for investment program (CIP) have been individuals originating from China and the Middle East, according to industry sources.
The CIP offered by St. Kitts requires applicants to invest a minimum of $400,000 in government-approved real estate in exchange for citizenship. Prime Developments Ltd, which owns the exclusive property of Imperial Bay Beach and Golf residences in St Kitts and Nevis, have already sold out all their houses due for completion in 2015. About 70% of the buyers of this property were Middle Eastern investors and businessmen.
The firm is planning to open a new branch in Dubai to cater for the increasing demand for the St Kitts CIP from investors in the Middle East.
Their new development project in St. Kitts, Prime Hotel and Condominiums, worth $70 million, has recently been put up for sale in the market in Dubai, aiming to attract the high net worth individuals from the region. The property has nine buildings, each with eight floors, of which two will be hotel blocks, with the rest housing single bedroom apartments. The starting price of each unit is $400,000, with each purchase providing the investor an opportunity to get citizenship of St Kitts and Nevis.
The citizenship of St. Kitts and Nevis is particularly attractive for investors from the Middle East who are looking for an easy citizenship program that does not have stringent residency requirements. St Kitts citizenship has other advantages too – generous tax benefits and visa-free travel to 130 countries. After lodging an application and making the required investment, one can become a citizen of St Kitts and Nevis within just four to six months.
“The country is peaceful and politically stable. Investors, particularly those from war-torn jurisdictions can be at ease knowing they have citizenship from a safe haven,” said an industry source.
Source: gulfbusiness.com