St. Kitts & Nevis became one of the first countries to utilize citizenship by investment program for specific economic objectives to help recover from the COVID-19 crisis.
The Caribbean nation has announced a temporary reduction in minimum investment requirements.
Between July 3 and December 31, investors seeking citizenship with three dependent family members need to contribute just $150,000, down from $195,000, to the country’s Sustainable Growth Fund (SGF).
The move is aimed at offsetting the negative impact of pandemic-related global travel restrictions on the country’s tourism sector.
Further, it will help the country leverage its excellent COVID-19 track record. The country has seen just 15 mild cases with zero hospitalizations and zero fatalities from the virus.
The pandemic has compelled wealthy investors to look beyond conventional parameters like return on investment or international mobility when comparing investment immigration options.
Now, investors are also considering ease with which they can practice isolation or social distancing as well ease of access to quality medical care before choosing citizenship by investment program.
St. Kitts offers ample scope for self-isolation in the most beautiful and luxurious surroundings. The best medical facilities in the US are easily accessible along with the adequate healthcare infrastructure in the country.
This is not the first time St Kitts has used its CIP to assist a specific economic need.
In 2018, the country announced a temporary reduction in minimum investment requirements under its CIP to attract investments into its Hurricane Relief Fund. This move enthused investors as it offered an even cheaper route to a second passport while Caribbean countries benefitted by generating investment to fund their immediate and future hurricane relief efforts.
St. Kitts and Nevis CIP—Investment Options
Launched in 1984 to revive its economy post the collapse of its sugar industry, St Kitts & Nevis’ CIP has become one of the most popular options for global investors seeking an affordable route to a second passport.
A single applicant can qualify for a passport by making a non-refundable contribution of $150,000 to the SGF.
Investors seeking citizenship for their family members as well can contribute $195,000 to the SGF, reduced to $150,000 until the end of 2020. This option covers the investor plus three dependents. Citizenship for additional dependents requires an additional contribution of $10,000 per dependent.
Alternatively, investors can choose to invest $200,000 in a pre-approved real estate project and qualify for citizenship. The asset must be held for at least seven years after which the investor can sell without impacting their status.
A property investment worth $400,000 reduces the minimum holding period from seven years to five years.
Other Benefits of the St. Kitts and Nevis Passport
Investors choosing the country’s CIP continue to enjoy benefits like visa-free access to 156 countries, including EU member states and the UK as well as quick six-month processing of CIP applications.
The program has become very popular among investors from Lebanon, Iraq, Egypt, Jordan, and Tunisia, with China being the next big source of demand for the CIP.