This move is in accordance with the new regulations reportedly issued by the European Union (EU) for Caribbean CBI programs. St. Kitts and Nevis has become the first Caribbean CBI nation to comply with these regulations. Prime Minister Dr. Terrence Drew expressed his commitment to offering not only the best Citizenship by Investment Programme in the world but also ensuring that it is supported by a robust regulatory system. This system is designed to act as a best-in-practice defense mechanism against illicit actors and those who attempt to bypass the high-end investment and contribution options of the program.
As part of the government’s efforts to enhance the CBI program, St. Kitts and Nevis has also introduced a new investment option called the Sustainable Island State Contribution (SISC). This replaces the now-expired Sustainable Growth Fund (SGF) option. The contribution for this new option starts from $250,000 for a single applicant and increases when a spouse or dependents are added. For example, the contribution amount for a family of two is $300,000, and for a family of four, the minimum Sustainable Island State Contribution is $350,000.
Additionally, there have been changes in the real estate investment requirements. The minimum investment for condominiums has doubled to $400,000, while for single-family dwellings it has increased to $800,000.
Furthermore, in compliance with the EU’s demands, all due diligence processes for CBI applicants will be conducted by independent third-party firms based in the United States, United Kingdom, or the European Union.
These developments signify St. Kitts and Nevis’ commitment to maintaining a strong and reputable CBI program, while also addressing the concerns raised by the EU. The government’s proactive approach to regulatory enhancements and the introduction of new investment options demonstrate its dedication to ensuring the program’s integrity and effectiveness.
