St. Kitts and Nevis Citizenship: COVID-19 Limited Discount for Families in 2020
Contribution to the St. Kitts and Nevis Citizenship By Investment Programme has been reduced from $195,000 to $150,000 for families on a limited time offer until 31st December 2020 as announced by Timothy Harris, Prime Minister of St Kitts and Nevis in July 2020.
About the St. Kitts and Nevis Citizenship- By-Investment Programme
Established in 1984, the St. Kitts and Nevis (SKN) Citizenship By Investment (CBI) Programme was the first of its kind, making it the oldest citizenship programme in the world, along with being highly-respected due to its diligent checks and swift process.
After the significant economic losses the country saw due to the end of the sugar plantation industry, SKN opted to promote their country by attracting international investors with their valuable citizenship programme. The deal is that an investor is required to make a substantial economic contribution to the development of the country in return for citizenship.
Two options are provided to acquire citizenship as a single applicant: buying property ($200,000 minimum) or making a donation to the Sustainable Growth Fund, also known as SGF, for a minimum amount of $150,000.
The money donated to the Sustainable Growth Fund provides valuable support and investment into SKN’s education system and empowerment programmes for people, tourism industry, poverty alleviation, local heritage, business sector, health services and climate change resilience.
Benefits of the St. Kitts and Nevis Citizenship
The St. Kitts and Nevis Citizenship offers numerous benefits and advantages to foreigners interested in investing and contributing to the development of the country through the CBI Programme. Some of these benefits include:
Citizenship for life;
Dual Citizenship accepted;
Visa-free travel to over 100 countries in the world, including the UK, Ireland, Switzerland, and the EU Schengen countries among others;
Tax-free worldwide income (no wealth tax nor income tax);
Ideal option as a second citizenship and passport;
No residency required;
No personal visit to the country required (unless applying for a driving license);
Option to invest in property;
Living on a beautiful Caribbean island.
Effects of the Coronavirus Pandemic
The world is suffering from significant economic problems from the coronavirus pandemic, and subsequently, the tourism industry has dropped. Small countries gain a large amount of revenue through tourism, and this has forced new ways of thinking for these countries to recover from any losses for the stability of their economy.
Travel restrictions have caused the tourism industry in St. Kitts to suffer, which has directly affected its people working within the industry by individuals losing their jobs or income. To the benefit of St. Kitts, the travel restrictions will be lifted on the 31st of October 2020 in the process of phases, starting with Phase 1 with its own specific entry and travel requirements to be observed by visitors.
Additionally, the country is proud to announce that they are free from coronavirus and have been for some time. Since the beginning of the pandemic, the country has had only a small number of confirmed cases, 15 in total. These people have fully recovered and had no need for hospitalisation. No covid-related deaths were recorded in the country either.
SKN COVID-19 Limited Discount
St. Kitts and Nevis has made a recent announcement on the 3rd of July 2020 that its Citizenship By Investment Programme’s non-refundable contribution will be discounted to an affordable $150,000 from the original amount of $195,000 for families (up to four people) interested in applying for citizenship through the investment-by-donation process to the SGF.
This translates to each family member of a single applicant (maximum three additional people) to receive citizenship without any extra charges, a total of $45,000 less. An additional cost of $10,000 is required for the fifth eligible dependent, and every additional member following.
In addition, allowing families to acquire citizenship gives the freedom of inheritance of the SKN citizenship to future generations. This is another reason the country has given a push to its citizenship programme - they have understood that families may be wanting to relocate or at least have the freedom to travel to a peaceful and safe Caribbean haven amidst the coronavirus’ havoc across the rest of the world, followed by enjoying the benefits of SKN’s citizenship during the post-pandemic world.
The offer is limited to a number of applicants, and the amount does not include governmental due diligence fees. This is a limited-time offer, valid until the 31st of December 2020. There is no current discount offer for the real estate investment option as of yet.
Les Khan, Chief Executive of the St. Kitts and Nevis’ Citizenship Investment Unit, also added that there is a “new paper-free application process” which makes the whole process even smoother.
St. Kitts and Nevis has become the fourth CIP jurisdiction in the Caribbean to amend its CIP terms as a direct result of the pandemic. First to react was Antigua & Barbuda, with St. Lucia and Dominica following straight after.