St Kitts and Nevis Contribution Option to Rise in Price from 2022
Last year, in response to the outbreak of the coronavirus pandemic, most Caribbean countries running citizenship by investment (CBI) programs introduced more advantageous terms to attract investors, such as reduced prices and even brand-new financial options. St Kitts and Nevis came up with a limited-time offer for its CBI contribution option: families of four have the opportunity to contribute only $150,000 to Sustainable Growth Fund instead of the previous $195,000. Initially valid until January 2021, this offer enjoyed so much popularity with international investors that St Kitts and Nevis’ government adopted a decision to extend its duration to the end of this year. However, it has been recently announced that the discount will not be prolonged for the upcoming 2022.
In 2020, at the peak of the pandemic, St Kitts and Nevis, along with the other Caribbean states, made an effort to encourage investment by offering more beneficial application terms under its CBI program. The twin-island country introduced a temporary discount for the option of donation to the Sustainable Growth Fund. The minimum amount was reduced from $195,000 to $150,000 for families of up to four people, becoming the same as the one for single applicants. Regardless of the number of dependants included in the citizenship application (whether it be one, two, or three), investors with families could benefit from a reduction of $45,000.
Though originally the discount was available only until 15 January 2021, it was a complete success among foreign investors, which prompted the government of St Kitts and Nevis to extend its validity period until 31 December 2021. Nevertheless, this extension promises to be the first and only one: it has been recently reported that no further prolongation of the discount is planned. Mr. Les Khan, CEO of St Kitts and Nevis Citizenship Investment Unit, confirmed that from the beginning of the upcoming year 2022, the minimum donation amount for families would return to $195,000.
However, there is hope that St Kitts and Nevis will bring forward a new special offer in order to incentivise investors to apply for its passport. Even without counting the soon-to-expire price reduction, this Caribbean country runs one of the most cost-efficient (and reputable at the same time) CBI programs worldwide. The Kittitian citizenship entails a fast-track application process, and provides a number of compelling advantages:
- Visa-free access to over 150 states, which is more than 70% of the world and includes the UK, Schengen countries, Russia, and Singapore;
- A highly favourable tax regime;
- Generous business incentives;
- An opportunity to receive rental returns if investing into real estate;
- No requirement to reside in or visit the country at any point.
Moreover, St Kitts and Nevis allows multiple citizenships. For example, Russian-born billionaire Pavel Durov, the founder of the social network VK and later of highly popular Telegram messenger, was granted citizenship of St Kitts and Nevis in 2013 without having to give up his citizenship of the Russian Federation. Earlier this year he has also become a citizen of France, making him a holder of three passports, with freedom of movement around most of the globe.
If you would like to obtain the citizenship of St Kitts and Nevis for you and your loved ones, please feel free to contact GLS Private Office. We will be happy to provide legal advice and tailor a solution that best fits your needs and wishes.