When to apply for a discount on the contribution
In July 2020, the Government reduced the contribution for families. If the investor includes three family members, for example, a spouse and two children, the contribution is $150,000. This is the same amount as one applicant is investing. We talked about a change in the material “St Kitts and Nevis: reduced contribution to the state fund for families with four members”.
The contribution discount expires on 15 January 2021. The Programme Department has announced that it will not extend the share. In a month and a half, the participation fee for families will increase by 25%..
Cost of participation for a family of four
|Expense item||Until 15 January 2021||From 16 January 2021|
|Contribution to the Sustainable Development Fund||150 000 $||195 000 $|
|Due diligence||11 500 $||11 500 $|
|Passport fees||1444 $||1444 $|
|Application Processing Fees||1000 $||1000 $|
|Bank fee||400 $||400 $|
|Fees for the production of naturalisation certificates||200 $||200 $|
|Total||164 544 $||209 544 $|
A month is not enough to prepare a complete set of documents and apply for citizenship. The programme department will therefore accept the prior notification. This way everyone will be able to take advantage of the discount.
From 15 December 2020 to 15 January 2021, the investor only needs to send a letter to the department notifying it that it wants to participate in the preferential offer programme. The application and the full package of documents for participation can be submitted later. The deadline for submitting all documents is not specified.
The new condition means that investors will be able to submit an application and use the offer after 15 January. However, only applicants who have sent notices by the due date will receive the discount.
Immigrant Invest is a licensed agent for the Citizenship Programme of St Kitts and Nevis. We will submit the notification and prepare all documents for participation in the programme. If you are interested in the offer and would like a second discounted passport, please contact our lawyers.
What is a contractor payment schedule for?
The citizenship programme of St Kitts and Nevis offers two investment options. Instead of a non-refundable contribution, the investor can invest in properties on the islands. Investors choose one of the projects that is approved by the government. The minimum transaction amount is $200,000.
The investment is deposited in a special escrow account. The Programme Department then distributes the money received to the contractors. The department will now transfer the money to developers on a special schedule.
Developers will only receive the investment once the next construction phase has been completed. They must submit progress reports to the Programme Department. This means that contractors will have to adhere strictly to the construction plan.
The payment schedule will appear at the end of 2020. It will allow the Government of St Kitts and Nevis to ensure that projects are not delivered on time or that the property remains unfinished.
What kind of property can be purchased under the programme in 2020
Investors can choose from 98 properties that are approved by the Government of St Kitts and Nevis. The list of projects is published on the official website of the programme department.
Citizenship Programme participants buy shares, apartments and villas in five-star hotels and resort complexes. The minimum transaction amount of $200,000 corresponds to the value of the shares in the approved project. Apartments cost on average from $300,000 to $400,000. A villa with three bedrooms will cost from $1 million.
Investor can sell the share or property in 5 or 7 years.