St Kitts and Nevis citizenship programme offers two investment options – non-refundable contribution and purchase of the real estate. In the second case, investors choose one of the projects which are approved by the national government. The minimum transaction amount is $200,000.
The investment goes into a special escrow account. The programme department then distributes the money received to the contractors. The department will now transfer the money to the developers on a special schedule.
On March 1, 2021, St Christopher and Nevis Citizenship (CBI Escrow Accounts) Regulations, 2020, will come into effect. Under its terms, the developer draws up a schedule of payments for construction and submits it to the Investment Promotion Agency. The agency reviews the schedule and then sends it to St Kitts and Nevis Cabinet for approval.
Developers will receive the investment according to the approved schedule. The Department will only transfer the money to the contractor’s account when the contractor has completed the next phase of construction.
Developers must submit progress reports to the programme department. This means the contractors will have to strictly adhere to the development plan.
The payment schedule will enable the Government of St. Kitts and Nevis to ensure that projects are not delivered on time or that properties remain unfinished.
Which properties can be bought under the programme in 2021
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.