Saint Kitts and Nevis: reduced the amount of subsidies to the state fund for families up to 4 people

July 5, 2020
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St. Kitts and Nevis reduced the cost of participation in the citizenship program for investment for families
Photo: Adobe Stock
Saint Kitts and Nevis reduced the amount of investments in the Sustainable Development Fund for families to 4 people. Now it is $ 150 thousand. The remaining expenses under the citizenship program have not changed. The new rule is valid until the end of 2020.

The cost of participation in the St. Kitts and Nevis Citizenship Programme was reduced for families of up to 4 persons. The minimum contribution to the Sustainable Development Fund (SGF) for them is now $150,000 – the same amount as for one applicant. The changes are valid until December 31, 2020.

Reducing the amount of subsidies to the Sustainable Development Fund

The amount of investment in SGF for one applicant has not changed. Also the terms of participation in the program through the purchase of real estate remained the same. The table below shows the cost of participation in the program for the investment option as a non-refundable contribution to the SGF.

Cost of participation before and after changes

Item of expenditure Cost for 1 applican Cost for a family of 4*
(old conditions)
Cost for a family of 4*
(new conditions)
Invest in SGF $150 000 $195 000 $150 000
Due Diligence $7 500 $11 500 $11 500
Passport Fees $361 $1 444 $1 444
Form Processing Fees $250 $1 000 $1 000
Bank commission $200 $400 $400
Issuance of Naturalization Certificate $50 $200 $200
Total $158 361 $209 544 $164 544

*Family members: the investor, his spouse and two children under 16.

St. Kitts and Nevis and the COVID-19 Pandemic

The economy of Saint Kitts and Nevis had been affected by the crisis caused by the coronavirus pandemic. Because of closed borders, there is no flow of tourists, who provide the main income to the state budget. Now the government is looking for ways to compensate for the economic downturn.

Changes in the citizenship programme of Saint Kitts and Nevis are intended to enhance its competitiveness and attract investors’ attention. Prime Minister Timothy Harris said the funds will help further combat COVID-19 and provide assistance to people who have lost their jobs and income.

Changes to other Caribbean programs

Other Caribbean countries have already made changes in their citizenship programmes for investment.

Earlier, we said that Antigua and Barbuda had introduced a new option that would benefit large families. It allows children of investors for 1 year to study for free at the university under the British system.

Saint Lucia has reduced the minimum amount of investment in bonds and subsidies to the National Economic Fund. The country also introduced more lenient requirements for family members of the investor, changed the conditions for their joining and provided a more flexible deferral for payment of the investment.

Dominica has expanded the list of family members of the investor who can participate in the program. It is now possible to include brothers and sisters of investors over 18 years of age in the application. It will also be possible to apply for citizenship for the new spouses and newborn children of each family member after receiving the investor’s passport.

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