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21 January, 2021

Citizenship of St Kitts and Nevis: investing in real estate will become more secure in 2021

The government will start to tighten control over developers who build properties under the citizenship programme. We tell you about the new guarantees.

Photo: Adobe Stock

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.

Citizenship of St. Kitts and Nevis by investment in real estate: buy an apartment in a resort complex
An example of a spa resort complex in which an investor can buy apartments to participate in the citizenship programme of St Kitts and Nevis. The cost of a two-bedroom apartment is $400,000.

Immigrant Invest is a licensed agent of the Saint Kitts and Nevis citizenship program by investment. If you want to get a second passport, seek advice from experts in investment programs.

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Citizenship of St Kitts and Nevis: investing in real estate will become more secure in 2021