Economic citizenship program
Established in 1984, The St Kitts and Nevis Economic Citizenship Program is one of the oldest, and the most respectable, citizenship by investment program in the world.
The Government of St. Kitts and Nevis allows investors the opportunity to obtain full citizenship by statute through its government sponsored investment program (the “Citizenship by Investment Programme”). This citizenship programme is internationally recognised, well regulated and legitimate. Regulations for the Citizenship by Investment Programme is fully supported by the Sovereign Government of St. Kitts and Nevis.
There are a number of benefits and advantages to the St. Kitts Citizenship by Investment Programme. The St. Kitts and Nevis Passport is very well regarded and only bearers of these passports enjoy the benefits of dual citizenship for secure banking purposes, asset protection, company management and guaranteed confidentiality. Additional advantages are listed below:
Advantages of St. Kitts and Nevis Dual Citizenship and Passport:
- Dual citizenship – Citizens of St. Kitts and Nevis are entitled to hold dual citizenship. The acquisition of citizenship is not reported to other countries or to the country of origin of the individual.
- No restriction through naturalisation – this is of particular interest to nationals of Canada, USA, UK, Russian Federation and former CIS countries and the UAE whom may be, for differing reasons, restricted from acquiring citizenship through nationalisation in any other country. St. Kitts and Nevis administration has no specific restrictions on any particular nationals to participate in the citizenship and passport programme. All applications are accepted on a common basis and are subject to standard due diligence and vetting procedures.
- Choice of investment either by a non-refundable cash donation or by buying real estate that can be used as an investment, for renting or for personal use.
- Visa free travel to more than 120 countries such as the UK, Switzerland, Canada, Hong Kong, Singapore, Malaysia and all EU Schengen countries
- No obligation to reside in the country and no minimum stay is required
- Choice if places to live – by having St. Kitts and Nevis citizenship doors can be opened to other options of obtaining a residency permit. There will be fewer formalities and certain privileges for staying or working in CARICOM member states.
- Easier to obtain another residency programme – as the bearer of a St. Kitts and Nevis Passport there is an increased chance of obtaining the Investors Visa in the UK or residence permit in a European country such as Switzerland or Germany.
- Tax free status on foreign income, capital gains, gifts, wealth and inheritance tax.
- Lifetime citizenship is granted
- Second passport – Easy to obtain a second passport and citizenship for family members
- Legal programme by status – the Citizenship by Investment Programme is a legal programme based on the statute. The granted citizenship will not be revoked regardless of the changes in government policy. This can provide a high degree of personal confidence in turbulent times.
As of January 2012 the Government of St. Kitts and Nevis has agreed new investment amounts. There are two options in order to qualify for citizenship by investment; by making a donation to the Sugar Industry Diversification Foundation (SIDF) or the Real Estate Investment option.
Real Estate Option:
The minimum investment required for the real estate option is currently 400,000 USD or the equivalent in dollars of the Eastern Caribbean Central Bank (XCD) in an approved real estate project. Only villas or condominium units from an approved developer will qualify for citizenship.
Two or more applicants may apply for citizenship through joint investment by purchasing real estate provided that each applicant contributes the minimum investment of 400,000 USD towards the investment.
In addition to the investment required the following processing and due diligence fees are payable to the government of St. Kitts and Nevis:
Government & Due Diligence Fees:
|Applicant:||Government Fees:||Due Diligence Fees:|
|Main Applicant||USD 50,000.00||USD 7,500.00|
|Spouse||USD 25,000.00||USD 4,000.00|
|Child below 18 years of age*||USD 25,000.00||USD 4,000.00 for applicants above the age of 16|
|Dependent above 18 years of age||USD 50,000.00||USD 4,000.00|
Please note that all legal fees for the purchase, registration and tax of the property are the responsibility of the applicant.
Sugar Industry Diversification Foundation (SIDF) Contribution:
The Sugar Industry Diversification Foundation (SIDF) option offers four distinct categories for application:
|Category||Non Refundable Contribution:|
|Single Applicant||USD 250,000
(two hundred and fifty thousand USD)
|Applicant with up to three dependents
(i.e. one spouse and two children below the age of 18)
(three hundred thousand USD)
|Applicant with up to five dependents||USD 350,000
(three hundred and fifty thousand USD)
|Applicant with up to seven dependents||USD 450,000
(four hundred and fifty thousand USD)
- Additional contribution for each dependent above seven dependents – USD 50,000.00
- Additional contribution for each qualified dependent (unmarried, dependent children of, parents) of the main applicant above the age of 18 years old – USD 50,000.00
The contribution into the SIDF escrow account must be made after the application has been approved in principle. Applicants will be given 90 days in which to transfer the funds.
Due Diligence Fees:
- Fees for main applicant – USD 7,500.00
- Fees for each dependent above the age of 16 – USD 4,000.00
How to Proceed:
Upon the payment of a non-refundable retainer fee a complete set of forms will be sent to be completed in addition to detailed explanations regarding the documents required. Eltoma Corporate Services will provide support throughout the application process making this as simple and straightforward as possible. Your issued documents (Certificate of Citizenship and associated passport) can be delivered by courier or collected at our representative chambers in Basseterre, St. Kitts.
For further information on the programme or to arrange a consultation please do not hesitate to contact us. We can also provide details of our service fees plus answer any queries you may have.
The Belize IBC Amendment Act 2017: 3 notable changes for businesses
Belize has amended its International Business Companies Act. These changes were to maintain its financial services industry in the increasingly regulated international market & meet the OECD white list requirements.
Cryptocurrency & ICOs as securities & virtual commodities as per Hong Kong law
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of Initial Coin Offerings (ICOs) for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as "securities" and as such are therefore governed by the relevant securities legislation of Hong Kong.
New licensing regulations for Trusts & Service Providers in Hong Kong
As per new regulations, all Hong Kong businesses providing Trustee Services, including Corporate Service Providers will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
The terms of Hong Kong's new register of significant controllers and what it means for companies
As per new legislation, from March 1st 2018, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
The pros & cons of European Passport-by-Investment schemes
In a bid to rebuild the dwindling economy in Cyprus shortly after the financial crisis four years ago, the government launched a passport-by-investment program to temp wealthy foreigners with citizenship in exchange for an investment of no less than €2 million into the Cyprus economy.
Using the Cyprus Non-Dom scheme for beneficial tax planning
In an attempt to improve and simplify the Cyprus tax system as well as to remain a highly compliant and attractive jurisdiction, the introduction of the non-domicile (shortened to Non-Dom) scheme aims to give Cyprus a competitive edge over other jurisdictions.
How are Cyprus banks handling the island's high rate of NPLs? Can more be done to combat them?
It is no secret that the Cyprus banking sector is struggling with the overwhelming level of Non-Performing Loans (NPLs), no matter the efforts exerted by the main banks in Cyprus by following conventional banking models to balance their profit/loss reports, NPLs remain to be the proverbial hole in the bucket.
Income tax exemptions for expats living in Cyprus: what are your options?
Situated in the Eastern Mediterranean, the Republic of Cyprus boasts a strategic geographical location at the hub of three continents; Europe, Asia and Africa and a pleasant sunny climate year round.