The Prime Minister of Saint Kitts & Nevis, Dr the Honourable Timothy Harris, announced in the first week of April 2018, the new prices of Saint Kitts & Nevis citizenship-by-investment program for both contribution and real estate options.
The Sustainable Growth Fund – to replace the Hurricane Relief Fund, will be a non-refundable contribution to the Federation of St. Kitts & Nevis starting from $150,000 for a single applicant and $195,000 for a family of 4 members.
Destination Of Funds
The new fund will be injected into sustainable areas benefitting every citizen and resident of St Kitts and Nevis. These areas are healthcare, education, alternative energy, heritage, infrastructure, tourism and culture, climate change and resilience, and the promotion of indigenous entrepreneurship,” stated the Kittitian Prime Minister Harris in a press release.
Regarding the real estate investment requirement, Dr Timothy Harris stated that “we will retain the existing real estate investment option at US$400,000, plus US$75,000 in Government fees. This investment can still be resold after five years.
However, there will be another option to attract luxury resort developments, where real estate offering that requires a US$400,000 investment may attract two applicants at US$200,000 each plus government fees. This can only be resold after seven years. We have given favourable consideration to the recommendation by real estate developers for existing developments to qualify for inclusion in the new option.”
Mr Jeremy Savory, CEO and Founder of Savory & Partners, one of the largest companies in the Middle East that provides Citizenship-by-Investment Programs, welcomed the new announcement as “a well-positioned initiative". Since it balances the needs of the Government, the real estate developers of St. Kitts & Nevis and overall market demand.
The predecessor to the newly launched Sustainable Growth Fund was the highly popular six-month-long Hurricane Relief Fund that ended on 31st, 2017 and with it the exceptional lower contribution price for St. Kitts & Nevis Citizenship that was in place since September 2017.
The Hurricane Relief Fund (HRF), was the brainchild of Mr Les Khan, CEO of the St. Kitts & Nevis Citizenship by Investment Unit.
“There has been widespread interest in the Hurricane Relief Fund, and while we do not publish numbers, applications were received primarily from the Middle East and China. Because of the pricing structure, the most significant amount of applications came from families of 3 or more members," noted Mr Khan.
Following on Mr Khan’s statement on the success of the HRF, Mr Savory said, “We oversaw a surge of applications that coincided with the HRF, and although the HRF has ended, its successor is still within reach of many would-be applicants."
Mr Savory concluded that second passport appetite in the GCC region would continue to grow at 36% year-on-year in 2018 as the geopolitical situation in surrounding countries continues to remain volatile.