The Option of a Second Passport – St Kitts & Nevis Citizenship by Investment
Background
Individuals and families are becoming increasingly mobile and the ability to hold a second passport, such as a St Kitts and Nevis passport, is becoming more relevant. The Caribbean is an attractive destination for a number of reasons, including the relaxing lifestyle, beautiful scenery and the climate.
Why do Families and Individuals Require a Second Passport?
There are a variety of reasons why wealthy individuals wish to acquire a second or alternative nationality:
- To offer insurance against political, economic or fiscal change in the individual’s country of origin.
- To make international travel easier.
- To allow the passport holder to avoid discrimination and avoid the risk of potentially hostile treatment by Government officials, kidnappers and hostage takers.
- Tax structuring of personal tax affairs (more information can be provided on request).
- Citizens of the United States of America and certain other countries are subject to tax on their worldwide income, irrespective of their country of residence. They are denied the residence-linked tax planning opportunities that are available to others. It is possible for such individuals to gain fiscal advantages by acquiring a new citizenship and renouncing their original citizenship.
There are a number of different options for citizenship within the Caribbean. A major advantage of St Kitts & Nevis Citizenship is that it guarantees receipt of a St Kitts & Nevis passport, with full Schengen travel rights throughout Europe.
The St Kitts & Nevis Citizenship by Investment scheme enables citizenship to be obtained by individuals through 3 alternative investment programmes. An inidvidual can receive a St Kitts & Nevis passport in 3 months or less from the application date.
St Kitts and Nevis Passport – what does this offer?
- A single application can include children up to a maximum age of 30 and parents with a minimum age of 55 and unmarried, dependent siblings up to the age of 30.
- There is a fast track process which enables applicants receipt of a St Kitts & Nevis passport in 45 days.
- Passport holders enjoy full Schengen privileges and can travel to approximately 156 countries worldwide, either on a visa free, or visa on entry basis. A visa is not required to visit the UK.
In addition, there is no personal income tax, no gift tax, no death duties, no estate tax, no inheritance tax and no capital gains tax on worldwide income.
- The passport allows the holder to reside and work in other Caribbean Community countries (Caricom) if they wish to do so. There are 15 Caricom member states.
What are the St Kitts & Nevis Investment Routes?
There are three investment routes available:
1. Sustainable Growth Fund (SGF) Contribution
- A single applicant can make a contribution of US$150,000 to the Sustainable Growth Fund (SGF).
- The addition of a sibling under the Sustainable Growth Fund, will be US$20,000.
- For additional dependants (children or parents), the contribution requirement is US$10,000 per dependant.
2. Real Estate Investment
There are two options available for applicants seeking to qualify for citizenship by investing in real estate: by investing in a pre-approved real estate development or, for a limited time only, through the purchase of qualifying private residential property.
1. Approved Property Development
- Investment of a minimum US$400,000 in an approved property development. The property must be held for a minimum of 5 years after the citizenship has been granted.
A registration fee is payable by the applicant and additional fees are required for the spouse, children under the age of 18 and additional family members over the age of 18. The addition of a sibling is US$40,000.
If this route is selected, the Dixcart office in Nevis can help source management services for the property, which can be sold on after 5 years.
2. Luxury Real Estate
- Investment of a minimum US$200,000 in new luxury real estate. The property must be held for a minimum of 7 years after the citizenship has been granted.
A registration fee is payable by the applicant and additional fees are required for the spouse, children under the age of 18 and any additional family members over the age of 18. The addition of a sibling is US$40,000.
3. Alternative Investment Option (AIO)
Applicants have the option to invest in an alternative project that has been approved by the St Kitts & Nevis Government. Alternative Investment projects can be Government or privately owned.
- An investment of US$175,000 for up to a family of four, in a Public Good Project Developer (PGPD) project which is fully funded by the PGPD. All other fees will apply as per the real estate option.
- An investment of US$200,000 for up to a family of four in a Private Enterprise Developer (PED), where the built or funded asset is privately owned. Standard real estate government fees also apply.
Potential projects should be identified by the Government or can be suggested by private individuals with access to financing who approach the Government with potential projects that are not already on the Government’s infrastructure list. Once the asset has been completed and operated for a reasonable period of time (that allows for a reasonable return on investment) must be turned over to the Government in a maintained condition consistent with prudent ownership.
Dependants
- Unmarried dependant children who are older than 18 but younger than 30 may be included in the application.
- Dependant parents aged 55 or above may also be included. Citizenship can be passed on to future generations by descent.
- Siblings may be added to the application if he/she is the brother or sister of either the main applicant or his/her spouse, is unmarried and childless, under the age of 30, and dependent on the applicant for financial support.
Fast Tracking
The processing time for any one of the three routes above, to gain St Kitts & Nevis Citizenship is approximately 3 months. For an additional US$46,000, however, the application can be fast-tracked and the passport received in approximately 45 days.
Sponsorship
There is the ability to sponsor applicants. A direct relative can sponsor another direct relative and a common law partner can sponsor another common law partner. Further information can be provided on request.
Additional Information
Dixcart is a licensed Service Provider for the St Kitts & Nevis Citizenship by Investment programme and can provide comprehensive details of the alternative application routes available, any additional fees that might be required, and assist with the coordination of applications.
If you would like additional information regarding the St Kitts & Nevis Economic Citizenship Programme please contact John Mellor at our office in Nevis: advice.nevis@dixcart.com or your usual Dixcart contact.
