St Kitts and Nevis continue to offer fastest Citizenship by Investment Programme

Basseterre: Citizenship by Investment is a process under which an individual receives second citizenship by economically investing in the host country. Citizenship by Investment (CBI) Programme has been beneficial compared to the normal immigration process for not only investors but also the countries offering the programme as it gives economic stability in the longer run.

St Kitts and Nevis CBI Programme is a strict process, and to complete the procedure, the federation has an international third-party firm that rigidly and closely evaluates the whole procedure of due diligence so that citizenship is granted to only reputed applicants and investors.

For the past few years, many countries have been allowing applicants to have citizenship through CBI Programme. One of those is an island country in the Caribbean – St Kitts and Nevis.

According to the various reports by the prominent international firms, St Kitts and Nevis provide the best Citizenship by Investment Programme service. Several renowned international companies such as Financial Times, PWM Magazine, CBI Index, Ernst & Young and Smith and Williamson have applauded the CBI programme of the island country, majorly because of their rigid and stringent due diligence process.

Report by Smith and Williamson (Citizenship vs Residency) –   [caption id="attachment_40290" align="alignleft" width="214"] Smith and Williamson report on Citizenship by Investment[/caption] The United Kingdom financial and professional services firm Smith and Williamson has praised the country because of its integrated and rigid Citizenship by Investment Programme. The firm further said that the government had continuously upgraded its due diligence procedure, making the process safe and secure.

The report published by the professional service firm, as St Kitts and Nevis’s personal income tax regime, there is no concept of the tax residence under the country’s law. The applicant, being the resident, has to pay several numbers of the taxes, such as property taxes and statutory payroll deductions. However, these taxes would be only applicable if the applicant has intentions to stay in the country and have lived in the country for at least six months.

Report by Ernst and Young – In accordance with the report by the multinational accounting firm Ernst and Young (E&Y), the Citizenship by Investment Programme of St Kitts and Nevis did not promote tax evasion and avoidance. The report further notified that citizenship should be different from tax residence. [caption id="attachment_40291" align="aligncenter" width="333"] Ernst and Young Report on Citizenship by Investment[/caption]

According to the report by the accounting firm, the applicant and their families can enjoy the second citizenship by St Kitts and Nevis’ CBI Programme after contributing to the national funds, which is mostly regarded as the Sustainable Growth Fund, introduced by Prime Minister Timothy Harris in the year 2018.

The Prime Minister, at that time, mentioned that the Citizenship by Investment Programme of St Kitts and Nevis would be one of the straightforward routes to possess the citizenship of the island country.

Balraj Bhatia QC Opinion – As per the report by the Balraj Bhatia QC Opinion, the CBI programme of St Kitts and Nevis does not confer the status of tax residents. St Kitts and Nevis’ CBI Programme do not provide tax incentives. To become a citizen, a person has to qualify as a tax resident of the island country for purposes of the CRS. [caption id="attachment_40284" align="aligncenter" width="300"] QC Balraj Bhatia Opinion on Citizenship by Investment[/caption]

The report further claimed that the applicants under this programme receive citizenship only, as evidenced by a certificate of registration.

The report further commended the due diligence procedure of the country and said that because of the upgraded and stringent background checks of the country, it has the best Citizenship by Investment Programme.

The report was published during a time when other nations were struggling and were criticized because of their inefficient investment programmes and among all these, St Kitts and Nevis emerged as efficient and confident CBI industries.

World Citizenship Report (WCR) – The World Citizenship Report (WCR) is prepared after a research-driven approach that focuses on the major factors of the second citizenship (or second passport). The authorities prepare the WCR Ranking, which reflects the value of citizenship like a typical citizenship investor – the High Net-Worth Individual (HNWI) global citizen. [caption id="attachment_40294" align="alignleft" width="233"] World Citizenship report[/caption]

According to the World Citizenship Report, the Citizenship by Investment Programme of St Kitts and Nevis is one of the longest-running in the world. Now, after so many years, the country has established a reputation across the globe and is now known as the “Platinum Standard” brand of the industry.

The report further mentioned that the CBI Programme of the island does not lose its importance, and even after three decades, citizens (from another country) and investors counts it as a priority due to its longevity and commitment to due diligence processes.

As per the report, the country has bagged a respectable score, the highest among all the Caribbean CBI nations. The island country has achieved top scores in Global Mobility motivators, Safety and Security and Quality of life.

CBI Index 2021: In 2021, St Kitts and Nevis emerged as the leaders of the “economic investment”. According to the CBI Index published by the Financial Times’ Magazine Professional Wealth Management (PWM), it has been regarded as the “World’s Number One CBI Programme”.

The CBI Index has always applauded the island nation because it’s transparent and secures due diligence procedures and stringent CBI programmes. According to the latest report, the CBI programme has contributed in the development of these small islands.

[caption id="attachment_40293" align="aligncenter" width="411"] Citizenship By Investment Index (CBI Index)[/caption]

CBI Index further emphasized that the applications are closely checked and undergo rigid background checks to ensure that the citizenship is only granted to the eligible and reputed applicant.

Undoubtedly, the Citizenship by Investment Programme of St Kitts and Nevis is the world’s safest and best, the report claimed.

[caption id="attachment_40292" align="aligncenter" width="275"] Scores given by CBI Index[/caption] Why opt for Citizenship by Investment of St Kitts and Nevis?

The most important thing that boosts the citizenship by investment programme in St Kitts and Nevis is that the island country provides citizenship in less than 60 days, which is fasted in the world, as per the reports by the CBI Index. The country follows the Accelerated Application Processing (AAP).

The minimum investment, the applicant, has to make is $150,000.

The citizenship by investment programme of St Kitts and Nevis could be enjoyed by the generations by descents, along with the individual and their family. Some of the benefits which one can enjoy are–

• The second passport of St Kitts and Nevis would allow them visa-free or visa-on-arrival travel to around 157 destinations, including Hong Kong, Russia, the UK, Europe’s Schengen Area and Singapore.
• The Citizenship by Investment offers “Citizenship-by-descent” for future generations.
• St Kitts and Nevis offer the applicant to include a spouse, parents, children under 31, grandparents and unmarried dependent siblings under 31 with no children.
• The citizens from St Kitts and Nevis enjoy the privilege in the United Kingdom and other Commonwealth countries as the island nation is a member of the Commonwealth.
• The government of the island country haven’t put any bar on the minimum stay.
• St Kitts and Nevis is an eye-catchy location; it is the finest as a second home.

What are the basic requirements of Citizenship by Investigation in St Kitts and Nevis?

St Kitts and Nevis Citizenship by Investment Programme demands a significant economic contribution to the country. To qualify for the CBI Programme, the age of the applicant must be above 18 years and must obey two of the following options –

1.) Sustainable Growth Fund: The single applicant can apply via a non-refundable of USD 150,000. If the applicant is applying for a spouse would have to pay USD 25,000 extra, for each sibling USD 20,000 and USD 10,000 for other qualifying dependents (rather than spouse and siblings). 2.) Real Estate: For an approved real estate development, the applicant might purchase a real estate worth USD 200,000 (could resale after seven years) or USD 400,000 (could resale after five years). 3.) Private Home: The applicant can buy a private home worth USD 400,000. It is a must that the applicant has property for five years, and it cannot be used again in subsequent citizenship by investment application.

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