According to a Feb. 13 press release from the Office of the Prime Minister, the government of St. Kitts & Nevis has approved a request from real estate developers on the islands to lower its fees associated with the Citizenship by Investment (CBI) Programme.
The fee reduction would apply to the real estate option of the program, lowering the government fees associated with an application of a family of four down to $75,000 USD. The cost for a family of four before the reduction would have been $125,000 USD or more, considering the fee breakdown below:
- $50,000 USD for the main applicant
- $25,000 USD for the spouse of main applicant
- $25,000 USD for each child of the main applicant under 18 years
- $50,000 USD for each qualified dependent of the main applicant over 18 years other than their spouse
The announcement was made by Prime Minister Timothy Harris to the National Assembly after he and members of his cabinet held talks with local real estate developers. The discussions revolved around the increasing competition among the CARICOM nations and their CBI programs, specifically how to make St. Kitts a more attractive option while maintaining the integrity of the program.
Prime Minister Harris commented on the adjustments:
“They made a case to the Cabinet. Cabinet received that case and determined that we could assist in further giving a boost to our real estate programme by making an adjustment in the fees. And so we have decided that the government fees will be adjusted to $75,000 for a family of four. This makes us more competitive, although we are still above the threshold in other CBI jurisdictions.”
That threshold for the real estate program is a minimum $400,000 USD recoverable investment, which must be held for no less than 5 years. This is pricier than the real estate route of other Caribbean nations, though Harris has said this is intentional to maintain St. Kitts “platinum brand”.
The announced reductions arrive as the government’s Hurricane Relief Fund nears its expiration date on March 31, 2018. Investors can contribute a lump sum of $150,000 USD to the fund and gain citizenship for themselves, a spouse, and up to two dependents.
Those interested in the fund can find more information here.