The government of St Kitts and Nevis has given a final reminder that their Hurricane Relief Fund is set to close on 30 March 2018. Those who contribute to the fund can gain citizenship at a discounted price compared to the standard CBI program offered by the islands.
The St Kitts and Nevis Citizenship by Investment (CBI) Programme office developed the fund after a particularly devastating hurricane season in hopes that the discounted price would draw in much-needed funds to boost a speedy recovery.
There are currently two routes – excluding the Hurricane Relief Fund – to obtaining a St Kitts passport. The first is a one-time contribution of $250,000 USD to the Sugar Industry Diversification Foundation, plus government fees. The other option is a recoverable real estate investment of $400,000 USD that must be held for 5 years.
The Hurricane Relief Fund is a deeply discounted by comparison, offering citizenship to a single applicant in exchange for a non-refundable contribution of $150,000 USD. A primary applicant with three dependents can gain citizenship for the same amount, with $25,000 USD required for each additional applicant regardless of age.
St Kitts and Nevis is not the only member of the Caribbean Community to reduce minimum contribution amounts for their citizenship by investment programs in order to encourage relief efforts. Other nations, including Grenada and Antigua & Barbuda, also dramatically decreased their minimum contribution amounts.
Antigua & Barbuda’s National Development Fund contribution has been slashed from $200,000 USD to $100,000 USD while Grenada’s National Transformation Fund has been reduced from $200,000 USD to $150,000 USD.
Hurricanes Irma and Maria both caused an extraordinary amount of damage with current estimates in the multiple billions across the Caribbean. The blow to the tourism industry is sure to deepen the impact, although these reductions in CBI fees will go a long way towards mitigating some of the losses.
Anyone interested in St Kitts and Nevis’ Hurricane Relief Fund should visit their government site directly before the program’s expiry on 30 March.