St. Kitts and Nevis Investment Immigration Project Policy Update!
In December 2022, the St. Kitts and Nevis Investment Immigration Bureau recently released a series of new policies for its investment immigration projects, covering 8 aspects including investment immigration bureau management, real estate options, fund limited time discounts, public welfare investment options, private residence options, international marketing agency management, government fee reductions, and accelerated application channels. The project content has been clarified, project fees have been adjusted, and project management regulations have been carried out. The changes are expected to be fully implemented in 2023.
The following will provide a comprehensive analysis of the 8 aspects of the project update
New Deal 1
Sustainable Development Fund launches six-month limited-time discount
From January 1, 2023 to June 30, 2023, the Sustainable Development Fund launches limited-time discount! The price of
- has been reduced: after the discount, a single applicant only needs 125,000 US dollars (original price is 150,000 US dollars), the price for the main applicant and his spouse to apply jointly is only 150,000 US dollars (the original price is 175,000 US dollars), and the joint application price for a family of four has also been reduced to 195,000 US dollars.
- 60-day fast approval: During the promotion period, the application processing time is shortened from 90 days after submitting the application to obtaining in-principle approval within 60 days after submitting the application.
The specific price list is as follows:
New Deal II
Real Estate Options-Strengthening the Protection of Investors’ Rights and Interests and Supervision of Real Estate Project Quality
1. The government is determined to strengthen real estate supervision, strictly control and approve real estate, and further ensure the rights and interests of investors:
- Clarify the sale of a designated number of real estate units
- Specify the construction completion timetable
- Specify the escrow withdrawal process
- Only approved developers are eligible to join the real estate option for investment immigration
- The current "approved real estate projects" will lose this authorization after the implementation of the new regulations, and need to re-apply to become an "approved development project". The minimum investment for the
- investment real estate option remains unchanged at $200,000.
[Special Note] The new regulations clarify that the minimum investment amount does not include the following:
(1) International marketing agent commission;
(2) Authorized agent fee;
(3) Advance payment to the main applicant or any subsidiary applicant;
(4) Financial return, guaranteed return, advance payment or any type of payment to the main applicant or any subsidiary applicant;
(5) due diligence fees;
(6) investment immigration application fees;
(7) investment immigration application form fees;
(8) commissions of any other nature; and any other related fees listed in Article 35 of
(9).
2. The minimum investment amount must be strictly adhered to. This update also clarifies the penalties for circumventing the minimum investment amount, including:
- A fine of up to East Caribbean Dollars 10,000,
- Revocation of the approved development status
- Suspend or revocation of the authorized agent license
- Blacklisting individuals or entities on the official website of the Investment Immigration Bureau as being ineligible to submit investment immigration applications.
New Deal Three
Public Welfare Investment Option (formerly Alternative Investment Option)
Alternative Investment Option was renamed as Public Welfare Investment Option in this change, which means that the government will use a large amount of funds to inject the country's public welfare project construction . Investors who choose this option need to invest in pre-approved public welfare investment projects. The approval content of
includes: selling a specified number of public welfare investment units, specifying the distribution schedule of public welfare investment units, and determining the custody withdrawal process. The minimum investment amount for the charity investment option remains unchanged at US$175,000 (state-owned entities).
[Special Note] The new regulations clarify that the minimum investment amount does not include the following:
(1) International marketing agent commission;
(2) Authorized agent fee;
(3) Advance payment to the main applicant or any subsidiary applicant;
(4) Financial return, guaranteed return, advance payment or any type of payment to the main applicant or any subsidiary applicant;
(5) Due diligence fee;
(6) Investment immigration application fee;
(7) Investment immigration application form fee;
(8) Commission of any other nature; and any other related fees listed in Article 35 of
(9).
New Deal IV
Requirements for private residential options are clarified
This update further clarifies the requirements for investing in private residential options:
- 7 It shall not be resold during the year
- shall not be resold to other investment immigration project applicants
- shall not be converted from a single-family house to an apartment or condominium
- All purchase fees shall be deposited in an irrevocable escrow account
- The minimum investment amount is US$400,000
[Special Note] The new regulations clarify that the minimum investment amount does not include the following:
(1) International marketing agency commission;
(2) Authorized agent fee;
(3) Advance payment to the main applicant or any subsidiary applicant;
(4) Financial return, guaranteed return, advance payment or payment of any kind to the main applicant or any subsidiary applicant;
(5) Due diligence fee;
(6) Investment immigration application fee;
(7) Investment immigration application form fee;
(8) Commissions of any other nature; and any other related fees set out in clause 35 of
(9).
New Deal Five
Government Fees Reduced
Starting from January 2023, the government fee standards for real estate options, private residence options and public welfare investment options are as follows:
New Deal Six
Accelerated Application Channel (APP)
The original accelerated application channel was only applicable to the Sustainable Development Fund. Now the New Deal expands the applicable options of the accelerated application channel. All four investment options can apply for AAP. The combined calculation of government fees and accelerated application channel fees is detailed below:
New Deal Seven
The management division of the Investment Immigration Bureau is clear
The internal management of the Investment Immigration Bureau first ushered in a more standardized clarification, which divided the management matters of the different stages of the investment immigration project. It is clearly divided into different departments. For example, the Board of Directors of the Investment Immigration Bureau will be responsible for the activities of the Investment Immigration Bureau and general operational supervision. Supervision powers such as reviewing investment immigration applications and supervising the compliance of due diligence investigations will be handed over to the technical committee. This move clarifies the internal division of labor, focusing on the two aspects of external market observation and internal strict review, and grasping the healthy and sustainable development of the investment immigration project from both macro and micro aspects.
New Policy 8
International Marketing Agency
This policy update clarifies the responsibilities of the international marketing agency in Saint Kitts and Nevis. The Council may designate a body corporate to act as an international marketing agent to market the St. Kitts and Nevis Investment Immigration Program to potential clients. The application requirements and materials to become an agency in St. Kitts and Nevis are as follows:
- Proof of registration as a body corporate
- Names and two photo identification documents of all shareholders and directors
- Proof of contractual relationship with authorized agents
- Copies of approved AML, anti-terrorismfinancing and KYC policies
- Copy of each shareholder and director 4,000 The non-refundable due diligence fee of USD
After successfully applying to become the international marketing agent of the St. Kitts and Nevis Investment Immigration Project, you can obtain a certificate issued by the Council and will be published on the website of the Investment Immigration Bureau.
's existing international marketing agents will remain available until January 31, 2023, after which they will need to reapply to regain eligibility. The reshuffle of
means that Saint Kitts and Nevis will be more rigorous in selecting professional and rigorous companies in the industry as project agents. Investors can then enter the official website of St. Kitts and Nevis to find and select officially certified agents to cooperate with.The
agent period is one year, which means that the certified agent needs to reapply on November 30 every year.
Summary
Since being elected in August, Prime Minister of Saint Kitts and Nevis Dr. Terrence Drew has focused on the reform of the investment immigration program. On December 13, Prime Minister Drew appointed Michael Martin as the new Director of the Investment Immigration Bureau. Director Martin led the project policy update to strive to bring more benefits to the citizens of St. Kitts and Nevis and international investors, and to protect the rights of investors.
source: CSGlobal, intrusion and deletion!
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