The Federation of St. Kitts and Nevis has made some adjustments including changes to the country’s real estate CBI offering. The Citizenship by Investment Unit (CIU) announced the changes to the CBI Programme and said they “are expected to increase demand in St. Kitts and Nevis, aiding the economic growth of the Federation.”
In a press release, CIU said “October’s new regulations revise the minimum investment amount in real estate, reducing the minimum investment to US$325,000, from US$400,000 while the minimum investment in a single-family private dwelling home has been lowered from US$800,000 to US$600,000. It came after consultations with local and international stakeholders, indicating the Federation’s focus on innovating the Programme in line with market needs to generate economic growth.
Additionally, other changes include: a reduction in eligible age for dependent parents from 65 to 55 and a reduction in fees for the addition of newborn children from $30,000 to $7,500. The CIU’s Technical Committee has been revamped and will comprise of five industry experts across both government and CIU.
The developments are expected to boost demand in the Federation’s real estate CBI options, which have a proven track record of creating jobs and bringing high levels of investment into St. Kitts and Nevis. The changes are also likely to make the CBI Programme more competitive within the global market.
Chairman of the Board of Governors of the CIU, Calvin St. Juste, provided the rationale for the changes and said “we have been leading the industry by crafting the sustainable model and fulfilling the standards set out by the international community. The modifications in the investment amount have been taken to align with market realities while preserving the premier brand of SKN and positioning it as the first choice for investors.” St. Juste added that these changes maintain the standards that are set by the St. Kitts and Nevis CBI Programme over the past four decades, ensuring that the evolution of the Programme will fulfil the Sustainable Island State Agenda.
