Changes to St. Kitts and Nevis CBI Programme signal promising first month for new statutory corporation
The St. Kitts and Nevis Citizenship by Investment Unit (CIU) announced significant amendments to its CBI Programme, including changes to the country’s real estate CBI offering. The announced changes are expected to increase demand in St. Kitts and Nevis, aiding the economic growth of the Federation.
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. This change 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.
Other notable changes include a reduction in eligible age for dependant parents from 65 to 55 and a reduction in fees for the addition of newborn children from $30,000 to $7,500.
The Technical Committee, established to ensure the highest standards of governance for the CBI Programme, has been strengthened further and will now be comprised of five industry experts across both government and CIU, whose sole objective is to safeguard the Programme’s integrity and longevity.
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.
A key player in driving these changes was the Board of Governors of the CIU, headed by Chairman His Excellency Calvin St. Juste.
Explaining the recent change of lowering the investment threshold in real estate, St. Juste 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 St. Kitts and Nevis 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.
These promising developments come following the establishment of the statutory corporation on 1 October and an international tour spanning the Middle East and Asia, demonstrating to both local and international markets, CIU’s commitment to moving decisively to reinvigorate the programme under the leadership of its new Chairman Mr Calvin St Juste and the Board of Governors.
