St Kitts and Nevis introduces raft of changes to its Citizenship by Investment Programme, benefits both locals and an intelligent investor

London, Dec. 27, 2022 (GLOBE NEWSWIRE) — The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading […]

London, Dec. 27, 2022 (GLOBE NEWSWIRE) — The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens while creating an enriching base for intelligent investors.

“Today, our progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.”

“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.

Watch the full video announcement here.

The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.

Since his election in August, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has hinted at upcoming changes to the country’s Citizenship by Investment programme – reiterating multiple times that the revamped programme needs to be mutually beneficial to both Kittians and Nevisians and international investors.

The Prime Minister said at a recent event “While we navigate the complexities of managing a small island developing state in this unpredictable and highly globalized world, we have made it a priority to craft a solution to ensure that the evolution of our citizenship programme will be a sustainable model filled with integrity, transparency and accountability.”

The Programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.

“We have crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity that will come through administrative improvements. We have also structured our programme to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful endeavour. Lastly, we have tailored our investment options to align with market realities while preserving the platinum brand our proud nation has developed and nurtured for four decades, operating the oldest Citizenship by Investment Programme in the world,” added the Prime Minister.

To achieve this, the most notable change to the programme will be the introduction of a Board of Governors and a Technical Committee.

Effective next year, a professional Citizenship by Investment Board of Governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.

To further the Programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly. This committee will also be tasked with making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

The Technical Committee will be comprised of a chairperson, this role will be filled by the recently appointed Head of the CBI Unit, Michael Martin; a senior officer and a secretary – who will be a civil servant assigned by the Prime Minister.

 

Applicants can gain second citizenship in 60 days, but only for a limited time

St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its Sustainable Growth Fund – the revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.

Under the Limited Time Offer, investment options are as follows:

  • Single applicant – US$ 125,000
  • Main applicant and a spouse – US$150,000
  • Main applicant, spouse and two dependants – US$170,000
  • Each additional dependant under 18 – US$10,000
  • Each additional dependant over 18 – US$25,000

From 1 July 2023 onwards, applicants investing through the Sustainable Growth Fund will be charged as follows and can expect approval in principle within 90 days of submission of application.

  • Main applicant – US$150,000
  • Main applicant and a spouse – US$175,000
  • Main applicant, spouse and two dependants – US$195,000
  • Each additional dependant under 18 – US$10,000
  • Each additional dependant over 18 – US$25,000

These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.

“This is an exciting time because these policies will continue our progressive course in the global investor immigration industry and cement St Kitts and Nevis’ place as a leader in the Citizenship by Investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” continued the Prime Minister.

It is important to note that these additional layers are not meant to hinder the application process but rather ensure multiple aspects including keeping processing to agreed timelines, all approved applicants are of the highest repute and most importantly, that projects meet the requirement of benefitting the local economy.

Another change is that the sustainable model of the Citizenship by Investment programme will now involve the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.

The evolved St Kitts and Nevis Citizenship by Investment Programme will invite bold and creative investors to facilitate the development of innovative industries in St Kitts and Nevis including construction of real estate developments pursuant to the new administration’s priority infrastructure list. “All projects must bring substantial benefit to the people of St Kitts and Nevis,” noted the Prime Minister.

The government will approve real estate projects to be developed and of these, a designated number of real estate units will be available to be sold to qualifying investors. Real estate projects will be constructed and completed according to a pre-defined schedule and a designated escrow drawdown process will also be implemented.

Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development”.

Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:

  • Fines of up to US$200,000 on summary conviction
  • Revocation/suspension of Approved Development status
  • Removal of Authorised Agent licence
  • Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application

A new Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.

Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.

A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.

Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.

St Kitts and Nevis has created a name for itself as a financial nexus with an attractive citizenship programme underpinned by a sound legal framework and robust multi-layered due diligence.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry.

Watch the full video announcement here.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8720436

President expresses condolence to relatives of personnel martyred in Bannu terror attack

President Dr. Arif Alvi has expressed condolence over the phone to the relatives of the personnel who were martyred in the Bannu terrorist attack on 20th of this month.The President spoke to the heirs of Sepoy Babar Ayub and Lance Naik Haleem on teleph…

President Dr. Arif Alvi has expressed condolence over the phone to the relatives of the personnel who were martyred in the Bannu terrorist attack on 20th of this month.

The President spoke to the heirs of Sepoy Babar Ayub and Lance Naik Haleem on telephone.

The President paid tribute to the martyrs for their bravery, sense of duty and sacrifice for the nation.

He said the sacrifices of the martyrs who sacrificed their lives fighting against terrorism will not go in vain.

The President said the nation stands with its security forces for complete eradication of terrorism. He further said we will not deviate from our mission until we root out terrorism.

Source: Radio Pakistan

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Minister for Poverty Alleviation Shazia Marri has said Pakistan Peoples Party will continue to uphold the mission of Shaheed Mohtarma Benazir Bhutto to ensure supremacy of democracy in the country.

In a video message, Shazia Marri said we pay homage to the lady who fought for democracy, human rights, and economic rights of people in Pakistan.

The minister said Benazir Income Support Programme is associated with the name of Benazir Bhutto which provides income support to 8.5 million poor families.

Source: Radio Pakistan

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Finance Minister Muhammad Ishaq Dar has urged the need to harness true potential of tourism in Gilgit-Baltistan to increase revenue generation for the region as well as country.

He was talking to the Finance Minister of Gilgit-Baltistan Jawed Ali Manwa who called on him in Islamabad on Tuesday.

The Finance Minister of Gilgit Baltistan apprised the Finance Minister regarding public welfare projects being carried out in region and financial constraints.

Ishaq Dar said present government is committed to the development and progress of all regions including Gilgit-Baltistan.

He said utilization of tourism potential will portray a beautiful image of the country all over the world.

The Finance Minister agreed to extend support of the present government for the development of the Gilgit-Baltistan.

Source: Radio Pakistan

New reserves of Gas, Condensate explored in D.I.Khan

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Ministry of Energy in collaboration with private partners has explored new reserves of Gas and Condensate from an exploratory well in Dera Ismail Khan, Khyber Pakhtunkhwa.

The well was drilled down to depth of 3527 meters and as a result of drilling, potential hydrocarbon bearing zones were identified showing reserves of 39.12 Million Standard Cubic Feet per Day Gas, 1840 Barrels of Condensate per Day and 32.8 Barrels of Water per Day.

The discovery will positively contribute to mitigating energy demand and supply gap from indigenous resources, less reliance on imports of the oil and gas and will add to the hydrocarbon reserves base of the country.

This is the 15th Oil and Gas discovery during the current calendar year.

Source: Radio Pakistan

Pakistan, China agree to enhance collaboration for emergency & disaster management

Pakistan and China have agreed to enhance collaboration for emergency and disaster management. The understanding was reached during meeting between Chairman NDMA, Lieutenant General Inam Haider Malik and Chinese Ambassador to Pakistan …

Pakistan and China have agreed to enhance collaboration for emergency and disaster management.

The understanding was reached during meeting between Chairman NDMA, Lieutenant General Inam Haider Malik and Chinese Ambassador to Pakistan Nong Rong in Islamabad on Tuesday.

The Chinese ambassador suggested to devise a comprehensive bilateral MOU between NDMA and Ministry of Emergency Management of China to remodel the National Preparedness and Disaster Response Regime of Pakistan by complementing it with latest technology of Early Warning System and Weather Prediction Analysis.

He underscored the need for strong collaboration in climate-induced disaster management and further expansion of existing working relation with Pakistan.

Speaking on the occasion, the Chairman NDMA thanked the overwhelming support by Chinese Government in rescue, relief and rehabilitation operations during recent floods in Pakistan.

He shared details of transformation plan of futuristic and technology-driven National Emergency Operation Centre which will be the interface of integrated emergency response with all government departments, humanitarian agencies and international donors.

Source: Radio Pakistan

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Prime Minister Shehbaz Sharif says road and railways connectivity projects between Pakistan and Central Asian states will not only bring the trade communities together but also usher in a new era of peace and prosperity in the region.

He was talking to a high level delegation of Uzbekistan led by Deputy Prime Minister and Minister for Investment and Foreign Trade Khodjaev Jamshid Abdukhakimovich in Islamabad on Tuesday.

The Prime Minister appreciated that fruitful discussion between business communities of the two countries to establish business to business contacts would enhance bilateral trade and investment.

Recalling his recent meetings with Uzbek President Shavkat Mirziyoyev on the sidelines of SCO Summit in Samarkand and CICA Summit in Astana, the Prime Minister reaffirmed Pakistan's resolve to further enhance the existing ties between the two brotherly countries.

The delegation apprised the Prime Minister of their meetings in Pakistan during which it was agreed to enhance economic and trade ties between the two countries.

They expressed satisfaction that bilateral relations between Pakistan and Uzbekistan is further deepening and pace of interactions is moving at a positive trajectory.

Source: Radio Pakistan

Govt attaches top priority to increase of country’s exports: Ahsan

Minister for Planning and Development Ahsan Iqbal has said the government attaches top priority to increase country’s exports while following the policies of exponential growth.Chairing a meeting in Islamabad today, he directed to expedite the work on …

Minister for Planning and Development Ahsan Iqbal has said the government attaches top priority to increase country's exports while following the policies of exponential growth.

Chairing a meeting in Islamabad today, he directed to expedite the work on establishing of 1000 Industrial Stitching Units, while engaging private sector to help increase country’s exports.

The Minister said the sustainable economic growth is possible only through increasing productivity.

Urging the private sector to play their role, he assured them the government will fully facilitate them while filling the missing links and to ensure the quality of equipment.

SMEDA will set up 1,000 ISUs under different phases of the Public Sector Development Programme.

Source: Radio Pakistan