- September 26, 2017
- Posted by: CIP Journal
- Category: Citizenship
St Kitts and Nevis announces new cheaper version of citizenship by investment scheme USD 150,000 one time donation to “Hurricane relief fund”.
The new Hurricane relief fund option is open to families of between one and four persons and will remain open until the end of March which is a limited time offer.
Previously in order to become a citizen of St Kitts and Nevis, the minimum investment under SIDF remains the same USD 250,000 one time donation or USD 400,000 investment in a property.
Hurricane Irma destroyed 95% of Barbuda while Hurricane Maria caused a catastrophic destruction of Dominica sparing other caribbean countries. Dominica and St Lucia still have the cheapest citizenship by investment programmes in the Caribbean starting from $100,000.
According to St Kitts CIU website , The government of St Kitts and Nevis was in agreement and in a meeting of the Cabinet on Friday September 23, 2017 they approved a Hurricane Relief Fund which is to be hosted by the Citizenship Investment Unit.
The investment product will see a proportion of the investment going into the Hurricane Relief Fund to be distributed upon application. Citizenship by Investment applicants will make a non-refundable contribution of USD $150,000.00 which will go into the Hurricane Relief Fund. The fees for agents and services providers will remain as standard.
Prime Minister, Dr the Honourable Timothy Harris said about the initiative:
“Although Hurricane Irma did not make a direct hit on the Federation, it caused danger to the public sector and private property, with damages of substantial amounts to the order of 150 million and the Hurricane Season is not over yet. The government of St. Kitts and Nevis would like to be in a position to provide assistance to its citizens and to make funds available for a speedy recovery to the economy. It is therefore being recommended that a new fund, the Hurricane Relief Fund, be established under the Citizenship by Investment Programme to provide such relief.”
“The ethos behind citizenship by investment is about opening up the Federation to investment that will have a direct impact on the quality of life of its citizens. The Hurricane Relief Fund is an attractive option for citizenship applicants in the way it fulfils their own desire to make a positive impact on the environment in which they are seeking to play an active part. It enables the country and its people to recover more quickly and to ensure that the infrastructure and people’s homes are fit and habitable where they have been damaged by this season’s hurricanes.”
— Les Khan (@CIUSKN) September 24, 2017