- February 14, 2018
- Posted by: CIP Journal
- Category: Citizenship
St Kitts and Nevis has announced that Government fee for family of four, under real estate will cut by 40%, from $150,000 to $75,000 under the citizenship by investment program.
No changes to the minimum real estate investment which still stands at $400,000. No changes to the due diligence fees as well.
New Government Fee
The new Government Fees, for the real estate investment option, are as follows:
- USD 35,000 for the main applicant
- USD 20,000 for the spouse
- USD 10,000 for any dependent, regardless of age
Previously under the real estate option, one has to pay $50,000 for main applicant, $25,000 for spouse and children each, totalling $125,000 for family of four.
In a press release from St Kitts Observer, the Prime Minister said
In making the announcement during the Feb. 13 sitting of the National Assembly, Prime Minister – and minister of finance – the Honourable Dr. Timothy Harris said the decision to adjust the government fees downward to $75,000 for a family of four was made in response to the competing demands in the CBI programme and in an overall effort to support real estate developers in the citizenship programme.
PM Harris said the Cabinet is satisfied that it has responded to the persuasive case made by the developers, who have the best interest of the country at heart.
The Hurricane Relief fund remains one of the most popular route for the St Kitts and Nevis Citizenship by investment program. HRF is a limited time offer for $150,000 and set to close by March 30, 2018
St Kitts and Nevis has about 86 approved real estate projects which qualify for citizenship and passport in the island. The Park Hyatt Hotel at Christophe harbour opened in Nov 2017, while other notable property developments are
- Kittitian hill,
- Koi resort,
- Ramada hotel,
- Marriott residences,
- Embassy Suites by Hilton,
- Four seasons resort.
In 2017 Budget speech, PM Harris said “Citizenship by Investment (CBI) Programme continues to serve as a major catalyst for stimulating growth in our economy”.