St Kitts and Nevis launched first CBI Golden passport programme in the world in 1984. The country currently celebrates this achievement in 2019 marking its 35th year of existence while still remaining one of the best citizenship by investment (CBI) schemes in the world.
The Twin Island of St Kitts and Nevis (SKN) with just a population of 55,000 is undoubtedly the land of ‘Golden’ passports.
The CBI program has raised hundreds of millions of dollars. According to IMF report, the CBI non-tax revenues reached 18% of GDP during the years 2013 and 2014 reaching 18% of GDP.
CBI passports are ‘golden passports’Â obtained in exchange for economic investments.
Birthplace of CBI
The Twin island of Federation of St Kitts and Nevis is the birthplace of citizenship by investment (CBI) industry which started in 1984.
The CBI scheme in St Kitts provided the intellectual underpinnings and foundations for Malta, Cyprus, Moldova, Montenegro and four other Caribbean countries all of which have their versions of CBI programs.
Today there are 12 known countries have other own version of citizenship investment schemes with direct path to citizenship. Over 30 countries have permanent residence schemes in exchange for investments known as ‘Golden visa’
Economic Impact
In St Kitts and Nevis, CBI provides an alternative pathway for attracting foreign investments to spur economic growth, create jobs, build out resilience of our country to climate change and catastrophes. The country is taking the opportunity to meet the United Nations Sustainable Development Goals (SDGs).
Several five star hotels and resort have been built in St Kitts and Nevis, funded by CBI program catering to tourism sector. Recently Cruise pier at Port Zante is built partly funded by CBI.
THE SUSTAINABLE GROWTH FUND was established under CBI in April 2018 requiring applicants to contribute USD 150,000 in exchange for citizenship, used for the following sustainable and social development in the twin islands.
- Enhance the quality of education
- Ensure the health and wellbeing of a growing population
- Develop climate resilience, protecting the twin-islands against the future effects of climate change
- Build solid and sustainable infrastructure that will stand the test of time
- Promote St. Kitts and Nevis’ booming tourism sector
- Share the distinct cultural flavour of the nation’s people
- Support indigenous entrepreneurship
Due diligence and Vetting
The due diligence employed in CBI is one of the best among industry standards. It is multilayered and multifaceted, in co-operation with international firms and agencies.
The Citizenship Investment Unit (CIU)Â do not accept applicants from States labelled as uncooperative in the fight against terrorism or considered rogue nations and cooperate with the EU, USA and Canada.
Further the SKN Government has excellent relationships with our regional and international crime-fighting agencies, including the Caribbean Community (CARICOM) Implementation Agency for Crime and Security (IMPACS), the Joint Regional Communications Centre (JRCC), and the International Criminal Police Organization (INTERPOL). Our support is reflected in that we keep our contributions up to date.
Last year, the checks were tightened with applicants requiring to submit fingerprints, establishing escrow legislation for property buyers restoring the confidence of foreign property investors.
The SKN Government has high level of cooperation with international partners in an open and transparent way.
Tax Cooperation
According to the Government, St Kitts CBI is also largely compliant with respect to the Organisation for Economic Co-operation and Development’s (OECD’s) requirements for transparency in tax matters, compliant with the European Union’s (EU’s) requirements
St Kitts recently placed at 30th spot of 126 countries assessed and 1st in the OECS and 2nd in the sub-region. on the World Justice Project Rule of Law Index for 2019.
CBI Reforms
The Government made significant reforms over the years elevating the the CBI programme to global platinum standard protecting the integrity of the scheme in terms of safety and security.
SKN Passport
The St Christopher (St Kitts) and Nevis passport is a powerful passport among caribbean CBI countries with entry access to more than 150 countries.
St Kitts offers CARICOM e-passport to all CBI citizens and their families. All citizenship applicants are subjected to biometrics and fingerprinting.
The government is more committed than ever in expanding the visa free access list to its citizens. The country signed 11 visa waivers since 2018.
