The ongoing Covid-19 pandemic has surged the demand for alternative residency and citizenship programs, as people realize that with a second passport, so-called ‘plan b’ is secured for the whole family. Second citizenship and passport help to the diversification of assets and grant visa-free access to more than two-thirds of the world’s countries.
There are more than ten countries globally officially running citizenship by investment programs, which allow foreigners to obtain citizenship in exchange for investment. The birthplace of these programs is the beautiful twin-island federation in the Caribbean, St Kitts, and Nevis. The country launched the program, which is still running, boasting a ‘Platinum Standard Brand’ of its kind, back in 1984.
Here are the 10 astonishing facts about St Kitts and Nevis citizenship by investment program that should be considered by all who are interested in obtaining a second passport.
1. A Family Of Four Can Save $45,000
To qualify for St. Kitts and Nevis citizenship by investment program, you need to either make a real estate investment in the government-approved project or make a non-refundable contribution to the Sustainable Growth Fund (SGF), established by the government. The fund option is the cheapest and fastest, and the financial threshold starts from $150,000 for a single applicant. For extra fees, the investor can include family members in the citizenship application, and currently, until December 31, 2021, there is a limited time offer reducing the amount by $25,000 for the applicant and a spouse and by $45,000 for the family of four to just $150,000. The move was taken as an anti-Civid-19 pandemic measure to generate more income and offer more comfortable products to investors.
2. The Second Passport In 45 Days
Under the SGF option, there is a possibility to use Accelerated Application Process (AAP). With an extra fee, which stands at $25,000 for the main applicants and at $20,000 for each family member, AAP allows you to obtain St Kitts and Nevis citizenship in just 45 days. Such a good expedited feature distinguishes St. Kitts and Nevis from other countries with such programs.
3. A Second Passport For The Whole Family
You can include your family members in citizenship by investment application. These can be your spouse, children up to the age of 30 years old, parents and grandparents under the age of 55, and even your and your spouse’s siblings under the age of 30. If any dependent is above the age of 16, then you have to cover a Due Diligence (DD) fee of $4,000 for each, while for the main applicant, this fee stands at $7,000. A positive DD report is crucial for the application’s success.
4. Enhancing Global Mobility
With St. Kitts and Nevis’ passports, you can travel visa-free to more than 156 destinations across the world. The government of St Kitts and Nevis is actively promoting diplomatic relations in the international arena and, from time to time, signs new visa-waiver agreements with various nations. A second passport from St Kitts and Nevis gives you the possibility to access without prior obtaining visas to the European Schengen Area, the United Kingdom, and all of the Commonwealth countries. Russia and most of the former Soviet countries, the vast majority of Latin American countries, South Korea, and some other regional economic and financial hubs. With St Kitts and Nevis’ passports, you can reside and work in any of the fifteen Caribbean Community (CARICOM) countries.
5. Get St Kitts And Nevis’ Passport Without Even Visiting The Islands
You can apply to St Kitts and Nevis citizenship by investment through ‘Authorized Agents’, which are legal entities licensed by the government to submit the citizenship applications. They have been listed on the Citizenship by Investment Unit’s (CIU) webpage. You will deal with the firm you select, and they will prepare your citizenship by investment application, consult to select the investment option and submit the application to the CIU, which is a governmental body in charge of the program. Second passports for you and your family will be delivered to you the firm. Due to the Covid-19 pandemic, authorities of St Kitts and Nevis have started to allow application submission online.
6. No Language, Education, Or Managerial Experience Is Required
Applicants for St Kitts and Nevis’ citizenship by investment program must be at least 18 years old, with a clean criminal record and good health, but they are not required to know the language and have any kind of education degree, as well as previous managerial experience.
7. No Annual Residency Rules To Preserve The Citizenship
Once you acquire the citizenship and the second passport from St Kitts and Nevis, it will be yours for a lifetime unless something really extraordinary happens. It is urgent to provide true information in the application; otherwise, authorities leave the right to revoke citizenship. You can live anywhere in the world, and your St Kitts and Nevis citizenship will not be suspended because of not visiting the islands.
8. Citizenship For Generations
Citizenship acquired through St. Kitts and Nevis’ citizenship by investment program can be inherited by future generations. It means that if you obtain a St Kitts and Nevis passport, your future children and grandchildren will also be eligible to get citizenship.
9. Safe Heaven For The Family And Business
St Kitts and Nevis boast a safe and secure environment, with a low crime rate and good healthcare. The country has excellent sunny and sandy beaches and is considered as one of the desired tourist destinations. It is the only country in the Caribbean with five branded hotels: the Marriott Hotel and Residences, the Park Hyatt, the Koi, the Ramada Hotel and Resorts, and the Four Seasons. The national infrastructure is good, and a sound banking service is in place. If you decide to relocate to St Kitts and Nevis, you won’t be obliged to pay any personal tax, death duties, estate tax, inheritance tax, and capital gains tax on worldwide income. St Kitts and Nevis guarantee financial privacy, and information about owners and managers of offshore companies located there is not disclosed. For incorporation, only one director and one shareholder are needed, and the same individual can hold these positions. The government is trying to avoid tax treaties with other countries to avoid leaking the tax information.
10. Two Investment Options
St Kitts and Nevis’ citizenship by investment process has a very straightforward and hassle-free application process. You can opt to make a non-refundable contribution to the SGF or make a real estate investment in government-approved projects, which might be hotel shares, villas, or condominium units. The investment threshold for the real estate route starts from $200,000, and it is necessary to keep the investment for at least 7 years to maintain the citizenship. But if you invest at least $400,000, the needed investment holding period is reduced to five years.
A second passport from St Kitts and Nevis creates great opportunities either for your business or family life. In many senses, its benefits are intangible, but definitely, with a high value. By acquiring St. Kitts and Nevis’ citizenship, you will be granted all the benefits and advantages given by the government to the citizens, whether inside or outside the country.
As mentioned above, only Authorized Agents can submit the citizenship by investment application, and Bayat Legal Services is one of the International Marketing agents for the program, empowered to promote it and submit applications on the investors’ behalf.