Do you know about the citizenship-by-investment program? It is also known as economic citizenship. The program requires investors to either donate or invest in a country’s economy in exchange for citizenship.
Have you ever heard about St. Kitts and Nevis’ citizenship-by-investment (CBI) program? Well, let me tell you that it is the second oldest and reputed program of its kind. It has been in operation since 1984 and allows foreign investors to acquire citizenship under certain conditions.
Applicants obtain a Saint Kitts passport for global citizens without residing in the country and announce their current nationality. St. Kitts and Nevis’ CBI is relatively quick. However, it has certain disadvantages. Here is St. Kitts and Nevis CBI’s pros and cons.
St. Kitts and Nevis follow the ‘Platinum Standard’ program. There are several benefits of the program.
The whole process of getting citizenship takes approximately 3-4 months. But you can even pay extra to get fast-track citizenship. With this, your passport will get ready in 45-60 days. You can be the new passport holder in less time, gaining access to around 150 countries globally, including all of the EU, UK, Russia, and Ireland. It also provides visa-free travel for 90 days in the EU.
Yes, St. Kitts and Nevis CBI is not the cheapest program to take part in, but it is well-priced. It is because the program is worth paying a premium of $150,000 for a single applicant. The real estate investment includes $ 200,000 resaleable after 7 years or $ 400,000 resaleable after 5 years. The program is trustworthy and reliable, which makes it cost-effective.
The authorities of St. Kitts and Nevis promote dual citizenship. It means that you can receive the country’s passport while being a citizen of the first country. It will enable you to buy property and open bank accounts here without the passport of your country.
St. Kitts and Nevis’ Government will not inform your home country’s authorities regarding your new passport in the country. It guarantees the confidentiality of new citizens’ information. It will enable you to leave your home country ignorant about your property and bank accounts abroad.
No residence needed
You can get citizenship without arriving in the country. You need not visit the country before applying for citizenship nor afterward. Indeed, you can become and continue to be a citizen without ever stepping in St. Kitts and Nevis.
Bring the family
To your surprise, the CBI program of St. Kitts and Nevis allows your entire family to come. You can add dependents under 30 years age in your application, along with parents and grandparents above 55 years.
Pass it further
Do you know that you have your citizenship of St. Kitts and Nevis for a lifetime? Once you obtain the passport and the citizenship, you have it for life, and it is passed to your descendants, based on your wish.
Short investment period
St. Kitts and Nevis does not have any income, wealth, and inheritance tax. Your income will not be taxed simply because you are a citizen. It is the only country that is entirely tax-free among all the available Caribbean CBI programs. While many countries market themselves as tax-free, however, the reality is that they have territorial or residential-based systems.
Let us now look at the other side of the coin. There are certain negative aspects of citizenship.
Other cheaper programs
St. Kitts and Nevis’ CBI program is indeed cheaper but not the cheapest in the Caribbean. You can go for Dominica, Barbuda, and Antigua if you prefer the absolute lowest price.
Overpriced real estate
The pre-approved real estate that you invest in is overpriced. It means that you will never be able to get what you paid for in the free market. The quality of construction can also lack sometimes.
St. Kitts and Nevis is the smallest country among all the nations that offer CBI programs in the Caribbean. Fewer people imply less economic potential, turning it into a drawback.
Tropical storms and hurricanes affect St. Kitts and Nevis regularly. You need to consider the factor if you decide to invest in real estate.
Nevertheless, St. Kitts and Nevis’ citizenship-by-investment program has earned an excellent international reputation. The passport’s price is well balanced with various benefits packages and the speed of the program. Analyze the pros and cons of the program before applying for a visa.