St Kitts and Nevis Marks 36 Years of Independence and 35 of Citizenship by Investment

19/09/2019 13:56

LONDON, Sept. 19, 2019 /PRNewswire/ -- Today, the Federation of St Kitts and Nevis celebrates its 36^th anniversary since gaining independence in 1983. A year later, it introduced its Citizenship by Investment (CBI) Programme as a means to attract foreign direct investment to its economy, setting the foundation of the concept of economic citizenship as known today. Afterwards, several countries reproduced the twin-island nation's CBI model, while St Kitts and Nevis still stands as the one operating the longest-running programme in the world, otherwise known as the 'Platinum Standard' of CBI.

Under St Kitts and Nevis' CBI Programme, foreign investors and their families can obtain its citizenship in exchange for a contribution to the country's economy. Applicants need not reside, visit or undertake language or history tests, however they must successfully pass all due diligence checks. The Government recently proposed introducing digital fingerprinting and stricter escrow account rules as further security measures under the CBI Programme.

Last year, Prime Minister Timothy Harris announced a new investment channel, called the Sustainable Growth Fund (SGF). It is now the fastest and most direct way of securing second citizenship from St Kitts and Nevis, with minimum investments of US$150,000 required for a single applicant or US195,000 for a family of four. The SGF aims to collect funds that contribute to financing socio-economic initiatives on the twin islands.

PM Harris highlighted today in his address to the nation that St Kitts and Nevis' "Public sector infrastructure investment will target the blue economy including coastal zone management, alternative energy, digitisation of our society, and expansion of our water supply."

Foreign Minister Mark Brantley stated this summer that the CBI Programme represents approximately 20% of the country's GDP. He too was responsible for leading an expansive visa waiver policy which materialised in St Kitts and Nevis passport holders having access to over 150 countries and territories without needing a pre-departure visa.

In August, the Financial Times' Professional Wealth Management magazine published its prestigious annual CBI Index, where it scored St Kitts and Nevis with 10 out of 10 points for strong due diligence, efficient citizenship timeline and convenient mandatory travel and residency. "St Kitts and Nevis maintained its upward trajectory regarding visa-free and visa-on-arrival offerings and continued to demonstrate its commitment to enhanced due diligence," concluded the independent report.

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