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St. Kitts and Nevis decreases government fees for buying citizenship

Citizenship highlights the connection of an individual with a state. The citizen is required to uphold the laws and culture of the said country and in turn he/she is granted the freedom to work, vote and own property. There are three traditional ways of acquiring citizenship and these are through birth, marriage and naturalization. Naturalization is a process where one is required to stay in a particular country for a certain period of time. Another way of acquiring citizenship is through investing in the host country. By investing in the economy of the host country, you are given a second passport.

Citizenship by investment is a relatively fast process in comparison to the immigration process as one is given citizenship after a period of three to six months. One can get the citizenship through either investing or making a donation. Once you have acquired second citizenship, depending on the country you have decided to apply you would be able to travel visa-free to other countries. Additionally, the investor doesn’t need to put his or her life on hold. This method, however, is for the people with a high net worth.

Investors, who for instance decide to acquire citizenship through investment in St Kitts and Nevis, offer themselves and dependents an insurance of peace. You are also given the opportunity to conduct your business in an affordable manner. They can also efficiently manage their wealth as by acquiring citizenship in this country, they are only charged tax on the income earned in only that country.

In St Kitts and Nevis, the applicants can decide to invest in the foundation of Sugar Industry diversification and this can assist in transitioning the economy to a diversified economy. The aforementioned foundation allows the government to take on new projects and therefore of actually developing the country. Once you have made the contribution, you and any family member stated is granted full citizen membership. As I mentioned earlier, one can acquire citizenship in this federation through donation or real estate investment, once you have decided to acquire your citizenship through donation there is a choice you have to make from two options.

These options are either making a non-refundable donation to either the Sustainable Growth Fund (SGF) or the Sugar Industry Diversification Fund (SIDF). In the SGF option one is required to make a donation of €150000 while the SIDF is €250000. The SIDF organization was set up so as to assist and support the previous sugar workers and to help the state in carrying out research that would help in replacing the sugar industry. It was also fundamentally set up to support these industries that would replace the sugar industry. By doing the national economy of the federation is uplifted and sustainability is ensured.

The SGF was set up to promote the growth of the economy and bring about an improvement in the sectors of the economy. There are four criteria that one has to follow to make a contribution in either the two organizations. In the SIDF option one main applicant is required to pay €250000 while if one chooses to make a donation through the SIDF and they have up to three dependents they are required to pay €300000.

Another criterion to be met is that under the SIDF option for any added dependent, you are required to pay €25000 irrespective of their age. You have to remember that these donations have included government fees but not the due diligence fees that would be used run background checks. The due diligence fees are similar to that of the real estate option. The dependents could be between 18 and 30 years so long as he or she is fully supported by the main applicant. The main applicant can also choose to include his or her parents provided they are above 55 years and supported by the main applicant.

It was only recently that the government officials of the state noticed an upsurge in the competition of demands that they decided that it was better to offer support to the developers of real estate in the federation of St Kitts and Nevis. This reduction is only applicable to the investors who would prefer to acquire the second citizenship through investing in the real estate. Specifically for a family of four. The option is reduced to €75000. The added government fees were made to be €50000 lower per every family member who applied.

Previously, the main applicant was required to pay a fee of €50,047 but now since the fees were reduced he or she should pay €35000. For the spouse, previously, they were to pay €25,047 but currently they pay €20000. For the dependent, regardless of their age, the main applicant is required to pay €10000. This was done so as to attract some investors who are considering second citizenship.

However, one should still remember that for them to qualify for citizenship in this state, the main applicant should still invest in the real estate for a minimum of €400000. The passport fees and due diligence fees still remain the same for the main applicant, spouse and the each dependent. This is to say that for one’s background check to be made, they need to pay €7500 meant for the spouse and €4000 for each dependent.

These changes were spearheaded by the developers who represent a huge section of the people in the real estate market. By doing this many resorts and hotels have been reported by CNN to have sold out all thanks to the reduction in investment fees. The government of the federation has reported that they have received higher percentage return thanks to the reduction in fees.

One of the advantages of gaining citizenship through investment is that you gain access to more than 100 countries without needing a visa. It has been ranked as one of the best places to acquire a second passport in the Caribbean. This whole process usually takes a period between three to four months. Another advantage of acquiring citizenship in St Kitts and Nevus is that the citizenship is extended to one’s future generations through descent. Hence, if you have ever been considering a second passport then the one offered by St Kitts and Nevus should be considered by you.

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