Basseterre, St. Kitts and Nevis--(Newsfile Corp. - October 29, 2024) - The St. Kitts and Nevis Citizenship by Investment Unit (CIU), a pioneer in the Citizenship by Investment (CBI) industry for over forty years, has announced several important amendments to its 'First and Finest' CBI Programme, by amending the CSI Regulations 2024, which came into force in July 2024.

These changes, effective immediately, strive to emulate market standards and maintain the utmost integrity of one of the best CBI programmes in the world.

As the investment migration industry evolves over time, it is only fitting that the Government of St. Kitts and Nevis and the recently restructured Citizenship by Investment Unit (CIU) are implementing changes necessary to bolster the Programme.

The CSI (Amendment) Regulations 2024 (the Amendment Regulations), include details on a highly skilled Technical Committee, who will be responsible for maintaining the overall standards of the St. Kitts and Nevis CBI Programme while ensuring that only legitimate individuals are provided with the alternative citizenship of the reputed Federation.

The Technical Committee will comprise of five persons:

1. The Permanent Secretary in the Ministry with responsibility for national security,
2. A civil servant assigned by the Minister in his or her own discretion,
3. A civil servant assigned by the Minister on the recommendation of the Head of the Continuing International Due Diligence Unit of the Ministry with responsibility for national security,
4. The Chief Executive Officer of the Unit, and
5. A person recommended by the Board of Governors being either a senior member of staff of the Unit or a member of the Board of Governors.

Another key change elucidated in the Amendment Regulations includes a change in the minimum investment amounts for the two real estate investment options.

The minimum real estate investment in an Approved Development has now shifted from US$400,000 to US$325,000.

The minimum investment in Approved Private Real Estate for a condominium unit or share in a real estate development has changed from US$400,000 to US$325,000 and the minimum investment in a single-family private dwelling home has been moved from US$800,000 to US$600,000.

Moreover, each Approved Development under the CBI Programme now requires oversight by chartered surveyors from the Royal Institute of Chartered Surveyors (RICS).

This mandate adds a layer of credibility to the products being offered to potential investors, ensuring that every project undergoes rigorous expert evaluation, and underlining the Board of Governors' commitment to transparency and quality.

The Amendment Regulations also bring about welcome changes for families. Understanding the importance of family, the Board of Governors recognised the importance of including the post-citizenship addition of newborns at a reduced fee of US$7,500.

Finally, the Amendment Regulations decrease the minimum age for eligible dependant parents from 65 to 55 years of age.

The adjustments were necessary to keep up with the international market dynamics, whilst ensuring that the Programme attracts well-respected individuals from across the globe and remains competitive.

Notably, the amendments have been enacted by the Government after discussions with the newly appointed Board of Governors of the CIU, headed by His Excellency Calvin St. Juste.

As the Chairman, St. Juste is providing strategic direction to the CIU and feels privileged to be ushering in a new era which is defined by premium service in everything they do.

According to Chairman St. Juste, the St. Kitts and Nevis Citizenship by Investment Programme has been synonymous with excellence for more than 40 years now within the investor migration industry. With these changes, the Chairman looks forward to attracting more discerning investors than ever while maintaining the overall reputation of the Programme.

Explaining the recent change of lowering the investment threshold in real estate, St. Juste said, "We have been leading the industry by crafting the sustainable model and fulfilling the standards set out by the international community. The modifications in the investment amount have been taken to align with market realities while preserving the premier brand of St. Kitts and Nevis."

St. Juste added that these changes maintain the standards that are set by the St. Kitts and Nevis CBI Programme over the past four decades, ensuring that the evolution of the Programme will fulfil their Sustainable Island State Agenda.

Within one month of their appointment, the new Board of Governors has brought a fresh, revitalised perspective to the CIU. Buoyed by swift action and stellar service, the Board has delivered significant changes over a short period of time.

Their efficient governance has made St. Kitts and Nevis’ CBI offering even more attractive, reflecting the Board’s overall commitment to boosting the accessibility and appeal of the CBI Programme. 

The amendments brought about by the CIU indicate why St. Kitts and Nevis' CBI Programme has always remained the top choice for investors; investors trust the evolving nature of the Programme, continually aligning with the market's demand.

The Federation was the first to boldly increase its minimum investment threshold under the Sustainable Island State Contribution (a CBI fund option) to US$250,000 to an investment threshold previously seen in the region.

When St. Kitts and Nevis announced this change, the Federation set the benchmark for other Caribbean nations with CBI offerings.

The Federation's leadership within the Caribbean CBI market and beyond is indicative of the Federation's commitment to a quality, sustainable CBI offering. It is clear that St. Kitts and Nevis' CBI Programme remains the top option for investors seeking to diversify their economic portfolios.

The CIU has implemented changes necessary to uphold the CBI Programme's integrity.

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