The government of St. Kitts and Nevis has announced that processing fees under the real estate option of the Citizenship by Investment (CBI) Program have been slashed in half.
The CEO of the Citizenship By Investment Unit Les Khan notified service providers on Monday, February 12 that “the Citizenship by Investment regulations have recently been amended to allow for a reduction in government fees via the real estate investment option.”
The government has revised the fees downward so that a family of four will now pay US$75,000, instead of US$150,000.
The notice gave the new fees as US$35,000 for the main applicant, US$20,000 for the spouse of the main applicant and US$10,000 for each dependant, regardless of age.
It went further to state that due diligence and accelerated application processing fees remain the same.
Prior to the amendment, the main applicant paid US$50,000, applicant’s spouse paid $25,000 and each dependent under 18 years of age paid $25,000. Each qualified dependent of the main applicant over 18 years other than his spouse attracted a fee of US$50,000.
Minister of Finance, Prime Minister Dr. Timothy Harris explained the reasoning behind the reduction in the fees during a sitting of the National Assembly on Tuesday, saying a group of real estate developers had lobbied Cabinet for a downward adjustment of the fees.
“In response to the competing demands and in an effort to support our real estate developers in the citizenship program we have reviewed the government’s real estate fees. A comparison of fees showed that St. Kitts and Nevis’ real estate fees were generally $75,000 higher that at least three other programs for a family of four, and so we have decided that the government fees will be adjusted to $75000 for a family of four.
“This makes us more competitive, although we are still above the threshold in other CBI jurisdictions. Since we have done this and the relevant support through the SR&O, legal support has been granted, received several calls from a number of developers commending us for this particular decision that we have taken.”
Prime Minister Harris contends that costs associated with St. Kitts and Nevis’ CBI program remain higher than those of competing countries in the OECS in an effort to maintain its “platinum status”.
“We have maintained a higher price level as we are determined to maintain the platinum brand that we have become known for while assuring our competitive edge. The St. Kitts and Nevi CBI program continues to be the leading program in the Caribbean.”
Under the St. Kitts and Nevis CBI real estate option applicants may qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is US$400,000 for each main applicant.
