The Prime Minister of St Kitts and Nevis, Honourable Dr. Terrance Drew, along with his Government, extends a personal invitation to citizens and investors to attend the exclusive inaugural Investment Gateway Summit from 11 to 15 May 2024.

This significant event is an opportunity for Kittian and Nevisian citizens around the world to return home to discover how the twin-island federation is utilising economic diversification to advance developments and our citizens.

This personal invitation from Honourable Dr. Drew, is an experience not to be missed to learn about the Sustainable Island State Agenda from the Government and key speakers , while connecting and building with visionary leaders, global businesspeople, and economic citizens.

During the five-day Summit, economic citizens can engage and interact with national leaders and global experts. They can also explore the natural wonders the islands have to offer, with unique premium experiences to share with the world.

Please click here to secure your exclusive spot at the Investment Gateway Summit.

What to Expect from the Summit?

As an economic citizen, this will be your opportunity to connect with like-minded individuals in various businesses and network with businesspeople.

Economic Citizens will have the opportunity to experience firsthand what initiatives St Kitts and Nevis are engaging in and the progress of each development.

Learn about St Kitts and Nevis’ economic outlook for 2024 and beyond in addition to understanding how economic diversification can inspire change. Investment-led projects in the twin-federation and how you can become part of these exciting developments will be presented.

Gain insights into the Sustainable Island State Agenda and why it is an essential element in the “Investment Gateway Summit” in May 2024.

The Sustainable Island State Agenda key focus is on seven pillars:

1. Food security

2. Green energy transition

3. Economic diversification

4. Developing the Creative Economy

5. Post-pandemic recovery

6. Attract and support sustainable organisations

7. Extend social protection and safety for vulnerable individuals

These seven pillars form part of the Sustainable Island State Contribution (SISC), which is an exciting new investment option under the Citizenship by Investment (CBI) Programme.

The SISC is an opportunity to contribute to the development of a new nation. It’s a secure and sustainable option for savvy investors looking to make a strategic investment.

Collaborative sustainable development initiatives will nurture economic and community development and extend shared values of excellence.

“Connect, Collaborate and Celebrate” with Us

If you’re interested in promoting your brand, business services, or exploring sponsorship opportunities, feel free to leave a comment here along with your inquiry in the contact form. We’ll promptly respond with details on available packages.

Tickets are limited - make sure to get your early bird tickets!

Attachment

• St Kitts and Nevis

As one of the youngest Citizenship by Investment products in the market, Saint Lucia has made bold strides in offering an alternative investment option in the Caribbean’s most developed and diverse economies.

The country’s Citizenship by Investment Unit has taken a comprehensive review of its Citizenship by Investment offerings following approvals from the Citizenship by Investment Board and Honourable Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information, Ernest Hilaire. The below amendments to the existing regulations will take effect from 1 January 2023.

• Developers applying for approved real estate under the Citizenship by Investment Programme or enterprise projects will now have to pay due diligence and background check fee of US$7,500.

• The replacement fee for a lost or damaged certificate will increase from US$100 to US$500.
• Investors who have been a citizen of Saint Lucia for 12 months or less that are looking to include a newborn dependent through the country’s National Economic Fund will now have to pay a fee of US$5000, this has increased from US$500.
• There is also an introduction of a new Bond Offer for investors purchasing non-interest-bearing Government Bonds with the following qualifying investment sums:

• To qualify for second citizenship through the real estate option, investors will have to invest a minimum of US$200,000, a reduction from US$300,000.

Saint Lucia is emerging as one of the fastest-growing economies in the Caribbean region and the nation is well-known for offering various investment and business opportunities for people looking for options to plan their wealth and diversify their portfolios.

The country’s Citizenship by Investment Programme is a perfect choice as it offers ideal business opportunities to investors who do not want to be bound by border limitations.

The Caribbean country is recognized for providing a second home not just to investors but to their families too. The nation has been lauded for its advanced and modernized infrastructure. Saint Lucia has one of the most resilient, modernized education and healthcare systems in the region, which makes it ideal for investors and their families.

The Citizenship by Investment Programme of this Caribbean country attracts Foreign Direct Investment (FDI) for the nation which is used for advancing various projects such as the development of infrastructure, advancement of real estate, business expansion and job innovation.

The CBI Index 2022, published by PWM Magazine of Financial Times, reported that CBI is assuring the small island nation of Saint Lucia has become independent, developed and prosperous in the true sense. The report also recognized the programme for its “Ease of Processing” and “Due Diligence” Pillars. This year, Saint Lucia’s Citizenship by Investment Programme climbed a spot and gained the third position.

Saint Lucia’s Citizenship by Investment Unit makes sure that citizenship is given to credible applicants of good standing while their dependants over the age of sixteen are also subject to multi-layered due diligence checks, in order to qualify for alternative citizenship. Saint Lucia asks for detailed information from the applicants to understand the funding source of the investors who want citizenship.

On this due diligence aspect, Minister Ernest Hilaire recently addressed concerns and fears related to Saint Lucia’s CBI Programme. He gave assurance that the government of Saint Lucia and its CBI Unit perform a strict and rigid due diligence process. Hilaire explained that the due diligence process is a multi-layered procedure noting, “Due diligence is performed by our Unit on all applicants, this is then followed by another due diligence check by the banks. This is then followed by due diligence checks by international intelligence units who also do on-the-ground assessments.”

He also noted that the Government and Unit have been planning to review the country’s CBI programme, making it more attractive as well as competitive. Minister Hilaire announced that these updates would maintain the country’s rigorous but seamless vetting process.

While the programme is the newest in the region, launched in 2016, the Government has made sure to set the bar very high – the programme has been regarded as one of the most advanced, secure as well as transparent programmes.

Through the National Economic Fund, this prestigious programme has helped the nation to develop important public infrastructure. The funds from the programme have been directly contributing to advancing the standard of living of Saint Lucians.

Alternative citizenship in the Caribbean nation is emerging as a platform to alleviate and tackle the risk of uncertainty and unpredictability in future. There is no other better plan than investing in building a new home at a place which offers ample opportunities and, most importantly, peace out of the hustle and bustle of big cities.

“Today, our progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.”

“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.

Watch the full video announcement here.

The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.

Since his election in August, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has hinted at upcoming changes to the country’s Citizenship by Investment programme – reiterating multiple times that the revamped programme needs to be mutually beneficial to both Kittians and Nevisians and international investors.

The Prime Minister said at a recent event “While we navigate the complexities of managing a small island developing state in this unpredictable and highly globalized world, we have made it a priority to craft a solution to ensure that the evolution of our citizenship programme will be a sustainable model filled with integrity, transparency and accountability.”

The Programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.

“We have crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity that will come through administrative improvements. We have also structured our programme to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful endeavour. Lastly, we have tailored our investment options to align with market realities while preserving the platinum brand our proud nation has developed and nurtured for four decades, operating the oldest Citizenship by Investment Programme in the world,” added the Prime Minister.

To achieve this, the most notable change to the programme will be the introduction of a Board of Governors and a Technical Committee.

Effective next year, a professional Citizenship by Investment Board of Governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.

To further the Programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly. This committee will also be tasked with making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

The Technical Committee will be comprised of a chairperson, this role will be filled by the recently appointed Head of the CBI Unit, Michael Martin; a senior officer and a secretary – who will be a civil servant assigned by the Prime Minister.

Applicants can gain second citizenship in 60 days, but only for a limited time

St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its Sustainable Growth Fund – the revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.

Under the Limited Time Offer, investment options are as follows:

• Single applicant – US$ 125,000
• Main applicant and a spouse – US$150,000
• Main applicant, spouse and two dependants – US$170,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000

From 1 July 2023 onwards, applicants investing through the Sustainable Growth Fund will be charged as follows and can expect approval in principle within 90 days of submission of application.

• Main applicant – US$150,000
• Main applicant and a spouse – US$175,000
• Main applicant, spouse and two dependants – US$195,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000

These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.

“This is an exciting time because these policies will continue our progressive course in the global investor immigration industry and cement St Kitts and Nevis’ place as a leader in the Citizenship by Investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” continued the Prime Minister.

It is important to note that these additional layers are not meant to hinder the application process but rather ensure multiple aspects including keeping processing to agreed timelines, all approved applicants are of the highest repute and most importantly, that projects meet the requirement of benefitting the local economy.

Another change is that the sustainable model of the Citizenship by Investment programme will now involve the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.

The evolved St Kitts and Nevis Citizenship by Investment Programme will invite bold and creative investors to facilitate the development of innovative industries in St Kitts and Nevis including construction of real estate developments pursuant to the new administration’s priority infrastructure list. “All projects must bring substantial benefit to the people of St Kitts and Nevis,” noted the Prime Minister.

The government will approve real estate projects to be developed and of these, a designated number of real estate units will be available to be sold to qualifying investors. Real estate projects will be constructed and completed according to a pre-defined schedule and a designated escrow drawdown process will also be implemented.

Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development”.

Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:

• Fines of up to US$200,000 on summary conviction
• Revocation/suspension of Approved Development status
• Removal of Authorised Agent licence
• Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application

A new Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.

Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.

A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.

Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.

St Kitts and Nevis has created a name for itself as a financial nexus with an attractive citizenship programme underpinned by a sound legal framework and robust multi-layered due diligence.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry.

Watch the full video announcement here.

The twin-island nation is on a drive to enhance its Citizenship by Investment Programme, so it continues to be the benchmark of the global investor immigration industry.

The Prime Minister welcomed Martin at an event at the Citizenship by Investment Unit and expressed his excitement as Martin’s appointment, which comes at a time when the country is evolving its Citizenship by Investment Programme so that it not only attracts intelligent investors but benefits local citizens as well.

The Prime Minister also expressed his confidence in Martin who has been described as the perfect candidate to help the nation realise its goal of providing a programme that will uplift the Kittitian and Nevisian society through beneficial investment options that bring tangible value, while also offering an enriching base to international investors.

At the briefing, the new Head of the Citizenship by Investment Unit thanked the Prime Minister for trusting him with “this very important assignment” and expressed his excitement about taking on the new task.

Martin also stated that a situational analysis would be conducted to assess the status of the Unit and determine the best way forward to “maximize efficiency and effectiveness”.

“This is an operation that is very important to the development of the country, and to the people of the country. We will have to rebrand and refocus the programme, define our strategic goals, and create some new investment options that would be aligned to those strategic goals. ”

The Citizenship by Investment Programme is expected to undergo a complete evolution. Martin spoke of the strategic plans he has in store for the Unit and reiterated that the focus is on advancing the country. “We will be looking at emerging markets and redefining our target client. There must be some exclusivity to it,” he added.

St Kitts and Nevis welcomed a new administration in August that is working tirelessly to revamp the country’s citizenship by investment programme. Now, in the third iteration of its evolution, after four decades of erudition and development, St Kitts and Nevis administration is using creativity and boldness to ensure that the programme transcends to the modern age; and that the security infrastructure is enhanced and strengthened.

A local Kittian, Martin has strong financial acumen and brings a wealth of experience in strategic planning and compliance. He is touted as being the man to bring greater stability to the CBI Unit which will now have more legislative and administrative oversight.

Martin’s past experience as a service provider in the investment migration industry and his local roots make him the right candidate to understand what our external stakeholders require from us as well as knowing how we can use this programme to uplift our people.

Martin will lead a team of efficient and focused experts who will ensure that the programme increases processing efficiency and accuracy while also maintaining strong due diligence processes so that only investors of the highest calibre are accepted.

St Kitts and Nevis’ Citizenship by Investment Programme will be underpinned by three fundamental principles including sustainability, good governance and pragmatism.

The enhanced Citizenship by Investment Programme has been crafted under a sustainable model that will ensure that St Kitts and Nevis continues to be the envy of the international community by injecting high levels of integrity and administrative improvements.

The Programme is to be structured to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful Citizenship by Investment Programme.

Investment options are to be tailored to align with market realities while preserving the platinum brand St Kitts and Nevis has developed and nurtured for four decades, operating the oldest Citizenship by Investment programme in the world.

Martin has served in top management positions in several companies, including the National Caribbean Insurance Company, National Bank Trust Company, and Sagicor Life Inc. He was previously a director of the Insurance Association of the Caribbean, Honorary Secretary of the Brimstone Hill Fortress National Park Society Council of Management, and director for First Federal Cooperative Credit Union.

He holds a graduate diploma from the International Compliance Association and Manchester Business School, a certificate in International Trust Management from the Society of Trust and Estate Practitioners and a certificate in Managing Financial Services from the University of the West Indies.

St Kitts and Nevis Citizenship by Investment programme was founded in 1984 and remains one of the most sought-after programmes of its kind in the world. The programme continues to be one of the most awarded, having taken the top spot in the CBI Index, a comprehensive ranking system that evaluates operational citizenship by investment programmes around the world.

St Kitts and Nevis programme continues to be underpinned by a strong multi-layered due diligence process in partnership with top due diligence firms from the United Kingdom and the United States.

The invitation-only event is attended by private wealth and institutional investors, including wealth managers, corporate pensions, public pensions, insurance funds, endowments, foundations, sovereign wealth funds, health care organizations and private bankers. The event aims to bring together the investment management community for peer driven thought leadership experiences that provide a platform for education, business development and networking.

Emmanuel was speaking to wealth managers on why Saint Lucia should form part of their basket of offshore investment options.

As one of the youngest citizenship by investment offerings on the market, Saint Lucia certainly competes with the best in terms of what it has to offer investors.

There are currently four main ways investors can gain a coveted Saint Lucia citizenship, with the main one being through the National Economic Fund. This Fund was established to drive foreign direct investment to nation building projects such as increasing and improving infrastructure in country. Through this Fund, highways, bridges, schools and hospitals have been upgraded and built.

For a minimum investment of US$100 000.00 for a single applicant, US investors can become part of the Caribbeans biggest success stories.

“Saint Lucia has a strong economy and our currency, the Eastern Caribbean Dollar, is pegged against the United States Dollar – at a rate of US$1.00 being the equivalent of EC$2.70 – and has been so for the last 70 years,” stated Emmanuel.

According to Moody’s Analytics, the island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. Tourism is Saint Lucia’s main source of jobs and income – accounting for 65 percent of GDP – and the island’s main source of foreign exchange earnings. The manufacturing sector is the most diverse in the Eastern Caribbean area.

In this context, the Eastern Caribbean nation of Saint Lucia has emerged as a new favourite for investors. This is due to its growing economy, stable business environment and tax regime which supports the growth and development of its businesses, investors, and citizens.

“We have a strong tourism product, being rated the number one honeymoon destination in world for the last 10 years. Saint Lucia is also home to major hospitality brands like Hilton and Marriott and our shores attract over one million tourists from the USA, Canada and Europe every year,” added Emmanuel.

Saint Lucia’s colourful heritage is ingrained in the culture of the island and celebrated by locals and visitors alike. With a history spanning hundreds of years and including stories of pirates, colonies, and battles, it’s enough to pique anyone’s interest.

Each part of the island has distinct features to be experienced and enjoyed. The island’s volcanic origin is the reason for its lush vegetation, soothing mud pools and iconic Sulphur Springs.

When asked why Saint Lucia should be favourable to asset managers and applicants, Emmanuel responded that country has a favourable tax regime, stable economy and its policies make it easy for entrepreneurs to do business, not to mention the favourable Caribbean weather conditions.

Saint Lucia is also very well-connected to the rest of the world with international flights to the United States, Canada, and Europe. The low cost of living coupled with the high quality of life makes it the ideal place to live. The Caribbean way of life has a universal appeal that simply cannot be matched.

“During the Covid-19 pandemic, we had a surge of applications from north Americans who want to be able to work from anywhere – we commonly see people with their laptops on the beach, in hotel lobbies and villas – that’s one of the strong selling points for US citizens looking to invest in Saint Lucia.”

Those looking to get away from the pressures and humdrum of city life will be well suited to invest in the country.

The country also has a favourable tax regime, American investors do not need to pay inheritance tax, worldwide income tax, or capital gains tax – making it an ideal destination for wealth planning.

Looking at which nationalities have favoured getting second citizenship from Saint Lucia, Emmanuel said “In terms of applicants, China continues to be number one and as of 2021, US applicants have taken the second spot – particularly applicants from the states of New York, Philadelphia, Florida and a small number from Las Vegas. In Canada, a lot of applicants come from Toronto.”

Emmanuel also added that the two major reasons for Americans looking to gain second citizenship from Saint Lucia are safety and tax planning.

“Many US citizens are looking for safety. Americans travel extensively and their passport can be seen as a target due to ongoing geopolitical conflict, especially in regions like the Middle East and Eastern Europe. What they do when travelling to these regions is use our passport and keep their American passport in their back pocket. The second major reason for investing in our citizenship by investment programme is to tap into our favourable tax system, which continues to be a drawcard. Saint Lucia offers a lot of offshore financial solutions.”

This is according to the recently elected Prime Minister of the twin-island federation who concluded a four-day visit to Dubai, from 29 November to 3 December 2022.

Prime Minister Terrance Drew was in the state to engage with important stakeholders including high-level government officials, international investors, government-approved agents and promoters, who play a vital role in promoting and supporting the country’s recently upgraded citizenship by investment programme.

With the country’s citizenship by investment programme undergoing a facelift, Prime Minister Drew said the changes to the programme were not just superficial but would ensure that the programme achieved what it was designed for – strengthening St Kitts and Nevis’ economy.

Traditionally, the economy of the two-island state has depended on the growing and processing of sugar cane, but the impact of decreasing world prices on this commodity over the last few decades has moved the government’s attention to tourism, export-oriented manufacturing, and offshore banking.

Tourism is the mainstay of St Kitts and Nevis’ economy, with the United States, Canada and Trinidad and Tobago being some of its trop trade partners. The travel and tourism sector accounted for one-tenth of the gross domestic product (GPD) in St Kitts and Nevis in 2021 and it is estimated that roughly 200,000 tourists visited the islands in 2009.

With a revamped citizenship by investment programme that will be underpinned by better legislative and administrative oversight, Prime Minister Drew said he was confident that the programme would have even more impact on the country’s tourism sector.

The new cabinet aims to ensure that the destination continues to make strides towards the full resumption of tourism activity, including the return of airlift and cruise ship arrivals, with the ultimate goal of improving the quality of life of the people of the Federation.

St Kitts and Nevis is committed to enhancing its tourism presence and strengthening the economic impact of the tourism sector.

Recently during November this year, Wonder of the Seas, the world’s largest cruise ship, made its inaugural call to Port Zante in St Kitts and Nevis.  The ship from the Royal Caribbean Group brought along nearly 6,500 guests and over 2,000 crew members.  This cruise call has also been the fifth inaugural cruise call to St Kitts and Nevis since October 2022.

This year, on November 26, a superyacht named Evrima made its inaugural visit to the island sporting the finest amenities and affluent guests. Evrima accommodates 298 guests and is the first of the yachts to be introduced for the new Ritz-Carlton Yacht Collection line. This event maintained St Kitts and Nevis’ reputation as an exclusive destination.

According to the CIA World Factbook, tourists, mainly Americans, come to the island via cruise ships via Port Zante in Basseterre, air travel via Robert L Bradshaw International Airport, and the private airport and private dock for private yachts. St Kitts and Nevis is also home to Brimstone Hill Fortress, a UNESCO world heritage site.

The country’s citizenship by investment programme has been instrumental in bringing globally renowned brands such as the Park Hyatt Hotel that has recently been launched in Christophe Harbour in Banana Bay. The country will be looking to use its revamped citizenship by investment programme to develop its hospitality sector further which is a major drawcard not just for tourists, but investors looking for legitimate offshore real estate products to buy into.

Part of the change process has seen consultations with various stakeholders in the St Kitts and Nevis CBI unit who will closely now monitor and ensure that real estate projects funded by the CBI programme are completed.  To this end, the government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will further enhance St Kitts and Nevis citizenship by investment offering.

St Kitts and Nevis citizenship by investment programme stands as the oldest and one of the most trusted programmes of its kind. Since 1984, it has allowed investors and their families to legally obtain citizenship of one of the Caribbean’s most idyllic locations.

St Kitts and Nevis’ citizenship by investment programme has been pivotal in developing other important sectors such as healthcare, business, and education in the nation. With the help of the tourism industry and the citizenship by investment programme, the country has witnessed socio-economic development at a significant pace. Funds generated by the citizenship by investment programme will continue to aid the country in paving the path of development efficiently. Spending on infrastructure has made the country unrecognisable from only 20 years ago – for example there is a thriving cruise ship port complex, and new roads have been built to take pressure off traffic in Basseterre.

Prime Minister Drew was accompanied by a delegation including Marsha Henderson, Minister of Tourism, Attorney-General, Garth Wilkin; Cabinet Secretary Dr Marcus Natta; Sylvester Anthony and Veira Galloway.

In his address on Tuesday, 15 November, marking his first 100 days in office, Prime Minister Dr Terrance Drew provided insight into the focus areas for the CBI changes, which he gave to the citizens of St Kitts and Nevis at an event held earlier today in the country’s capital Basseterre.

Since winning the snap election on 5 August, Prime Minister Dr Terrance Drew has been working tirelessly for the overall development of St Kitts and Nevis and has undertaken various initiatives including the formation of a committee to combat corruption.

The new administration has presented plans for the advancement of the twin-island nation, outlining steps that will pave the way to improving the lives of its people. A large part of these plans is funded by the CBI programme which has secured foreign direct investment into the nation for nearly 40 years since it is independence.

“Our government has been relentless in our pursuit to strengthen and improve our Citizenship by Investment programme, for enhanced sustainability within a framework of integrity. We have held productive discussions with local developers and international investors alike,” said Prime Minister Drew.

“There will be much stronger oversight and leadership in the CBI Unit by a new CBI Board and Technical Committee. I will announce the detailed changes at our upcoming press conference, but I want to be absolutely clear, that our evolved CBI programme will be run with the utmost transparency.”

To help progress the economy, Prime Minister Drew highlighted that more oversight would ensure that the people of St Kitts and Nevis would also benefit from the CBI programme as it was intended. Plans are in place to support women in sectors like construction, to provide more support to small businesses, and to review opportunities for the development of the renewable energy sector, the processing of fish, as well as packaging and exports.

With promises to improve health care, provide more affordable housing and access to better education – Prime Minister Drew understands that all this will be underpinned by a stronger economy.

Speaking at the event Prime Minister Drew said that while the nation has been the benchmark of citizenship by investment value proposition, the new administration understands that in order to remain one of the most sought-after economic citizenship programmes in the world, it needs to evolve and forge a new path for itself and the industry as it responds to a changing demographic.

Through ongoing consultations with all stakeholders during the exploratory phase, the new government aims to have regular engagement with local and international stakeholders in the programme to ensure it meets their salient needs.

Prime Minister Drew also emphasised how his government is on a journey to bring clarity to locals and international investors through constant transparency and integrity. “Our ongoing work to strengthen this programme and the system must result in prosperity for all.”

Consultations with stakeholders have led to the development of committees to supervise the process and implement strengthened legislative and administrative structures to prevent “underselling” and ensure that real estate projects funded by the CBI programme are completed.

The government’s plan is to maintain a progressive programme that cements St Kitts and Nevis’ place as a leader in the CBI Industry.

The government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will enhance St Kitts and Nevis’ CBI offering.

St Kitts and Nevis holds the oldest citizenship by investment programme in the world – established in 1984, the programme currently allows investors to gain second citizenship by donating to a government fund or by investing in real estate.

The government fund channels investment to projects that will uplift the country and has enabled, in part, sectors such as health, education, tourism, business, and agriculture to flourish.

The Saint Lucia Citizenship by Investment Programme was launched in 2016, making it the newest in the Eastern Caribbean region and it also happens to be one of the fastest growing programmes. It was recently recognised as the world’s third best programme according to the CBI Index 2022, published by the PWM Magazine of Financial Times. St Lucia received a total of 78 marks ranking it third out of thirteen countries that were evaluated for the 2022 CBI Index

The “IREX Citizenship and Residency Conclave” is hosted annually to promote residency and citizenship programmes offered by various countries from across the globe to High Net Worth Individuals (HNWIs). Presentations from several citizenship consultants, real estate developers and investment firms took place throughout the first day.

According to statistics from 2017, there were approximately 270,000 HNWIs in India, with these numbers expected to increase to around 950,000 by 2027. India also has the second largest millionaire outflow in the world with numerous individuals and families seeking foreign residency and citizenship.

The Saint Lucia Citizenship by Investment Unit was represented at IREX and gave potential applicants the opportunity to find out more about the Eastern Caribbean island thereby allowing them to explore new investment options.

The CIP of Saint Lucia is an attractive option for applicants seeking alternate citizenship as the minimum investment outlay for a single applicant is USD 100,000.

The geographical location of Saint Lucia makes it an extremely desirable location due to the global mobility that it offers as it is close to many major business hubs in the Americas. The country offers a safe and secure lifestyle in beautiful surroundings, world-class schooling facilities, and a stable currency. The Eastern Caribbean Dollar (XCD) has been pegged at a fixed rate to the US dollar since July 1976.

Saint Lucia is an excellent choice for the investor because business expansion and portfolio diversification is possible as there are many favourable opportunities to plan and spread ones wealth due to the wide range of investment programmes. Backed by a strong due diligence process, the programme is one of the most transparent in the industry as it gives investors and partners access to information on how the funds are used. Investments in countries such as Saint Lucia also tend to offer considerably more stable returns because of reduced political risk from upheavals or conflict.

Saint Lucia also has a large Non-Resident Indian (NRI) community, especially in the business sector. Tourism, real estate, banking and manufacturing are the prominent business sectors in the country, generating almost half of the country’s total revenue.

Obtaining alternative citizenship from Saint Lucia comes with many non-economic benefits as well. These include reduced citizenship application timelines without the bureaucracy, extending citizenship to family, a high standard of living and enjoying the general benefits that come with living in modern, diverse countries. Other key benefits include access to modern healthcare facilities and quality education for the children of investors. Small island countries rank high in terms of freedom of expression, civil liberties, and political rights which all contribute to a high standard of living.

Being an island country, it also offers a tranquil environment; it is home to a pair of dramatically tapered mountains on its west coast with beautiful volcanic beaches along the coast. Saint Lucia is home to numerous spectacular reef diving sites that make it perfect for the adventure enthusiast

Saint Lucia’s CIP programme is highly acclaimed, well-ranked and well-developed which gives individuals from all over the world the confidence that they would be making the right choice if they opted to take up the offer for alternate citizenship from St Lucia.

The IREX Conclave 2022 was a great success and gave investors from all over the world the opportunity to interact with the Eastern Caribbean country representatives and they got a better understanding on the technicalities of the Citizenship Programme offered by Saint Lucia. Investors attending the conclave in New Delhi were able to explore the wide variety of benefits that the Saint Lucia CIP offers, which include:

• Lifetime citizenship that can be passed on to future generations
• Efficient and confidential processing of applications
• Full resident status, including the right to live and work in Saint Lucia
• No residency requirements.

The Government of St Lucia is meticulous about the use of funds generated through their Citizenship by Investment Programme with funds being utilised in the completion of developmental projects and upliftment of infrastructure, all of which benefit their citizens.

The IREX Citizenship and Residency Conclave was the perfect opportunity for the Citizenship Programme of Saint Lucia to promote itself and for investors from all over the globe to find out about the extensive benefits of investing in their CIP Programme.

St Kitts and Nevis was rated against 12 other countries with operational CBI programmes, which, in 2022, include Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Montenegro, St Lucia, Turkey and Vanuatu.

The CBI Index, published by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners, is a rating system designed to measure the performance and appeal of global CBI programmes across a diverse range of indicators and its purpose is to provide a rigorous and systematic mechanism for appraising programmes in order to facilitate the decision-making process for individuals considering them, and to bring value to the CBI industry

The primary methodological objective of the CBI Index is to isolate pillars that measure CBI programme features and jurisdictional desirability. The nine pillars that constitute this year’s CBI Index include: Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and, Certainty of Product.

The country received full marks – 10 out of 10 in the Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product pillars.

The Mandatory Travel or Residence pillar examines the travel or residence conditions imposed on applicants both before and after the granting of citizenship.

St Kitts and Nevis, along with the rest of the Caribbean countries, does not have any travel or residency requirements for CBI applicants. This makes it easy for busy entrepreneurs to continue running their businesses and still be eligible to get their second citizenship while not having to fulfil any minimum stay requirements.

St Kitts and Nevis scored top marks for the Citizenship Timeline pillar – which looks at the average time taken for citizenship to be secured by the applicant – due to the Accelerated Application Process where for an additional fee, an applicant can obtain their citizenship within a maximum of 60 days instead of the standard processing time of approximately three months.

Ease of Processing measures the end-to-end complexity of the CBI application process. St Kitts and Nevis makes the process of obtaining citizenship easy and straightforward, the country has an official government website and a dedicated CBI unit. It has also done away with burdensome application requirements such as interviews, language, culture or history tests, proof of minimum business experience and evidence of the purchase of tangible or intangible assets.

The overall effortlessness of the application process is a particularly important component, and the promise of a smooth, hassle-free process can generate readiness to engage with a programme.

One of the areas where Caribbean nations really differentiate their programmes, is the area of due diligence. St Kitts and Nevis’ due diligence process is multi-faceted and is undertaken by the country’s CBI unit, law enforcement and external third-party due-diligence agencies from the UK and USA. This ensures that the process is stringent and comprehensive, applicants are required to provide either fingerprints or a biometric passport, police certificates from both an applicant’s country of residence as well as their country of citizenship and comprehensive supporting information in respect of an applicant’s source of funds.

The CBI Index recognises that the rise of increasingly complex family relationships is driving investors to seek programmes that allow for a more diverse range of family members to be included under a primary application. St Kitts and Nevis retains a perfect score for their family friendliness as, in addition to a main applicant, they allow the applicant’s spouse, children under 18 and over 18 in certain circumstances, siblings, parents and grandparents of both the main applicant or their spouse to be included in an application.

St Kitts and Nevis’ CBI programme is one of the oldest in the industry, having been established in 1984, it assures investors of a certainty of product. The CBI Index measures certainty across five different dimensions: longevity, popularity and renown, stability, reputation, and adaptability – aspects which St Kitts and Nevis’ programme can tick off confidently.

In the 2022 CBI Index, the Freedom of Movement pillar measures the relative strength of each country’s citizenship based on three equally weighted factors: the number of destinations to which a country’s passport allows travel without restriction, the number of prime business hubs to which it provides access, and the degree to which a given citizenship provides settlement rights in other nations. St Kitts and Nevis scored a seven out of 10 in this area as it offers visa-free or visa-on-arrival access to 156 countries.

The Minimum Investment Outlay pillar measures one of the most practical and foremost considerations of CBI: how much capital is required for the investor to become an eligible applicant for the programme of their choosing.

St Kitts and Nevis offers one of the most affordable routes to alternative citizenship, and even though it ended its limited time offer of US$150,000 for a family of four at the end of December 2021, it did not impact its score, five out of 10, as the scores are based on minimum investments for a single applicant.

The St Kitts and Nevis CBI programme is a family-friendly route for those looking for a reputable and trusted programme that prioritises both applicants and its citizens – the stringent due diligence process upon application ensures that only honest hard-working families are approved. The citizenship can also be passed down to future generations, giving investors who want to leave a legacy, peace of mind.

Download the full CBI Index here, to get further insights into the CBI industry and a full evaluation of the CBI programmes of the 12 other jurisdictions in the rankings.

Attachment

• St Kitts and Nevis Infographic

The CBI Index is intended as a practical tool to compare CBI programmes as a whole and specific aspects of each programme. These aspects are reflected by the CBI Index’s nine pillars which Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product.

Number one for six consecutive years, Dominica beat 11 other nations with active citizenship by investment programmes and scored full marks in the areas of Minimum Outlay, Mandatory travel or residence, Ease of Processing, Due Diligence, Family and Certainty of Product.

These nations include Antigua and Barbuda, Austria, Cambodia, Egypt, Grenada, Jordan, Malta, Montenegro, St Lucia, Turkey and Vanuatu.

“For the last 29 years we have ensured that our CBI programme really meets the needs of an ever-changing global investor. We’re proud to yet again be ranked as one of the best CBI offering in the world and look to increase our scores across all nine pillars next year,” commented Dominica’s Prime Minister, Dr Roosevelt Skerrit.

Dominica continues to be on a concerted drive to offer investors – through its Economic Diversification Fund and government-approve real estate options – a reliable safe haven amidst the constant global upheavals. Accompanied by a robust due diligence process, Dominica uses a multi-layered process in partnership with third-party due diligence firms from the USA and the UK, investors can be confident that they are buying a product that will enhance their portfolio.

Dominica’s scoring in the nine pillars:

Freedom of Movement: Dominica scored seven out of 10 as the country offers visa-free and visa-on-arrival access to 14 countries across the world, including the globe’s most sought-after business hubs.

Freedom of movement within and between countries is paramount to global investors seeking second citizenship and this year, the Index placed emphasis on the total number of countries and territories that can be visited without applying for a visa.

Standard of Living: Dominica scored five in this area due to its low average expected years of schooling, but it must be noted that the country has the highest life expectancy at 78.2 and a perfect freedom score when compared to Egypt, Jordan, St Kitts and Nevis and Vanuatu – who also shared the same score.

Minimum Investment Outlay: Dominica received a perfect score of 10 here as the minimum investment outlay for their CBI programme is only US$100,000 per applicant, one of the lowest citizenship investment outlays in the industry.

Mandatory Travel or Residence: As last year, Dominica kept its score of 10 out of 10 as the country does not require mandatory travel or residence in the country for processing its citizenship application.

Citizenship Timeline: Dominica scored a nine in the citizenship timeline pillar. The pillar accesses the duration to get the application processed.

Ease of Processing: The citizenship by investment unit of Dominica continues to make the application process straightforward and more robust, helping the country secure a score full marks in this area.

Due Diligence: Dominica is recognized for its stringent and comprehensive due diligence checks on applicants seeking second citizenship and once again retained the score of 10 for due diligence processing. The country requires the provision of either fingerprints or a biometric passport and has robust external due diligence procedures that are undertaken by internationally renowned third-party due diligence firms.

Family: As Dominica allows main applicants to add additional dependents under a single application, once again making it easy to bring in additional family members, the country scored 10 under this pillar.

Certainty of Product: Dominica, along with St Kitts and Nevis, attained a perfect score for Certainty of Product Pillar thanks to the programme’s longevity, popularity, renown, stability, and adaptability. The CBI Index also lauded Dominica for its transparent two-track investment routes.

Regarded as an industry voice and reputable benchmark for CBI programmes across the globe, this year’s CBI Index offers readers a glimpse of the possibility that could in the CBI industry should all relevant parties cooperate.

The current turmoil has certainly brought a negative spotlight to the investment migration industry and overlooked the fundamentals of CBI – offering honest, hardworking families and entrepreneurs to explore and participate in meaningful global opportunities, especially where they have been let down by their own home countries.

Findings in the CBI Index state that in 2023, it is predicted over 125,000 millionaires will look to relocate to more secure and attractive destinations around the world and this trend is expected to continue and increase to 2030. Political fragmentation, instability, social polarisation are some of the reasons why investors look for second citizenship options.

It is for this reason that countries like the Commonwealth of Dominica are a popular investment choice, offering political and economic stability, a currency pegged against the US-dollar and, even more appealing is an eco-conscious government working its way to be carbon-neutral and sustainable.

“People who invest in our programme can be 100% sure that they are also investing in a country that cares about the planet and one that is taking tangible, measurable steps to protect the planet,” continues Prime Minister Skerrit.

The CBI Index is the world’s most definitive guide on citizenship by investment and is published today by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners.

Download and read the full report here.