The government of St Kitts has announced significant increases in its investment limits for applications to its Citizenship by Investment programme. The move comes as St Kitts looks to be the first island to fall into line with EU guidelines for CBI programmes. In a press release dated 27th July the government announced that the Sustainable Growth Fund (SGF) option is immediately replaced by the Sustainable Island State Contribution (SISC) option. The Limited Time Offer for the SGF option originally extended to 31 January 2024 has been closed with immediate effect.
Investment amounts are now as follows:
The new amounts represent a 100% increase for single or family applications.
While the increase only affects St Kitts we expect the remaining Caribbean countries operating CBI programmes, that is, Antigua, Grenada, Dominica and St Lucia to fall in line with similar price increases in the coming six months.
The move by St Kitts followed guidelines issued by the EU. The European Union has laid down several new guidelines for countries offering citizenship by investment programmes following a recent meeting held between leaders of Caribbean countries and EU officials in Brussels. The guidelines are as follows:
The guidelines have been laid down by the EU with the primary focus of ensuring that nations execute exceptional standards in their CBI programmes. The EU stated that the minimum amount of investing through donation on such programmes must be raised to at least US $200,000 for single applicant, while for applications made through the real estate option, the minimum investment must be US$400,000. The St Kitts new investment limits are exactly in line with these guidelines. The new requirements are to ensure that CBI programmes attract only those high net worth individuals with a significant capacity to contribute economically to the host nation.
The European Commissioner for Home Affairs, Ylva Johansson, is set to lead an oversight committee to monitor the overall operations of Caribbean programmes over the coming six months.
While the EU holds no jurisdiction over the Caribbean countries each of the five countries offering CBI programmes has visa-free access to the EU Schengen Zone and governments are no doubt keen to preserve that access for their citizens. Apart from specifying investment limits the guidelines are similar to those issued by the USA some months back.
Both the US and EU moves are positive in the sense of recognising the programmes have a legitimate role to play in global mobility subject to minimum standards being maintained.
Source: goldenvisas.com