Business Opportunities: St. Kitts & Nevis Citizenship by Investment
St. Kitts and Nevis citizenship by investment program is one of the world’s longest running citizenship by investment programs. It is launched in 1984 and is still active. This small Caribbean island nation offers investors from almost any country around the world the chance to obtain quick citizenship and St. Kitts and Nevis passport as a second passport which grants its holders visa-free travel to over 130 countries including the European Union countries.
Applicants may qualify for citizenship through a contribution to the Sustainable Growth Fund (SGF). For a single applicant, a non-refundable contribution of US$150,000 is required. For a main applicant with up to three dependents, a non-refundable contribution of US$195,000 is required. Each additional dependent is the subject of additional US$10,000.
Upon submission of an application, non-refundable due diligence and processing fees must be also paid. These fees amount to US$7,500 for the main applicant, and US$4,000 for each dependent of the main application who is over the age of 16 years.
Applicants may also prefer to invest in real estate. The minimum investment threshold for the real estate option is US$200,000 (resalable after 7 years) or US$400,000 (resalable after 5 years).
The Caribbean nation of St. Kitts and Nevis is already widely famous for its brilliance as a holiday destination. Yet, the country also offers great business opportunities for investors from around the globe through its successful immigration scheme. As the country offers a great, quality lifestyle, it also provides investors with a welcoming business environment.
The country economy performs a healthy –roughly- 3 per cent growth per year, and the estimated number is 3.2% for 2019. St. Kitts and Nevis also set the ground for new industries and thus constitutes a business-friendly atmosphere for new and potential investors.
St. Kitts and Nevis’s strongest business sectors
Naturally, the most attractive and dynamic industry in the country is tourism. The scenic islands attracted almost 150,000 visitors by plane in 2018, as well as a 15.3% increase in air arrivals through the first two months of 2019 alone. 2018 also saw over 1 million cruise passengers make their way to the islands. Country’s fame as a Caribbean paradise ensures the success of its tourism industry. Therefore, tourism is the main contributing sector to St. Kitts and Nevis’ economy. Many airlines around the world increase the number of their flights to the country which imply the potential growth of the sector.
St. Kitts and Nevis’ manufacturing sector is also thriving, and the government expects further growth during 2019. The islands have been the primary exporter within the Organisation of Eastern Caribbean States (OECS) over the last decade, with its top international exports including electronic materials such as broadcasting equipment and electrical resistors. The government plans to make further improvements through its National Manufacturing Strategy, which aims to enhance productivity and boost its global market share. They intend to support this by finalising a preferential trade agreement with Brazil called the Partial Scope Agreement.
Agriculture is the third industry in St. Kitts and Nevis which is flourishing. Onions, pineapples and watermelons are the products that are produced in the largest volumes in the country. Food production in St. Kitts and Nevis experienced a 22.5% year-on-year increase in 2017, and the country has also received financial support from Taiwan, to improve efficiency in its fruit and vegetable sector. Moreover, country’s construction is also blooming. The Ritz Carlton hotel chain is also building a luxury resort scheduled to open in 2021.