COVID-19 forced countries to update their immigration programs. Caribbean countries also responded to this need. Recently, the Saint Kitts and Nevis Citizenship by Investment Unit published a circular. According to the circular, application fee for families up to four members reduced to USD 150,000.
Families Up To Four Members to Pay USD 150,000 for Citizenship
The previous amount paid by families for citizenship was USD 195,000. Saint Kitts and Nevis, with the new update, announced that the amount is reduced to USD 150,000. This new fee equals the fee of an individual application. New applications may involve up to four family members without increasing the minimum donation requirement.
It is worth noting that the update does not cover all expenses. It only decreases the donation requirement of the program. The costs for processing information of four people versus one person will be higher. These additional costs are mostly government and due diligence fees. However, compared to the USD 45,000 cut, these costs are negligible. Also, these fees were more costly before the update anyway.
COVID-19 Impact on Citizenship by Investment Programs is Clear
The circular states that the decisions are made “in light of the significant global economic fallout caused by the coronavirus pandemic and efforts by the country to find creative ways to stabilize the economy and put it on a path to consolidate growth enjoyed over the last five years before COVID-19”.
No country denies the negative impact of the pandemic. Caribbean countries try to alleviate the impacts with changes to their income strategies. Citizenship by investment schemes is an important part of this process. For instance, Antigua and Barbuda made some updates to their program, too. The island country was the first Caribbean country to react. Then Saint Lucia followed and included a COVID-19 Relief Bond option to its program.
After Saint Lucia, Dominica became the third Caribbean country to update its program. Dominica expanded dependent availability to increase the family demand for the program. With Saint Kitts and Nevis also in the group, there is only Grenada remaining.
With the new update that saves at least USD 45,000 for family applications, Saint Kitts and Nevis show how seriously it takes the dangers of COVID-19. This update is promising to both the country and the interested investors.