Relocating to St. Kitts & Nevis
The Federation of Saint Kitts and Nevis offers good opportunities to foreign investors, wanting to stay, live, study and work in the country as its government has introduced extensive legislation to attract financial services business to the island.
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Advantages of having a residence permit or a second citizenship
A second citizenship allows visa free travel to most of the European Union and Schengen area countries. This means that a person can obtain the right to live in one EU member state and stay in any other. Foreigners are not obliged to permanently stay in particular country. They can travel, stay and live in other countries as well. This is especially convenient for those people who have to travel often or who are not planning to establish their main place of residence in one particular state.
There are several advantages of becoming St. Kitts and Nevis’s citizen. For example, it is possible to work and do business in the country just like the other citizens without legal limitations, purchase property, receive equal salaries and enjoy all the social services and benefits provided by country’s authorities. The government guarantees repatriation of profits, grants concessions on import duties and tax breaks. Saint Kitts and Nevis has no wealth, offshore income, capital gains, gift or inheritance taxes. Therefore, it is a rather attractive option for international entrepreneurs who are in search of business security and comfortable travel options.
Residence permit program in St. Kitts & Nevis
No particular residence permit program in St. Kitts & Nevis is currently available, the country is running a double citizeship program instead. This means that all the foreigners, wishing to reside on the island, can apply directly for gaining country’s citizenship. However, the Federation of Saint Kitts and Nevis is a member state of Commonwealth Caribbean (CARICOM) which established a Free Movement of People program to ensure all its nationals with a free movement regime between 12 CARICOM member states.
Therefore, natives, citizens or residents of one of the CARICOM countries are able to work and live in any of the 12 member states without obtaining a work or a residence permit. There is also another option available – which is to have a company established under the laws of Member States as a
CARICOM Company. This option enables immigrants from other countries to stay, live and be employed in St. Kitts and Nevis without doing excessive paperwork.
Double citizenship program in St. Kitts & Nevis
A Citizenship by Investment Program (CIP) for everyone who wishes to become St.Kitts and Nevis’s citizen was established in 1984. It is the oldest and most reputable running investment program worldwide. Foreigners from all over the world are able to apply for citizenship without first becoming country’s permanent residents as its government recognizes dual citizenship and does not require foreigner to renounce his current residence status. It is also not necessary to visit the island in order to qualify for the citizenship.
The second passport, granted by the country’s authorities, is valid for 10 years. If an immigrant wishes to become St.Kitts and Nevis’s citizen, he must have a good reputation, which includes having no ciminal record. He also must pass the due diligence clearance. It is expected the foreigner to become country’s investor and make a substantial financial contribution to country’s economy. There are several options for this:
- Direct non-refundable payment to the government
A donation to Sugar Industry Diversification Fund (S.I.D.F.) (with extra fees included):
- 250, 000 US dollars for the single applicant
- 300, 000 US dollars for family up to 4 individuals, including the main applicant
- 25, 000 US dollars for any other person in the family
- A recoverable real estate investment
At least 400, 000 US dollars worth for the main applicant (extra fees included. The investor will be able to sell the property after the 5 years period of owning it.
For all of the options mentioned above there will also be additional due diligence, state and processing fees applied. Read more about each of the options to know more or contact us now to apply.