Mar 9, 2020

Citizenship of Saint Kitts and Nevis: buying your way to a new life in paradise made easy in 2020!

How to obtain citizenship of Saint Kitts and Nevis? You can actually “buy” your way to this status, following the example of many millionaires and high net worth individuals, 100% legally and as early as 2020. The price of second passport and citizenship of Saint Kitts and Nevis starts at $ 150 thousand and offers you a large number of advantages. And the list of such advantages is expanding rapidly, as evidenced by the latest news from this magnificent Caribbean country.

Last September, the Caribbean Federation of Saint Kitts and Nevis celebrated the 36th anniversary of its sovereignty. The country gained independence from Britain in 1983. A year later, it introduced the Citizenship by Investment program as a tool to attract foreign direct investment in her economy, laying the foundation for the economic citizenship concept.

Subsequently, this model was reproduced in several countries. In order to remain at the forefront of progress and not lose customers amid an increase in the number of competitors, the authorities of Saint Kitts and Nevis reduced the price tag to $ 150 thousand, and also significantly facilitated and reduced the time required for the process of obtaining citizenship by investment. The procedure in this country takes only 1.5-2 months.  

But not only the Citizenship By Investment program of Saint Kitts and Nevis is improving. There is also an increase in the quality of life in this state, thanks to which foreign investors and their families can obtain citizenship in exchange for a contribution to the economy of the Caribbean country, as well as the right to live in a developed state, which they are free to proudly call their new homeland. To prove the validity of this statement, we cite a number of recent news from Saint Kitts and Nevis.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – “Golden passports” for paradise on earth

According to the latest semi-annual report of the Caribbean Development Bank (CDB), the jurisdiction of Saint Kitts and Nevis, issuing citizenship in exchange of payment, for the first six months of 2019 raised a huge sum, according to the standards of the regional market of “golden passports”.

Revenues reached a new all-time high of $ 271 million East Caribbean dollars (XCD) ($ 100 million). These revenues almost doubled compared to the same period last year, when they amounted to 154 million XCD ($ 56 million).

The CDB report also states that small economies could be affected by growing global economic uncertainty caused by factors such as trade tensions between the United States of America and China and turbulences caused as a consequence of Brexit , as well as US sanctions on third countries breaking global supply chains.

At the same time, it is noted that citizenship by investment helps St. Kitts and Nevis, as well as a number of other small Caribbean island states, create a financial “airbag” to mitigate the negative effects of such global trends.

 It is noteworthy that the funds raised from the local investment citizenship program are actively used for the development of Nevis Island, the infrastructure of which is getting better every year. According to official figures, over the past four financial years through July 2019, Nevis received 61 million XCD ($ 22 million) through the state budget in the form of financial support from the Citizenship by Investment program.

These funds were spent on development in such areas as healthcare, sports and transport infrastructure, diversification of the energy balance and tourism. In particular, 9 million XCD were used to modernize the Alexandra Hospital, another 2 million XCD to improve the runway on Nevis. The authorities spent about 1 million XCD on the purchase of new equipment for the needs of the port administration.

 Today, more than 11 thousand people live in Nevis, which is about 20 percent of the total population of the country. Moreover, according to official statistics, 7 percent of the population of St. Kitts and Nevis receives a monthly allowance from income from the issuance of citizenship by investment under the new Poverty Alleviation Program.

From the introduction of this program in December 2018 to July 2019, it helped distribute 13.6 million XCD ($ 5 million) to nearly 4,000 households. The initiative aims to support families earning less than 3,000 XCD ($ 1,110) per month.

Program beneficiaries receive $ 500 each month. These funds help them pay rent, food and medicine, as well as medical care and utility bills. A tangible positive impact of the Poverty Alleviation Program initiative is marked by a general increase in living standards in the country.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – Paradise for crypto investors

The government of Saint Kitts and Nevis passed a bill earlier this year that would legalize bitcoins and other cryptocurrencies, thereby making it easier to conduct business in the Caribbean jurisdiction and make cashless payments. According to experts, the legalization of cryptocurrencies also creates the prerequisites for the possibility of obtaining citizenship for bitcoins in the future.

The bill, covering the regulation of virtual business assets, was supported by the vast majority of members of parliament and was subsequently passed. This bill will allow interested parties to conduct one or more of the following actions or operations:

  • Exchange between virtual asset and fiduciary currency;
  • Exchange between virtual assets of one or several types;
  • Transfer of a virtual asset regardless of its value;
  • Storage or disposal of a virtual asset that allows you to control the virtual asset; and
  • Participation and provision of financial services related to the issue or sale of a virtual asset;

Representatives of the government of the Caribbean country, commenting on the innovations, emphasized that the bill on virtual assets of 2020 involves more stringent control mechanisms for the registration of any financial services provider engaged in operations with virtual assets in the country, as well as subsequently for its business operations.

This will ensure compliance with existing rules against money laundering and the financing of terrorism and, therefore, will help comply with international standards established by organizations such as the Financial Action Task Force (FATF).

Payments in virtual currency provide the cheapest alternative solution to bank transfers, opening wide opportunities to minimize commission payments, and also eliminate the bottlenecks associated with correspondent banks, which many jurisdictions of the Caribbean face.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – Tax haven

Another reason to invest in a passport and citizenship of St. Kitts and Nevis can be the absence of a tax on personal income in this country. However, only fiscal residents of the jurisdiction can take advantage of this privilege. Read more: Saint Kitts and Nevis citizenship by investment in 2020

 At the end of last year, local authorities further contributed to improved image of this country as a low-tax jurisdiction, adopting a budget for the fifth time in a row which includes no fundamentally new taxes and fees.

Indeed, the islanders can afford it, since government spending is largely covered by an influx of funds from participants in the citizenship for investment program of the countries of Saint Kitts and Nevis.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – Paradise for businesspeople

The visible increase in the number of registered companies is the best endorsement for the advantageous tax climate in the country and an evidence of the expansion of the country’s economy as a whole. Experts around the world agree that both small businesses and entrepreneurs as a whole are the key driving forces of economic growth. The government of Saint Kitts and Nevis is fostering growth in the number of registered businesses in the country through its favorable policies and effective facilitation initiatives.

According to the Internal Revenue Service, business registration statistics in Saint Kitts have improved significantly over the past five years. The recent facts and figures show that the number of registered companies increased from 5,084 in 2014 to 7,483 for the period from January to September 2019. This represents an increase of 47 percent and over 2,399 new enterprises.

In 2019, an average of 43 enterprises were registered per month. Annual data for the year   is not yet available. But if the upward trend continued in the last quarter of the year, the annual number of registered enterprises for the entire year of 2019 can be predicted to hit a record high.

In recent years, the local government has helped hundreds of companies either start or expand their business by providing access to concessional financing, as well as technical assistance, mainly through the St. Kitts and Nevis Development Bank, as part of a lending program for start-ups, micro-, small and medium enterprises .

Assistance was provided to a wide range of entities engaged in such activities as freight forwarding, transport, cosmetology, pig breeding, catering, electronic commerce, light industry, agriculture, agro-processing, arts and crafts, music and video filming.

The real GDP of Saint Kitts and Nevis grew by 2.4 percent in 2018. Increased activity in the wholesale and retail sectors was relatively balanced by a decline in construction activity, although public infrastructure continued to develop on both islands. According to preliminary data, in 2019, the country’s economic growth rate was 2.8 percent, which is slightly lower than the projected level of 3 percent.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – A paradise for eco-activists like Greta Tunberg

Foreigners considering the possibility of obtaining a second passport and citizenship for the investment of the country of Saint Kitts and Nevis, including in the context of a possible relocation to this country, should note that Caribbean jurisdiction is continuously transforming into a real paradise for eco activists.

Last year, it was reported that the Swiss battery manufacturer Leclanché will build a 35.6 MW solar power plant in the jurisdiction that will provide clean electricity to the state grid of St. Kitts and Nevis for at least 20 years. The new facility will be able to cover about a quarter of the total electricity demand in the archipelago.

Representatives of the company Leclanché claim that solar batteries will be paired with an energy storage system with a total capacity of 44.2 MWh. Both installations will be located near the capital city of Baster on the island of Saint Kitts.

The project will be supported by specialists from the local state utility company SKELEC , to which Leclanché will sell electricity. Construction works have already been deployed, with completion and commissioning scheduled for September 2020. Partner companies do not yet disclose any technical or financial details of the project.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – tropical paradise in the Caribbean with fast internet

Local authorities also pay increased attention to development of telecommunications infrastructure, aiming to simplify the living and business of high net worth individuals and others who would like to apply for citizenship of Saint Kitts and Nevis for investments, and would like move to a tropical paradise, while retaining the ability to remotely control their businesses internationally.

Currently, the government of Saint Kitts and Nevis is implementing a national broadband development strategy, which is crucial for economic success in modern realities, while continuing to invest in technology projects.

High-speed Internet access is provided with the assistance of the International Telecommunication Union (ITU) and the Telecommunications Organization of the British Commonwealth of Nations through the efforts of a number of private and public stakeholders involved in optimizing, standardizing and expanding access to broadband throughout the territory of the Federation of Saint Kitts and Nevis.

In particular, last year, the local government hired specialists from Deloitte  international firm  to help develop a digital transformation strategy that will allow public sector agencies to serve visitors more efficiently and effectively.

The country continues to invest in technology projects such as the Government Wide Area Network, which is expanding communication opportunities between public sector agencies, increasing the efficiency of providing digital services to citizens and residents both within the country and abroad.

Citizenship of Saint Kitts and Nevis: Buying your way to a new life in paradise made easy in 2020! – A country with rule of law and free from criminals

And finally, one more positive news concerning reduction in the level of crime. Statistics show that the number of homicides in the country last year decreased by 48 percent amid a general decrease in crime by 27 percent.

Efficient use of budget funds allows to provide an increasingly much safer future for citizens and guests of the country. Statistics show that the number of homicides, especially related to gang violence or other serious crimes, has been the lowest in 14 years. This record success justifies the significant increase in targeted budgetary allocations for national security in 2016, 2017, 2018, 2019.

The amount allocated to national security for 2020 is $ 99.2 million, including $ 63.5 million for financing recurring expenses and $ 35.7 million for capital expenditures. This amount increased by 5 percent compared to 2019.

The funds allocated for the development of the national security system are used, among other things, for training personnel, equipping forensic laboratories, deploying video surveillance systems, improving the working environment for security forces, providing psychological support to staff and victims of crime, as well as purchasing “security gadgets”.

It is particularly notable that Saint Kitts and Nevis retains its high position in the world ranking of countries according to the rule of law according to the organization of The World Justice Project (JP). The small Caribbean island nation performed particularly well in sub-rating, reflecting the absence of corruption in the judiciary, gaining 0.94 out of 1.

In general, the small island nation managed to rank the 30th in the world in terms of the rule of law among 126 countries and get ahead of 13 European jurisdictions. In the Latin American and Caribbean region, researchers named St. Kitts and Nevis a leader in two of the eight measured factors.

Saint Kitts and Nevis also went up to the top in the region in terms of order, security and civil justice. In civil matters, it ranked the first throughout the Caribbean and Latin America. At the same time, jurisdiction took 16th place in the world in the corresponding sub-rating, bypassing such superpowers as Canada, the United States of America, France and the UK.

To obtain additional first-hand information about the Citizenship By Investment Program in  Saint Kitts and Nevis  and obtain a passport for this country, we recommend that you seek help directly from the best and most experienced consultants who work without intermediaries and are among the leaders in the number of processed orders. Send your requests to us straightaway at  [email protected].