Basseterre, St. Kitts (SKNIS): The regulations governing the operation of the long-standing Citizenship by Investment (CBI) Programme in St Kitts and Nevis were recently amended with elements aimed at benefiting local businesses and entrepreneurs and nationals in the diaspora.
The CBI Unit’s Head, Mr. Michael Martin, said that “there are 3 options for innovators, at home and in the diaspora, to benefit and raise capital through CBI. Firstly, any person can apply to the CBI Board of Governors to be designated as an Approved Public Benefactor. Under this option, once the applicant can prove that his or her business idea can bring substantial benefit to the people of St Kitts and Nevis; maximize local employment; and transfer technology and local capacity building, then that business idea will be considered.”
Under the Public Benefit Option, the Cabinet can allocate public benefit units to an Approved Public Benefactor to be sold on the international market for no less than US$175,000 per unit. Purchasers of public benefit units can then apply to the CBI Unit to become citizens of St Kitts and Nevis.
“Local contractors and developers can also benefit from the new regulations if they apply to have their proposed residential or commercial developments designated by Cabinet as Approved Developments. Once approved, real estate units can be sold on the international market for no less than US$200,000 per unit. Under the amended regulations, there is now a strict regulatory process to ensure that such developments are completed,” said Mr. Martin.
Citizens of St Kitts and Nevis, at home and in the diaspora, can also benefit from