St. Kitts reduces fees for real estate option under CIP

(St Kitts Observer)

The real estate option for the Citizenship by Investment (CBI) Program in St. Kitts and Nevis has been cut for those who wish to attain citizenship of St. Kitts and Nevis through that scheme.

The announcement came from Prime Minister and Minister of Finance the Hon. Dr. Timothy Harris who stated that the move was in response to the competing demands and in an effort to support local real estate developers in the citizenship programme.

He said, “We have reviewed the government’s real estate fees and a comparison of fees showed that St. Kitts and Nevis’ real estate fees were generally $75,000 higher that at least three other programs for a family of four.”

Dr. Harris indicated that there was a representation who visited and made a case to the Cabinet and they determined they could assist them in giving a boost to the real estate programme by making an adjustment in the fees.

“So we have decided that the government fees will be adjusted to $75000 for a family of four. This makes us more competitive, although we are still above the threshold in other CBI jurisdictions.”

Prime Minister Harris, however, highlighted that despite the significant decrease the price still remains higher than the other competing countries as they aim to maintain the platinum Brand. “We have maintained a higher price level as we are determined to maintain the platinum brand that we have become known for while assuring our competitive edge.”

Dr. Harris added that they are happy to have responded to the call by the developers. “We are satisfied that we have responded to the persuasive case made by the developers who want to see our country prosper and be part of that prosperity.

“We are assured that each and every one of the developers they are committed to St. Kitts and Nevis alone,” the Prime Minister noted.
Dr. Harris also describes the CBI programme as the best in the world as is has received international accolades.

“The St. Kitts and Nevi CBI program continues to be the leading program in the Caribbean having achieved the number one ranking in the OECS by a recent quality of passport index survey in January 2018 by Henley and Partners.

“We believe that these accolades all go well for the continuing strong and positive response to our platinum brand since we have done this and the relevant support through the SR&O, legal support has been granted, received several calls from a number of developers commending us for this particular decision that we have taken,” he added.

He also hailed the real estate developers for their continued backing of the programme. “I want to thank those who have stood with the St. Kitts and Nevis programme they have options elsewhere… but they have stood loyally with our programme and it is their loyalty to the programme which in part allow us to sat with them in the confident chambers of the Cabinet to discuss and come to a viable solution.”

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