Citizenship By Investment

Citizenship through investment, commonly referred to as CBI, is a distinguished program that affords individuals the opportunity to acquire citizenship in a foreign nation through substantial financial contributions. CBI initiatives are alternatively known as economic citizenship or immigrant investor programs.

Public Benefit Option.

(1) Where any person or entity wishes to—

(a) develop an industry;

(b) finance the construction of a real estate development project on State land;

(c) construct a real estate development project on land to be transferred to the

State; or

(d) otherwise bring some substantial benefit to the people of Saint Christopher and Nevis;

that person or entity shall apply to the Board of Governors to be designated as an Approved Public Benefactor.

(2) An Approved Public Benefactor must, by his, her or its project—

(a) bring substantial benefit to the people of Saint Christopher and Nevis;

(b) maximise local employment;

(c) embark upon programmes including transfer of technology and local capacity building; and

(d) assume all financial risks involved with the project.

(3) An application to the Board of Governors pursuant to sub-regulation (1) shall contain—

(a) detailed information necessary for the Board of Governors to determine if the proposed public benefit project is likely to satisfy the mandatory criteria

contained in sub- regulation (2), the contents of which shall be certified on

oath or affirmation under the penalty of perjury; and

(b) a letter from the investor stating—

(i) the proposed sale price of each public benefit unit; and

(ii) the proposed number of public benefit units to be sold.

(4) On receipt of an application to the Board of Governors pursuant to

sub-regulation (1), the Board of Governors shall—

(a) determine if any further information is necessary, and if so, request the same from the applicant public benefactor;

(b) where satisfied that all the information required has been presented, prepare a draft Federal Cabinet submission to the Minister with its recommendations

for—

(i) approval or disapproval of the applicant public benefactor as an Approved Public Benefactor;

(ii) the number of public benefit units to be offered to the applicant public

benefactor, if recommended for approval;

(iii) the schedule of distribution of public benefit units based on professionally

certified completion of phases of the investment project, if recommended

for approval; and

(iv) the reasons for disapproval, if recommended for disapproval.

(c) if the public benefit involves a real estate development to be constructed on Nevis, before preparing a submission to the Federal Cabinet with its recommendations, the Board of Governors shall require the applicant public benefactor to obtain approval-in-principle from the Nevis Island Administration for the Federal Cabinet to consider the applicant public benefactor as an  Approved Public Benefactor.

(5) The Federal Cabinet may, on consideration of the recommendations made pursuant to sub-regulation (4)—

(a) designate an Approved Public Benefactor to develop an Approved Public Benefit Project;

(b) determine the number of public benefit units that can be sold by the Approved Public Benefactor;

(c) determine the schedule of distribution of public benefit units; and

(d) determine the escrow drawdown process based on a schedule that has been  independently and professionally certified for completion of phases of the Approved Public Benefit Project.

(6) If an applicant investor is designated as an Approved Public Benefactor, the Federal Cabinet shall—

(a) designate the number of public benefit units that can be sold by the Approved Public Benefactor; and

(b) give instructions to the Board of Governors to issue a notice in writing to that effect to the Approved Public Benefactor containing—

(i) the designated schedule of distribution of public benefit units based on the completion of phases of the Approved Public Benefit Project; and

(ii) the designated escrow drawdown process.

(7) The Board of Governors shall engage an independently licenced quantity surveyor,

architect, civil engineer, project manager or other suitably qualified professional to certify completion of construction phases of an Approved Public Benefit Project.

(8) Only Approved Public Benefit Projects shall qualify for this CBI Option.

(9) A public benefit unit in an Approved Public Benefit Project shall qualify for

Citizenship by Investment, if a minimum contribution of US$250,000 (Two Hundred and Fifty Thousand United States Dollars) is paid to the Unit by the main applicant.

(10) The following sums shall be excluded from the minimum contribution—

(a) International Marketing Agent commissions;

(b) Authorised Agent fees;

(c) advances to the main applicant or dependants of any nature;

(d) financial returns, guaranteed returns, advances or any type of payments to the main applicant or dependants of any nature;

(e) due diligence background check fees;

(f) Post approval-in-principle CBI application fees, except as provided for in sub-regulation 26;

(g) CBI application processing fees; and

(h) any other commissions of any nature.

Qualifications.

(1) Any person who —

(a) is at least eighteen years of age;

(b) has made, or has agreed to make, an investment or a contribution pursuant to the CBI Options in these Regulations; and

(c) meets the CBI application requirements may apply as a main applicant to become a citizen of Saint Christopher and Nevis pursuant

to section 3(5) of the Act.

(2) A person who has—

(a) been denied citizenship of any country;

(b) been denied a visa to any country to which citizens of Saint Christopher and

Nevis have visa-free travel and has not subsequently obtained a visa to the

country that issued the denial;

(c) has a criminal record;

(d) is the subject of a criminal investigation;

(e) has been declared a bankrupt; or

(f) is involved in any activity likely to cause disrepute to Saint Christopher and Nevis;

shall not be eligible to apply pursuant to these Regulations for Citizenship by Investment in Saint Christopher and Nevis.

Private Real Estate Sale Investment Option.

(1) Where any citizen of Saint Christopher and Nevis is a registered owner of a fully constructed real estate unit—

(a) by Certificate of Title of land on which a single-family private dwelling home is constructed; or

(b) by Certificate of Title of a condominium unit—

(i) previously sold on one occasion as the subject of CBI application; and

(ii) for which the statutory time frame for resale has elapsed;

(c) by duly registered Share Certificate representing ownership of the legal interest in real estate by shareholding—

(i) previously sold on one occasion as the subject of CBI application; and

(ii) for which the statutory time frame for resale has elapsed; wishes to sell such fully constructed real estate unit to a purchaser interested in applying for Citizenship by Investment, the citizen owner of the fully constructed real estate unit or his or her real estate agent shall apply to the Board of Governors for such real estate to be designated as Approved Private Real Estate.

(1) A CBI applicant who is aged sixteen years or over shall undergo due diligence background checks before any decision is made in relation to his or her application.

(2) All background due diligence checks shall be commissioned by the Unit, which shall mandate independent professional firms to conduct due diligence checks according to

requirements set by the Board of Governors.

Sustainable Island State Contribution.

(1) Any person who wishes to contribute towards the advancement of the Federation of Saint Christopher and Nevis into a Sustainable Island State based on the following seven

pillars of prioritisation—

(a) increasing local food production;

(b) transitioning to Green Energy;

(c) diversifying the economy;

(d) attracting and supporting sustainable industries;

(e) evolving the Creative Economy;

(f) recovering from the impacts of the COVID-19 pandemic; and

(g) expanding social protections and safety nets to protect the most vulnerable; may make a contribution into the Federal Consolidated Fund.

(2) Any main applicant who deposits the following minimum contributions into the Federal Consolidated Fund shall be deemed to have contributed substantially towards the

advancement of the Federation of Saint Christopher and Nevis into a Sustainable Island State and shall thereby qualify to apply for Citizenship by Investment—

(a) US$250,000 (Two Hundred and Fifty Thousand United States Dollars) for a

main applicant or a family with up to four total persons, being—

(i) a main applicant with a spouse and up to two dependants; or

(ii) a main applicant with up to three dependants;

(b) for each additional dependant under eighteen years of age: US$25,000

(Twenty Five Thousand United States Dollars); and

(c) for each additional dependant eighteen years of age or over: US$50,000 (Fifty Thousand United States Dollars).

(3) An account and record of the Sustainable Island State Contributions, which shall be paid into the Federal Consolidated Fund, shall be kept by the Board of Governors.

(4) A CBI applicant pursuant to this Part shall pay the applicable due diligence fees contained in regulation 24(4) on every CBI application.14

(5) Within one hundred twenty to one hundred and eighty days of the date of

acknowledgment of a CBI application made under this regulation by the Unit, the Unit shall notify the Authorised Agent on behalf of the main applicant whether the application has

been—

(a) approved-in-principle;

(b) denied; or

(c) delayed for cause and still being processed.

(6) No later than ninety days after the date of a notification of approval-in-principle pursuant to sub-regulation (5) the main applicant or his or her Authorised Agent shall present

to the Unit a cheque made payable to the Accountant General in the sum of the applicable non-refundable Sustainable Island State Contribution and the Unit shall verify that the sums

have been duly deposited into the Federal Consolidated Fund before the grant of Citizenship by Investment may occur.

(7) No later than thirty days after the Unit has verified that the applicable non-refundable Sustainable Island State Contribution has been deposited into the Federal Consolidated Fund, the Unit shall, on approval in writing from the Technical Committee and upon receipt of an invoice, pay US$50,000 to the Authorised Agent associated with the CBI application.