Move designed to recoup money lost during the COVID-19 pandemic
St Kitts and Nevis is offering a US$25,000 discount to foreigners, applying for its ‘Citizenship by Investment’ programme.
The Caribbean twin-island nation, which was the first in the world to launch a citizenship-through-investment scheme, is offering the discounted fees for foreigners who want to get the country’s passport under this programme. The discount will be available for six months only.
The move seeks to recoup money lost during the COVID-19 pandemic, which left its tourist spots deserted. The government of St Kitts and Nevis has not disclosed how much money has been raised through the programme.
Foreigners applying for a passport and citizenship will have to submit to a background check done by a Board of Governors and a technical committee set up by St Kitts’ authorities.
OTHER CARIBBEAN COUNTRIES INSPIRED
Applications submitted under the Limited Time Offer (LTO) are eligible for an expedited application process with processing times of 90 to 60 days at no additional cost.
Established in 1984, the St Kitts citizenship programme requires applicants to purchase more than US$200,000 worth of real estate.
St Kitts’ passport allows visa-free travel to more than 150 countries, including the UK, Singapore and Hong Kong.
The programme has inspired other Caribbean countries, including Antigua & Barbuda and St Lucia, where similar programmes launched to support their economic growth.