Saint Kitts and Nevis has officially added the Public Benefit Option (PBO) investment category to its Citizenship by Investment program (CBI). The decision comes after nearly a year since this option was removed from the program.
Reports of EU investigations into the scheme’s involvement in irregular affairs have been dismissed, with the head of the Citizenship by Investment Unit (CIU), Michael Martin, confirming the government’s full support for the PBO.
The St Kitts and Nevis Citizenship by Investment (CBI) was launched in 1984, allowing investors and their families to acquire citizenship by making financial contributions and meeting required conditions. Successful applicants can become citizens of the country without the need for prior residence.
Despite the scheme’s significant contributions to the country’s economy, it has been the subject of reports on irregular affairs such as money laundering and corruption. However, Prime Minister Terrance Drew has emphasized the importance of the program as an illustrative pathway for wealthy internationals.
Managed by the government agency, the Citizenship by Investment Unit (CIU) aims to oversee and process CBI applications in compliance with the country’s laws and regulations. This includes evaluating applications and ensuring that investment obligations are met.
Applicants interested in developing projects that benefit the people of St Kitts and Nevis can apply to the CIU to be designated as approved public beneficiaries. Main applicants under the Public Benefit Option are required to contribute a minimum of US$250,000 in a unit of an Approved Public Benefit Project.
Recent changes to the program took effect in July 2023, including doubling the minimum investment donation and real estate to US$250,000 and $400,000 respectively, and replacing the Sustainable Growth Fund (SGF) with the Sustainable Island State Contribution Fund (SISC). Mandatory interviews conducted by independent professionals or CIU officials are now also required for each applicant.
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