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CBI Evolution: The Latest from Grenada & St. Kitts and Nevis
Would you like to become a Caribbean citizen by investing in the region? In this case, it pays to be aware of the recent updates to the citizenship-by-investment (CBI) programs of both Grenada and St. Kitts and Nevis. The above CBI schemes are designed to grant applicants citizenship upon making significant economic contributions to the host nation and these changes are a testament to the dynamic nature of investment migration. Without further delay, let’s delve into what’s new here.
Innovations in Grenada’s CIP
Grenada’s program, which is celebrated for its global mobility and financial benefits, has recently implemented several important updates:
● New Leadership: Thomas Anthony has been appointed as the new CEO of the Citizenship by Investment Unit, bringing over two decades of expertise in investment banking and immigration to the role.
● Oath of Allegiance: Applicants must now take the oath in the presence of a notary public or an authorized official where they are located. This official must be licensed in Grenada, and heads of Grenadian diplomatic missions abroad are also authorized to administer the oath.
● Personal Interviews: The primary applicant, along with their spouse, sponsor, and any dependents aged 17 or older, are required to undergo personal interviews.
● Due Diligence Fee: The due diligence fees have risen by up to USD 1,000, now ranging from USD 5,000 to USD 6,000, to accommodate the interview requirement.
● Payment Currency: Payments for the citizenship-by-investment program can no longer be made in GBP or EUR.
● US E-2 Visa Residency Mandate: Those applying for the US E-2 Nonimmigrant Visa must have resided in Grenada for a minimum of 3 years unless they’ve previously obtained any type of a non-immigrant US visa.
Besides, the Grenadian Citizenship by Investment Unit (CIU) has updated its document legalization rules for passport applicants, in force from October 16, 2023. Here’s a simplified breakdown of the new requirements:
- Authority of the Document Legalizer: If a document is legalized, the legalizer’s name and contact details must be included in the application.
- Copy Certification: Every document copy shall be certified as authentic by a lawyer or notary public where the applicant is located. The certifier must have the original document.
- Affidavits: These are now required to be certified by a lawyer or notary public in the applicant’s location. However, remote certification by a Grenada-licensed lawyer is also acceptable.
- Application Form No.1: The said form needs certification by a lawyer or notary public in the applicant’s location, with remote certification by a Grenada-licensed lawyer being an option.
Despite these changes, Grenada’s CIP still offers unconditional citizenship without residency prerequisites and promises a processing time of under 6 months. The nation also supports dual citizenship.
St. Kitts and Nevis’ CBI initiative: what’s new?
St. Kitts and Nevis’ program, known as the Platinum Standard of CBI, has also introduced significant revisions:
● New Governance Structure: A CIU Board of Governors has been established to oversee the program’s transparency and accountability.
● Due Diligence Committee: The Technical Committee is tasked with ensuring thorough due diligence checks on all CBI applications.
● SGF Limited Time Offer: A special offer reduced the SGF contribution by USD 25,000 until June 30, 2023, after which the minimum contribution amount will increase.
● SISC Introduction: The Sustainable Island State Contribution (SISC) replaces the SGF, with contributions starting at USD 250,000 for a single applicant, focusing on sustainability initiatives.
● Real Estate Investment Update: The minimum investment for the Developer’s Real Estate Option is now USD 400,000, with a mandatory seven-year holding period.
The St. Kitts and Nevis Citizenship by Investment Unit (CIU) is set to implement significant changes aimed at enhancing transparency and demonstrating the program’s value to all stakeholders. The upcoming measures include:
- Enhanced Local Awareness: Projects funded by the citizenship-by-investment program will be more visible to the local community. For instance, the ongoing construction of a resort complex involved in the program will be announced on-site with a billboard.
- Regular Statistical Updates: The CIU will periodically release statistical reports. These will detail:
○ The total number of citizenship applications received within the reporting period.
○ The number of applications approved.
○ The revenue generated from the economic citizenship program.
The above steps are designed to provide clarity and showcase the program’s contribution to the nation’s development.
The team in charge of the St. Kitts and Nevis investment program is working hard to improve its communication with both the local and global community. The aim is to increase the transparency of the St. Kitts and Nevis CIP for individuals within the country and around the world.
Investment options beyond the Caribbean
In addition to the Caribbean nations, which offer citizenship-by-investment programs, there are other countries around the globe providing similar opportunities. Say, Vanuatu, Egypt, and Turkey also extend the option for foreign investors to acquire citizenship through investment:
- Vanuatu’s CIP:
○ Investment: A non-refundable donation to the state fund.
○ Cost: USD 145,000.
○ Duration: 2 to 4 months.
○ Currency Options: Australian dollars, New Zealand dollars, yens, or cryptocurrency.
○ Residency: No need to visit Vanuatu.
- Egypt’s CIP:
○ Investment: Returnable investment into the Egyptian economy.
○ Cost: USD 300,000.
○ Options: Real estate, bank deposit, or business venture.
○ Visit: Mandatory personal visit to Egypt.
- Turkey’s CIP:
○ Investment: Various financial routes available.
○ Cost: USD 400,000.
○ Options: Real estate, bank deposit, business, pension, venture fund, or job creation.
○ Withdrawal: Possible after 3 years without losing citizenship.
○ Duration: Approximately 6 months.
○ Visit: Mandatory personal visit to Turkey.
Expert assistance with choosing the right CIP in 2024
As you can see from the examples above, St. Kitts and Grenada are not the only jurisdictions on the globe that offer citizenship-by-investment options. With a variety of golden passport options available at present, selecting the ideal one may be challenging, but don’t despair. The International Wealth team is dedicated to monitoring the investment immigration industry closely. We’re here to assist you in selecting the most suitable citizenship-by-investment program and to guarantee that you benefit from any special limited-time offers available. We prioritize the confidentiality of your personal information, provide personalized service to each client, and ensure efficient service delivery. With our expertise, you will save money and minimize risks, so take advantage of this benefit today!
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].
