With CBI a.k.a. Citizenship by Investment schemes enjoying high and stable demand in India, it is not surprising HNWIs and middle-class Indians alike take an interest in them. Selecting a country to obtain a second passport in is a bit more of a challenge. According to the recent stats, Indians tend to apply for citizenship by investment in the Caribbean, with St Kitts and Nevis remaining front and center.
FYI: business owners and HNWIs wishing to legally cut the tax load might be interested in changing their tax residency. If this is your case, a free customized consultation with the International Wealth top-tier industry pros fits the bill. To discuss the details, select, and order extra services, or go through the most promising options, you are welcome to contact the International Wealth team at firstname.lastname@example.org and we will get back to you shortly.
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Reasons behind CBI schemes being a hit in India
It is not without a reason that wealthy Indians able to enjoy a luxury life at home go for citizenship by investment schemes abroad (for more information please refer to the citizenship by investment article at the above link). It is not about CBI schemes and St Kitts passports only. These are not just the multiple extra opportunities they give but India itself that is the driver urging Indians to apply for St Kitts and Nevis passports and Caribbean citizenship therein.
It is true that well-off Indians favor CBI schemes coming with multiple extra opportunities for high-income Indians and their families:
- expand opportunities available to them in India, empowering well-to-do Indians to do and see more
- make the best investment choice if they happen to be cosmopolite free from class and caste prejudices
- secure extra protection for themselves and their family members
- find additional ways to diversify assets
- choose the comfort level and options they desire with no limitations or barriers
- live in the jurisdiction boasting lower population density
- meet relatively low investment thresholds putting wind in CBI schemes on the part of middle-class Indians
- enjoy high security requirements.
There are all reasons why St Ktts and Nevis has snowballed in popularity with Indians (for more information please refer to the Citizenship of St. Kitts and Nevis for Investment article at the above link). Caribbean citizenship in St Kitts and Nevis is not the only CBI option available to Indians. They may go for other Caribbean citizenship by investment schems (say, the ones in the Cayman Islands, St Vincent and the Grenadines, and the Bahamas) and CIPs in multiple other regions (Jersey, Mauritius, the Seyshelles, or the Cook Islands). With the above jurisdictions in mind, St Kitts and Nevis gets the garland on the CBI market for Indians due to highly favorable CBI terms, excellent investment opportunities, and related bonuses.
Well-to-do Indians with no second citizenship options in their bag oftentimes face various issues:
- endless lines Indians have to wait in to apply for a visa
- lost business opportunities resulting from India’s ill fame and lack of trust thereto
- short list of countries offering visa-free access to Indians
- extensive time spent on practical arrangements (with Indian red tape gone mad, it is exceptionally hard to get things done and tackle issues)
- limited traveling opportunities.
- lack of efficient instruments necessary to protect and diversify assets, secure financial planning, and deal with all things legacy
- no chance to execute their Plan B in case of emergency.
Caribbean citizenship in St Kitts and Nevis and benefits thereof for Indians
It does not make any practical sense to compare jurisdictions with CBI schemes for well-off individuals in place coming with their individual requirements and CBI terms. Same goes for the pros and cons of certain offshore jurisdictions.
Hence, the information below may not be applicable to your case. If you take a serious interest in citizenship by investment programs and schemes, including, inter alia, Caribbean citizenship by investment schemes (for more information, please refer to the Second Passport, Residence-By-Investment, Economic Citizenship Programs vs Naturalization article at the above link), be sure to book a customized consultation with the Inernational Wealth seasoned pros to make an informed decision as to the jurisdiction choice.
Below, you will find the list of benefits Caribbean citizenship by investment program in St Kitts and Nevis offers to potential applicants for a St Kitts passport:
- relatively low investment threshold upwards of USD 150,000
- reasonable eligibility criteria
- straightforward and clear-cut application and document submission procedures. You can become a happy-go-lucky St Kitts and Nevis second passport holder in as little as 3 to 6 months. Where necessary and if a CIP applicant is ready to pay extra, fast-track procedures may be used to obtain Caribbean citizenship in St Kitts and Nevis
- visa-free access to 157 states. NB: the fact that you are allowed to enter a particular country does not generally mean you are free to work, study, or do business therein
- simplified procedures to obtain long-term visas with up to 10-year validity
- preferential terms for the investor’s children willing to study in top British universities
- fast-track procedures to open personal accounts with banks in Europe, Asia, and the US
- legal tax mitigation (a.k.a. tax avoidance). With high taxes in India, Indians have to pay a 42.74% personal income tax and a 25% corporate income tax. In the said context, Indians feel happy to have an opportunity to pay less if they acquire Caribbean citizenship in St Kitts and Nevis.
- opportunity to purchase real estate abroad boasting excellent investment potential. When choosing the said option, Indians willing to invest in St Kitts and Nevis properties obtain a St Kitts passport as a bonus
- procedures required to obtain a St Kitts passport are carried out remotely, there is no need to visit St Kitts and Nevis in person (for more information as to how you can obtain St Kitts and Nevis CBI, please follow the link above).
Investment options for Indians
Indians willing to acquire a St Kitts passport, prefer to purchase real estate in the jurisdiction, with the right to resell it some time after. In St Kitts and Nevis, Indian investors enjoy other options to fund their Caribbean citizenship by investment, including, inter alia, contributions to the country’s Sustainable Growth Fund, a.k.a. SGF and participating in various social and infrastructure development projects. The option is known as PGPD or Public Good Project Developer. With several superb investment opportunities available in St Kitts and Nevis for Indians you will no doubt be able to pick the one to your liking.
Contributions to the SGF are non-refundable and come with a low investment threshold. With invested funds spent to grow and develop St Kitts and Nevis economy, as well as its socially significant industries they boast high investment appeal and Indians investing in the country eagerly choose the option.
Below, you will find the minimum investment amounts for different investor categories:
- 1 applicant: USD 150,000
- main applicant + spouse: USD 175,000
- family of 4: USD 195,000
- main applicant’s sibling: USD 20,000
- each dependant of the main applicant: USD 10,000.
Government charges and other fees and due diligence procedure fees:
- main applicant: USD 7,500
- main applicant’s family members above 16: USD 4,000.
Investing in real estate to acquire St Kitts passport
Favored by Indians, this investment option provides for an opportunity to receive two-for-one. Indians choosing the option will not only acquire highly demanded real estate in St Kitts and Nevis but also obtain a St Kitts passport as a bonus. The investment threshold is set higher for Indians purchasing real estate in St Kitts, yet it is the option good to choose, bearing in mind all benefits that come with it.
Minimum investment thresholds for real estate investors eager to obtain a St Kitts passport are listed below:
- USD 400,000, with a 5-year minimum holding period
- USD 200,000, with a 7-year minimum holding period.
Government charges and other fees:
- 1 applicant: USD 35,050
- main applicant’s spouse: USD 20,050
- each family member other than main applicant’s siblings: USD 10,050
- main applicant’s sibling: USD 20,000.
Due diligence procedure and related costs:
- main applicant: USD 7,500
- main applicant’s family members above 16: USD 4,000.
For any questions you may have regarding the above costs and fees you are welcome to contact the International Wealth team.
PGPD investment option
The above investment option surfaced in 2022 and investors are currently sizing it up. With investments upwards of USD 175,000 plus standard fees for due diligence procedures, the terms seem to be appealing on the surface. The list of projects you can pursue to obtain a St Kitts passport and citizenship by investment can be found on the St Kitts and Nevis official government website.
Accelerated Application Process
If ready to pay extra (please refer to the info below), your citizenship by investment application may be processed and considered faster. The application processing period makes 60 days, if you choose this investment option, and you eventually receive a St Kitts passport. Be advised that a regular St Kitts passport and the St Kitts passport you receive under the accelerated procedure are no different.
AAP and related costs:
- main applicant: USD 25,000
- main applicant’s family members above 16: USD 20,000 each
- main applicant’s family members under 16: USD 500 each.
For Indians considering an opportunity to obtain a second passport and dual citizenship, St Kitts and Nevis is an excellent pick. At International Wealth, we recommend you discuss all your wishes and plans with our weathered experts beforehand. To contact them, please use the email below email@example.com.