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Today we are reviewing yet another passport that you can buy. We are going to be talking about the Citizenship by investment program in Saint Kitts and Nevis.
St Kitts and Nevis is one of the 5 Caribbean countries that offer the Citizenship by Investment program, and they were the first one to introduce it.
The program that offers St. Kitts and Nevis citizenship is one of the longest-standing programs. The country opened its doors to foreign investors in 1984.
Saint Kitts and Nevis citizens have visa-free or visa on arrival access to 156 countries and territories including UK, Schengen Zone, and Russia, ranking Saint Kitts and Nevis passport 53rd in terms of travel freedom according to the Henley & Partners Visa Restrictions Index. This passport has better visa-free access than other Caribbean passports, as well as Vanuatu in South Pacific.
How much does it cost to get this passport? If you’re a single applicant the headline price is $150 000 donation. Besides this, there is a due diligence fee of $7500, another $250 in government application fees, a passport fee of $365, courier fees of $200, local lawyer professional fees of $5000, and finally bank due diligence fees of $200.
So your total out of pocket costs will be $163 515.
If you want to add your spouse, the price of the donation goes from $150 000 to $175 000. Due diligence fees go to $11 500, and of course, a bunch of other fees will need to be paid in double (except for the local lawyer fee). So this means that the total cost for two people would be $193 230.
If you want to add two dependants under the age of 16 your donation will go up to $195 000.
In this case you’ll need to pay extra for some fees, while not for others, and your total will be $214 560.
This is one route to go, and there are other routes to obtain this citizenship. The other option is the real estate option.
In that case you’d need to invest $200 000 in a government-approved real estate project. The rest of the fees would remain the same, but you’d need to pay a government real estate fee on top which is $35 000 for one applicant, $55 000 if you include your spouse and $75 000 for a family of four.
There is a third option as well, financing option. In my opinion this is the best deal because you’d need to put down $50 000 and the rest of the money will be financed. In this case you don’t own the property and you will not get $50 000 back.
For a single applicant, the entire cost including all fees would be around $99 000, $123 000 if you bring your spouse, $144 760 if you bring two dependents under the age of 16, and if you have 2 dependents over the age of 16 it will be $152 860.
In my opinion, this is probably the best route to go, because your total costs of getting a passport will be much lower.
What about the timelines? The due diligence process is certainly much more serious than some other programs.
You can expect to get a passport in 4-6 months. There is an acceleration program where you can pay more to get the passport faster. You’ll need to pay $25 000 as a single applicant, and another $20 000 if you bring your spouse. In this case, you could get a passport in 2-3 months.
It is possible to pay in Crypto via local brokers, which is very appealing to some.
If you’re thinking about a Carribean passport, the financing option is the best deal and you should probably get it while it is still available.
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Author: Michael Rosmer
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