Dubai: Caribbean country makes second passport easier for UAE investors – News

Changes made to continue to meet the needs of investment-minded people looking for a base for their home, business

New rules from the government of the Caribbean nation of St. Kitts and Nevis are making it easier for investors to obtain a second passport from the country. This was revealed at an event in Dubai on Monday.

“We are updating the regulations to reflect changing times,” said Michael Martin, head of the citizenship by investment division. “We have decided to strengthen our program to continue attracting the quality investors it is supposed to attract.”

The country announced major changes to its citizenship-by-investment program in December 2022, with further improvements in February this year. These changes have been made after extensive consultation with all key stakeholders to ensure the scheme continues to meet the needs of smart investment minds who are looking for a fulfilling base for their families and businesses.

Since its launch in 1984, the St. Kitts and Nevis CBI project has undergone several iterations in the past 27 years, leading the investment immigration industry. In 2022, the CBI project has evolved again to provide a win-win solution for all stakeholders.

Martin emphasized that the government will continue to work towards the goal of transforming the nation of St. Kitts and Nevis into a sustainable small island nation.

St. Kitts and Nevis is offering investors innovative investment options where they can contribute to the country’s Sustainable Growth Fund (SGF) or purchase government-approved real estate – which will allow them to benefit from a minimum of commercial Benefits such as restrictions and tax breaks, including no capital gains tax, income tax, inheritance tax, gift tax or wealth tax.

The current exclusive time-limited offer from the Sustainable Development Fund (SGF) allows eligible applicants to obtain citizenship under the Accelerated Application Procedure (AAP) at no additional cost, only US$125,000 (approximately Dh459,100) per contribution for the main applicant.

Offers are on until the end of June and July 1, 2023. Thereafter, the contribution will revert to a minimum of US$150,000 (approximately Dh550,920) per principal applicant.

Also present at the event was Samar Dakins, Minister of Agriculture, Fisheries and Marine Resources, Cooperatives, Entrepreneurship and the Creative Economy of the Caribbean nation. “I’m always inspired by Dubai,” he said. “Everything in this country is embracing lifestyle and innovation. We want to bring some of that to our country as well, and we hope investors here will bring some of their expertise there.”

Martin also highlighted the longstanding relationship between the UAE and St. Kitts and Nevis. “The UAE is a small country, but we are even smaller,” he said. “We are always inspired by what is happening in the UAE. Creating the vision and continued development of the country. We provide the residents and citizens of the UAE with the opportunity to participate in the development of our country.”

St. Kitts and Nevis has one of the strongest economies in the Caribbean and, as a port known for its tourism excellence, remains in high demand. Tourism remains the country’s largest foreign exchange earner – with 6.3 tourists per resident, St Kitts and Nevis ranks 11th in the world in absolute terms. In the Caribbean, it ranks seventh.