There are many incentives provided to persons wishing to set up businesses in St. Kitts. Some of these incentives are found in the Fiscal Incentives Act, the Hotel Aids Ordinance.
No person is to carry on, or hold himself out as carrying on, any finance business in or from within the Federation unless he is for the time being authorised under the Financial Services (Regulations) Order, 1997 ("the Order"). "
Citizenship-by-Investment in St. Kitts and Nevis
The Citizenship-by-Investment Program of St. Christopher (St. Kitts) and Nevis was established up in 1984, making it the longest establishment program of this kind in the world.
The Government of St. Kitts and Nevis utilizes this program to attract investors of good character to make a substantial contribution to the development of the Federation. These investors are then given the opportunity to apply for citizenship and passport within the strict guidelines of the law and the relevant regulations.
To qualify for citizenship of St. Kitts and Nevis under its Citizenship-by-Investment Program, the Government requires either an investment in designated real estate with a value of at least US$ 350,000 plus payment of various registration and other fees, or a contribution to the Sugar Industry Diversification Foundation (a public charity) to the amount of between US$ 200,000 and US$ 400,000, depending on the number of dependants included in the application.
With the real-estate option, there are also purchase costs of approximately 10% of the purchase price as well Government fees of US$ 35, 000 for a single applicant plus US$ 15,000 for each dependant, plus a US$ 3,500 due diligence fee for each adult included in an application, and processing fees which depend on each case. The real estate cannot re-sold until 5 years after purchase, and it will not qualify the next buyer for citizenship.
The Sugar Industry Diversification Foundation (SIDF) option offers four different categories:
A) Single applicant: a non-refundable contribution of US$ 200,000 is required
B) Applicant with up to three dependants (i.e. one spouse and two children below the age of 18): a non-refundable contribution of US$ 250,000 is required
C) Applicant with up to five dependants (i.e. one spouse and four children): a non-refundable contribution of US$ 300,000 is required
D) Applicant with six and more dependants: a non-refundable contribution of US$ 400,000 is required.
In each of these categories, the above amounts include all Government and due diligence fees, but not processing fees which depend on each case.
Further information may be obtained from the official website of the Sugar Industry Diversification Foundation at www.sidf.org.
The Legal Basis
The Citizenship-by-Investment Program of St. Kitts and Nevis was established in 1984 and operates on the following constitutional, legislative and regulatory foundations:
1) Citizenship of Saint Christopher and Nevis is governed by Chapter VIII (Sections 90-95) of the Constitution of Saint Christopher and Nevis.
2) In 1984, pursuant to Section 92 (1) (h) of the Constitution, Parliament prescribed that such other persons who would be entitled, upon making application, to be registered as citizens. Accordingly, Section 3 (5) of the Saint Christopher and Nevis Citizenship Act, 1984 (No. 1 of 1984) makes the following provisions:
"Subject to subsections (8) and (9) of this section, a person is entitled, upon making application under this subsection to the Minister in the prescribed manner and upon payment of any fee that may be prescribed, to be registered as a citizen of St. Christopher and Nevis without any rights of voting save under and in accordance with the provisions of any law governing the qualification of voters, if the Cabinet is satisfied that such person has invested substantially in St. Christopher and Nevis."
3) The Government determines, by Cabinet Decisions, which projects and which amounts of investment shall qualify as a "substantial investment" and thus lead to eligibility under the Citizenship-by-Investment Program.