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Insiders are confirming that St. Kitts & Nevis Citizenship by Investment Program has experienced a decline in application volume following recent increase in minimum investment and donation amounts. The revelation came from Michael Martin, the head of the Citizenship by Investment Unit (CIU), in an interview with an international media house IMI Daily.

The increase in investment thresholds, an initiative undertaken by the Dr. Hon. Terrance Drew administration since August 2022, was implemented as part of a broader strategy to stabilize the program. However, the consequences have been evident, with a notable reduction in the number of applications received since the last set of regulatory changes in early 2023.

Michael Martin in the IMI Daily Interview acknowledged the dip in passport application volume but said that was expected, stating, “The increase in investment thresholds has naturally resulted in an expected dip in the volume of applications. The increase in the minimum investment requirements is a vital part of our strategy to stabilize the program.”

The Drew administration’s overhaul of the Citizenship by Investment (CBI) program includes not only an increase in investment requirements but also overnight changes to long-established regulations. These alterations, implemented three times since taking office, have contributed to a significant decrease in demand for St. Kitts & Nevis CBI Passports.

Unlike their counterparts in Grenada, St. Lucia, Dominica, and Antigua, which have witnessed a surge in demand for their CBI passports, St. Kitts & Nevis is grappling with a decline in demand . The other Caribbean nations have seen their CBI programs grow by as much as 100% in applications demand and CBI Revenue, benefiting from the fallout of the changes in the St. Kitts & Nevis CBI program.

Under the previous administration led by Dr. Hon. Timothy Harris, the St. Kitts & Nevis CBI program reached unparalleled heights in terms of revenue, demand, and international prestige. It consistently held the top spot in global rankings between 2016 and 2022. In 2018 the CBI Programme of SKN saw a 250% growth in demand and revenue. However, the recent triad of what many perceive as ill-advised and drastic changes by the new Drew administration has left the program struggling to maintain its former glory, facing a significant decline in demand in recent months.

The international community will be watching closely as St. Kitts & Nevis navigates through these challenges, assessing the impact of the policy changes on the long-term viability and competitiveness of its Citizenship by Investment program.