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In a surprising turn of events, the government of St. Kitts and Nevis has announced a significant reduction in the price of its Citizenship by Investment (CBI) program, exactly one year after the previous price hike. This reduction comes in response to a marked decline in application volumes, attributed to the earlier price increase and the controversial appointment of convicted fraudster Philippe Martinez as the program’s public face.

Martinez, named the sole public benefactor of the St. Kitts and Nevis new public benefit CBI option, has a checkered past. He was sentenced to prison in France for fraud and detained in a U.S. facility for 14 months while evading extradition. His appointment raised concerns and skepticism about the program’s integrity, further impacting application numbers.

Michael M. Martin, CEO of the St. Kitts & Nevis Citizenship by Investment Unit (CIU), issued a memo detailing the new prices and outlining the revised investment thresholds and post-approval fees. The memo emphasized that all agents must promptly inform applicants of the updates.

The new regulations include a reduced minimum investment threshold for the Sustainable Island State Contribution (SISC) option, aligning St. Kitts and Nevis with recent price changes in other Caribbean CBI jurisdictions. This marks the second considerable update to the CIP pricing within a year, following changes in July 2023 to meet reported EU demands.

Revised Investment Amounts Under the CIP:

Sustainable Island State Contribution (SISC):

• US$250,000 for a single applicant or a family of up to four persons (down from US$350,000)
• US$25,000 for each additional dependent under 18 years of age
• US$50,000 for each additional dependent aged 18 or older

This reduction aligns St. Kitts and Nevis closer to the US$200,000 price point recently adopted by Dominica, Grenada, and St. Lucia under the pan-Caribbean CIP Memorandum of Agreement. Antigua & Barbuda has proposed similar new prices but requested a 30-day postponement for implementation.

Real Estate and Public Benefit Options:

• Developer’s Real Estate Investment: US$400,000
• Private Real Estate Investment:
• US$400,000 for a condominium unit or a share in an approved real estate development
• US$800,000 for a single-family private dwelling home
• Public Benefit Option: US$250,000

All real estate investments are resalable after a holding period of seven years.

Post-Approval CBI Application Fees:

• US$25,000 for the main applicant (waived for the Public Benefit Option)
• US$15,000 for the spouse of the main applicant
• US$10,000 for each dependent under 18
• US$15,000 for each dependent aged 18 years or older

Due Diligence Fees:

• US$10,000 for the main applicant
• US$7,500 for the spouse and each dependent aged 16 years or over

Application Processing Fee: US$250 per applicant
Certificate of Registration Fee: US$50 per applicant

The reduction in CBI prices and the detailed fee structure aim to restore confidence and attract more applicants to the program.