In a bid to avert the looming threat of visa waiver revocation by the UK and the EU by the end of 2023, Prime Minister Dr. Terrance Drew of St. Kitts and Nevis has taken swift action by announcing significant changes to the country’s Citizenship by Investment (CBI) Programme. The urgency to secure visa-free access to the territories of the UK and EU has prompted the government to make overnight alterations to its CBI product, causing ripples of shock in the Caribbean Citizenship market.
Merely a month ago, the government proudly introduced the “Limited Time Offer (LTO)” Investment Option, starting at a minimum investment of USD 150,000 for a single applicant. However, recent events have forced a sudden shift in strategy. Following the UK’s brash announcement of potentially revoking visa-free access to Caribbean CBI practicing countries, St. Kitts and Nevis has backtracked on its LTO promise and raised the investment price for a single applicant to USD 250,000.00.
This bold move is aimed at persuading the UK and EU to reconsider their stance on the visa waiver revocation and showcases the country’s commitment to maintaining its position in the Caribbean CBI market. Nevertheless, the unexpected changes have caught many stakeholders by surprise, and the impact on the demand for St. Kitts and Nevis’ CBI programme remains to be seen.
As the situation unfolds, the government’s decision to increase the investment threshold reflects the urgency of the matter and the critical importance of the CBI programme to the nation’s economic stability. Prime Minister Dr. Terrance Drew’s announcement marks a pivotal moment in the country’s efforts to secure its standing in the global citizenship market amidst challenging external pressures.