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Dubai: Caribbean country makes it easier for UAE investors to get second passport
Changes were made such that it continues to meet needs of investment-minded person looking for base for their families, businesses
Photo: AP
New regulations by the government of Caribbean country St. Kitts and Nevis has made it easier for investors to get a second passport of the country. This was revealed at an event held in Dubai on Monday.
“We are updating the regulations to reflect the changing times,” said Michael Martin, Head of the Citizenship by Investment Unit. “We have decided to enhance our program to continue to attract the premium investors it was meant to attract.”
The country announced considerable changes to its Citizenship by Investment Programme in December 2022, and made further enhancements this February. These changes were made after much consultation with all major stakeholders to ensure that the Programme continues to meet the needs of an intelligent investment-minded person looking for an enriching base for their families and businesses.
St Kitts and Nevis CBI programme has led the investor immigration industry with several iterations visible in the 27 years since the launch in 1984. In 2022, the CBI programme evolved again to meet provide a win-win solution for all stakeholders.
Sustainability at the fore
Martin emphasized that the Government continues to work diligently to realise its goal of transforming the nation of St Kitts and Nevis into a sustainable small island state.
St Kitts and Nevis is offering innovative investment options for investors, who can contribute to the country’s Sustainable Growth Fund (SGF), or purchase government approved real estate – which will enable them to benefit from perks such as minimal business restrictions and tax incentives including no capital gains, income, inheritance, gift, or wealth taxes.
The current exclusive Limited Time Offer in The Sustainable Growth Fund (SGF) allows qualifying applicants to obtain their citizenship under the accelerated application process (AAP), at no additional fee, for a reduced contribution fee of just $125 000 (approx. Dh459100) per main applicant.
The offer runs until the end of June and from 1 July 2023. After this, the contribution reverts to the minimum of $150,000 (approx. Dh550920) per main applicant.
Dubai, a role model
Also attending the event was Samal Duggins, Minister of Agriculture, Fisheries and Marine Resources, Cooperatives, Entrepreneurship, and Creative Economy of the Caribbean countries. “I am always so inspired by Dubai,” he said. “The lifestyle and the innovation that goes into everything in the country. We want to bring some of that to our country as well and we hope that investors from here will bring some of their expertise there.”
Martin also emphasized how the UAE and St. Kitts and Nevis has had a long-standing relationship. “The UAE is a small country, but we are even smaller,” he said. “We are always inspired by what happens in the UAE. The vision that created this country and the continuous development. We offer opportunities to residents and citizens of the UAE to take part in the development of our country.”
St Kitts and Nevis is one of the strongest economies in the Caribbean and remains in high demand as a renowned port for its exceptional tourism. Tourism remains the top foreign exchange earner for the country – with 6.3 tourists per resident, St Kitts and Nevis ranked 11th in the world for tourism numbers in absolute terms. In the Caribbean, it ranked 7th.
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