When people think about obtaining a second citizenship, Europe comes to their mind. It seems to be logical, because we expect to get more favourable conditions than we have in our home country. Moreover, foreign governments are synonyms of a high standard of living.
But investments are quite high for such advantages. Residence permits and citizenship by investments in European countries cost, on average, about €500,000. Moreover, you will not get a passport immediately but only after 3-5 years (with a few exceptions). These conditions are quite burdensome for some clients. When we consider their request in a comprehensive way, all the reasons that have made people think about a second citizenship are analysed. Then we can help them find the best way out.
Fortunately, there is a solution to this problem, but it seems to be an unexpected one for many people. We are referring to obtaining a passport from one of the Caribbean countries for example Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia. These names sound unusual for our clients. Very few people are aware of the advantages of these investment programs. However, they can be valuable for those who are planning to live abroad.
Let’s focus on St Kitts and Nevis
Why choose St Kitts & Nevis?
St Kitts & Nevis is situated on the two Caribbean islands, which are called St. Kitts and Nevis. Basseterre is the capital of Saint Kitts. These islands used to be a British colony, but now the state is a part of the British Commonwealth of Nations. This means that English is the official language.
Here you can see everything described in tourist guidebooks about the Caribbean Sea: beautiful beaches, coral reefs, and rainforests. Both islands are volcanic in origin, so you will find picturesque rocky mountains covered with dense vegetation. The volcanoes themselves are dormant anyways.
Citizenship by investment
But let’s come to our theme. There are 3 possible options to obtain a St. Kitts passport (by the way this is the common abbreviation for the name of this state). The first two ways of getting a citizenship are non-refundable. In the last case, you can recover money in a few years.
- Non-refundable contribution to the Sustainable Growth Fund – $150,000 for the main applicant. If you need a second passport for the whole family, a contribution amount will cost $25,000 for a spouse, and $10,000 for each dependent. Apart from the principal investment amount you are to pay a due diligence fee from $4,000 to $7,500.
- Non-refundable contribution to the diversification fund– $250,000. You would pay $300,000 for a family of four. Then you would pay $25,000 for each extra person.
- Investment in real estate – if you invest $200,000 in real estate, you are allowed to sell it after 7 years. If you invest $400,000 in a real estate, you can sell it after 5 years. You can buy your own villa, or invest in a share in a hotel, and then you will be paid a percentage of the rental rooms to tourists.
You don’t even have to visit the islands to get a passport. Everything can be done remotely. The necessary procedures will take only 3-4 months. But you can speed up the process even more and become a citizen of this state in just 1.5-2 months.
Benefits of St. Kitts and Nevis citizenship
It’s about the time to answer the main question: does it worth it? We will break it down:
- Visa-free travel. You can travel visa-free to over 133 countries, if you have St. Kitts and Nevis citizenship. This is a valuable argument, which plays a significant role when people think about getting a second citizenship. In EU member states of the Schengen Agreement, St. Kitts and Nevis passport holders can stay for up to 90 days within six months. You are allowed to stay freely in the UK for up to 180 days per year without leaving. In addition, it is possible to obtain a long-term visa in the U.S. for 10 years.
- Confidentiality. The authorities of the islands do not disclose the names of their investors. This is very convenient for those who want to hide the fact of obtaining a new status. For example, if a person is under political pressure, it is better to have escape routes.
- Favorable taxation system. You don’t have to pay taxes on wealth, inheritance and capital gains. Moreover, there is no income tax. It is possible to rent out property without any taxes to the state. If you sell residential property after 5 years, you will not have to pay anything to the treasury. The interest rate for entrepreneurs is 4% while for legal entities is 35%. In addition, there are various benefits. Our specialists always choose the best option for taxation and advise how to prepare documents correctly in order to minimize costs.
- Availability. The obvious advantage of St. Kitts is that you can obtain a passport in the shortest period. In Europe, however, there are only two states that can at least approximately compare in the speed of naturalization – Cyprus (in six months) and Malta (in one year). But in the first case you have to pay €2,000,000, and in the second – €1,150,000.
As we have seen, a St. Kitts & Nevis passport is a good alternative to European citizenship because it saves money and provides comparable opportunities. You can arrange a personal consultation. The qualified immigration advisors at Imperial & Legal will analyse your case, help you choose the right investment option and develop an algorithm for obtaining a second passport for your specific situation.
Why is it necessary to have immigration advisors?
When travelling abroad, we have to collect and fill in many. You can apply for an ordinary tourist visa by yourself, but immigration to another country is a responsible business. It is better to seek professional help because there is no right to a single mistake.
How exactly can advisors help? Let’s demonstrate this on the example of an immigration company, Imperial & Legal, which provides maximum client support.
- Consultation. Your application will be analysed and our team will help you develop a plan of action in order to achieve your goal – whether it is a second citizenship, working abroad or running a business in another country.
- Preparing documents. The list of documents depends on your situation. Many factors can play a significant role: the type of investment, background checks and the purpose of your departure. An advisor summarizes what you need to collect in your specific case.
- Checking of documents. Your papers will be checked to ensure that they meet the standards of the government. If it is necessary, they help you complete all necessary forms.
- Preparing drafts. You may need a bank statement, a letter from a sponsor, a relative or an accountant for foreign authorities. Not everyone knows how to compile them. An immigration advisor will prepare a form, which you just have to fill in your details.
- Translation of documents. They must be translated into the language of the country where you immigrate, or in English. You’d better ask a person who is familiar with a legal language of your chosen country. If it is necessary, the documents will be notarised and apostilled.
- Representation of your interests. An employee of the company can be your trustee. You avoid dealing with civil officials and all the paperwork, and save your time because you do not have to go to the authorities personally.
- Writing cover letters. Some documents may require clarification. The embassy officials will consider documents without your presence. Therefore, you need to compose a proper letter describing the details of your case.
- Sending a set of documents to the immigration office. This can be done either by post or online.
- Support you until you obtain a visa. Of course, specialists will be with you until you receive a successful decision. They will also help you in your foreign country: you may need to buy or rent a property abroad and open a bank account, register a company etc.