Escape Artist
  • Features
    • Interviews
    • News
    • Field Notes
    • Trending
  • Your Escape Plan
    • Finance
    • Real Estate
    • Second Citizenship
    • Digital Nomadism
  • Destinations
    • Europe
      • France
      • Germany
      • Italy
      • Portugal
      • Scandinavia
      • Spain
      • UK
      • Rest of Europe
    • Central America
      • Belize
      • Costa Rica
      • El Salvador
      • Guatemala
      • Honduras
      • Nicaragua
      • Panama
    • Others
      • Africa
      • Asia
      • Australia
      • North America
      • South America
  • Travel Tips
    • Know Before You Go
    • Packing List
    • Food + Culture
    • Health + Wellness
  • Subscribe
Escape Artist
  • Features
    • Interviews
    • News
    • Field Notes
    • Trending
  • Your Escape Plan
    • Finance
    • Real Estate
    • Second Citizenship
    • Digital Nomadism
  • Destinations
    • Europe
      • France
      • Germany
      • Italy
      • Portugal
      • Scandinavia
      • Spain
      • UK
      • Rest of Europe
    • Central America
      • Belize
      • Costa Rica
      • El Salvador
      • Guatemala
      • Honduras
      • Nicaragua
      • Panama
    • Others
      • Africa
      • Asia
      • Australia
      • North America
      • South America
  • Travel Tips
    • Know Before You Go
    • Packing List
    • Food + Culture
    • Health + Wellness
  • Subscribe
👤

LIFE WITHOUT BOUNDARIES

THE NUMBER ONE SOURCE FOR EXPATS, DIGITAL NOMADS, AND DREAMERS.

This field is for validation purposes and should be left unchanged.
  • Second Citizenship

St. Kitts Second Passport Program Crashes and Burns

  • April 19, 2017
  • BY staffwriter
Total
0
Shares
0
0
0

The St. Kitts second passport program has crashed and burned… and good riddance to them. Applications are at an all time low, which is good news for an island that’s been decimated by unscrupulous developers and passport brokers.

Applications to the St. Kitts and Nevis Citizenship by Investment Program have fallen to 150 in 2016 compared to nearly 2,000 in 2014 according to various news outlets. In total, over 10,000 people have purchased passports from St. Kitts and it accounted for a significant portion of the government’s revenues through 2015.

The IMF estimates revenue from the program to St. Kitts at about $37 million per year for 2014 and 2015. It’s obviously a small fraction of this for 2016… and 2017 is not looking any better.

One reason St. Kitts fell out of favor is that they oversold the program. St. Kitts was hot for a time and drew the attention of immigration officials around the world. For example, Canada revoked their visa free status a few years back and 60 Minutes did a hit piece on them January of 2017. To see the program, click Passports For Sale.

St. Kitts failing is not a result of problems in the second passport industry. In fact, various sources value the total passport for sale market at over $8 billion per year. It’s growing quickly as Americans look to escape the IRS and Chinese move to improve their passports.

I’ve always refused to sell the St. Kitts program because it’s allegedly fraught with fraud and has destroyed the country. The island is littered with thousands of empty condos that no one will ever occupy. The cash has gone into the pockets of connected developers who kicked a good portion back to government agents, but nothing for the people.

For these same reasons I never recommend any of the real estate programs out there. If you plan to live in the country from which you buy the passport great. If you just want the citizenship, don’t waste your time with real estate. It does great harm to the local economy and wastes precious resources, pushing up prices throughout the Caribbean.

  • The exception to this rule is Malta. This country requires you live on the island and wants you to become part of the community before granting you citizenship. At $1.2 million, Malta’s offer is much more than a cash for passport program.

I just don’t understand the logic of buying real estate in St. Kitts. What do you expect to happen to the value when the government sells over 10,000 units to absentee investors? The population of St. Kitts is around 50,000. What do you think this many relatively high-end buildings does to the available resources? Would you want to live in a place with thousands of empty condos and homes?

And what of the real estate value? Who the heck is buying these thinking they’ll appreciate?

Then there’s the real estate taxes, maintenance, and all the headaches associated with a property you might visit 1 week a year… a total waste.

I’m no eco warrior. I’m a greedy capitalist… but I expect one could make money without corrupting a country and destroying their island.

There are plenty of great passport for purchase options out there. For example, Dominica is low cost at $100,000. For more see: A Second Passport from Dominica is the Best Value in the Caribbean

Then there’s St. Lucia at about $130,000. For more, see: Changes to the St. Lucia Second Passport Program in 2017

What I really like about St. Lucia is that you can buy a government bond for $500,000, pay $50,000 in fees, and get your investment back in 5 years. No real estate to buy, no scamming developer to deal with, and no government representative to bribe.

The St. Lucia program will tie up your capital interest free for 5 years and save you about $80,000. The larger your family, the more the bond program will save you.  

Again, I ain’t no eco warrior, but the tree hugging residency programs are also great. Note that these are residency programs that lead to citizenship, not passport for sale programs. These allow you to earn citizenship over time rather than buying it.

The most popular eco residency is Panama. Invest $20,000 in teak and get residency through their reforestation program. After 5 years of residency you can apply for citizenship. For more on this see: Best Panama Residency by Investment Program

Panama’s reforestation visa program is the most popular because it’s the lowest investment amount and you don’t need to spend time in the country to maintain your visa.

If you’re willing to put in the time, Nicaragua’s reforestation visa is better. You get permanent residency immediately and can apply for citizenship after 2 years. The catch is that you must spend 6 months a year in the country. Nica wants you to become a part of the community before granting you a second passport.

The investment required for Nicaragua is $35,000. For more on this program, see: The Best Second Residency Program in 2017

I also note that you can invest in both Nicaragua and Panama using your United States IRA or other retirement account.

I hope you’ve found this article on why the St. Kitts second passport program suck to be helpful. 

If you’re considering traveling or moving abroad, be sure to explore your healthcare options. Visit International Citizens Insurance to learn more and get a free quote.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Previous Article
  • Your Escape Plan

St. Kitts and Nevis Celebrate Rich History with Month of Celebration

  • February 25, 2017
  • BY Jordan Steadman
View Post
Next Article
  • Real Estate

International Real Estate Listings, Agents, Guides, Investments

  • June 13, 2017
  • BY David Pierce CCIM
View Post
You May Also Like
Global Residency Program and Citizenship Programs
View Post
  • Plan B
Your Next Investment Should Be a Residency Program
  • BY EA Editorial Staff
  • August 6, 2025
Tourist visas remain the simplest path to setting foot abroad.
View Post
  • Plan B
Living on a Tourist Visa – How Long Can You Stay?
  • BY EA Editorial Staff
  • June 4, 2025
Residency programs worldwide are undergoing rapid transformation.
View Post
  • Second Citizenship
Beyond the Golden Visa – The Future of Residency
  • BY EA Editorial Staff
  • May 7, 2025
The good life in Belize.
View Post
  • Belize
The Plan B Strategy—Securing Lifestyle and Liberty in Belize
  • BY Michael K. Cobb
  • April 5, 2025
Your Gateway to Freedom
View Post
  • Finance
Your Gateway to Freedom
  • BY EA Editorial Staff
  • March 11, 2025
Lady justice
View Post
  • Finance
Embracing a Plan B Is Just the Start
  • BY Michael K. Cobb
  • January 29, 2025
International Living
View Post
  • Digital Nomadism
Why Securing Second Residency Is Crucial to Your Escape Plan
  • BY Michael K. Cobb
  • January 1, 2025
Global Experts Share Valuable Advice on Moving Abroad
View Post
  • Finance
Global Experts Share Valuable Advice on Moving Abroad
  • BY EA Editorial Staff
  • November 27, 2024
Trending Posts
  • Tunisia, North Africa - One of most affordable Countries to live 1
    • Plan B
    The Most Affordable Countries to Live in 2025
    • July 30, 2025
  • 2
    • Interviews
    The House We Rebuilt in Georgia
    • July 28, 2025
  • Digital Nomad Van Life 3
    • Digital Nomadism
    The Ultimate Van Life Guide for Digital Nomads
    • August 4, 2025
  • Portuguese Foods to try 4
    • Food
    For the Love of Portuguese Food
    • August 1, 2025
  • Global Residency Program and Citizenship Programs 5
    • Plan B
    Your Next Investment Should Be a Residency Program
    • August 6, 2025
Subscribe
Know Before You Go
  • Friendly locals and relaxed daily life in The Gambia 1
    • Africa
    Could The Gambia Become Africa’s Next Digital Nomad Safari?
    • August 8, 2025
  • Digital Nomad Van Life 2
    • Digital Nomadism
    The Ultimate Van Life Guide for Digital Nomads
    • August 4, 2025
  • Tunisia, North Africa - One of most affordable Countries to live 3
    • Plan B
    The Most Affordable Countries to Live in 2025
    • July 30, 2025
  • The historic harbor blends Ottoman architecture with modern Mediterranean charm. 4
    • Cyprus
    Cyprus’s Forgotten North
    • July 25, 2025
  • Mauritius – One of the best Island to Live for Remote Workers and Retirees 5
    • Plan B
    The Best Places to Begin Again
    • July 9, 2025
Learn More
  • About Us
  • Contact Us
  • Subscribe
Why Subscribe

The newly imagined Escape Artist brings you fresh content with a global focus, and sharp, up-to-the-minute coverage of the joys, challenges, and opportunities of life abroad.

For a limited time, we’re offering a special discount on all subscription deals, so be sure to lock-in these incredible savings and start receiving top-notch travel and expat content today!

Sign up for the EA Newsletter

Get important news delivered directly to your inbox and stay connected!

This field is for validation purposes and should be left unchanged.
Escape Artist
  • Terms & Conditions
  • Privacy Policy
  • Cookies Policy
  • Disclaimer

Input your search keywords and press Enter.

Newsletter Subscription
Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/