With its prominent citizenship by investment program, St. Kitts and Nevis is known for its wealth of overseas investment opportunities. Rather than an investment visa like many other countries have, this country simply grants citizenship to those who meet the investing requirements. The two areas for investing for this purpose are real estate and a donation to the Sugar Industry Diversification Foundation. This foundation is to help the country diversify its agricultural pursuits so that it isn’t so heavily reliant on the wellbeing of the sugar industry. The government of St. Kitts and Nevis is focused on bringing foreign investment into the country for all the right reasons.
Investment Program
If you’re looking to gain residency through overseas investment, there’s no better way than this direct path to citizenship. The program requires that you apply as you would for any visa, with the typical paperwork requirements: birth certificate, valid passport, passport photos, background check, proof of financial standing, etc. In addition, however, you’re required to either spend $400,000 in a real estate purchase or donate at least $250,000 to the Sugar Industry Diversification Program. For the real estate option, you’ll be required to have had the property for at least five years upon applying for this program.
Real Estate Market
The real estate market is currently made up of local companies, offshore companies, and hotels and other hospitality venues. Consider resorts, beachfront properties, rental properties, etc.
In order to make an overseas investment in real estate, the purchaser must have an Alien Landholding License. You’ll have to apply for this once you’ve chosen your property. Do so through a lawyer who can handle it for you to keep things simple. This license will cost 10% of the value of the property being purchased.
Keep in mind that the real estate purchased must be of the kind that the government has designated in exchange for citizenship. It can’t be simply any property you wish to purchase. The list of those that will work is long, however, so you have plenty of options.
Offshore business entities are abundant in St. Kitts and Nevis, and they’re an excellent way to invest capital and receive asset protection. St. Kitts and Nevis makes it so easy to make this type of overseas investment that setting up an offshore company can be completed in one day. Your offshore company will remain tax-free as well, as long as incomes are gained outside of the country. Any overseas investments made in a St. Kitts or Nevis offshore company are protected by legislation and therefore cannot be touched by foreign judicial rulings. Whether you choose to get involved in a Limited Liability Company or a sole proprietorship, your assets are protected.
The global real estate crisis didn’t hit the St. Kitts and Nevis market until 2010, and even when it did get hit, thanks to the citizenship by investment program, it didn’t take too hard of a hit and it bounced back fairly quickly. With changes to the program taking place back in 2012 to make the process even easier, the real estate market has continued to grow and thrive. St. Kitts and Nevis offer a great deal of solid opportunity for those looking to get involved in overseas real estate investment.
Natural Resources
The main natural resource for St. Kitts and Nevis is arable land. This makes it possible to focus on growing crops like bananas and sugarcane for its exports. With the Sugar Industry Diversification Program, it’s important to note that the country is focusing its goals on working more to make use of its natural resources in this way. If you want to get involved with the country’s natural resources, this is likely the area to do so.
Political Landscape
For those who wish to make foreign investments, the political landscape plays a big role in deciding whether the investment will be too much of a risk. The government of St. Kitts and Nevis is a federal parliamentary democracy. It’s got Elizabeth II as its head of state and is also represented by a governor-general. He works alongside the prime minister, who works with a National Assembly to run the state.
The National Assembly is comprised of those elected into office, and that’s who’s in charge of writing and regulating laws and government. St. Kitts and Nevis has an excellent human rights record, with a judicial system based on the British system and English common law. This country has been stable and peaceful now since the year 2006, in which Nevis considered secession from the federation. Constitutional safeguards allow the Nevisian people to declare their independence if they so choose, but the topic has since dropped.
Image credit: https://commons.wikimedia.org/wiki/File%3ABlack_Rocks_St._Kitts.JPG
“The 15 Questions You Should Ask When You Buy Properties Overseas”
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