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SKN Says Territory Seeking Robust CBI Program

by Mike Godfrey, Tax-News.com, Washington

22 April 2015


The Prime Minister of St Kitts and Nevis has delivered a briefing to the islands' Citizenship By Investment Unit calling for excellence, professionalism, and the highest levels of service for stakeholders.

Timothy Harris urged CBI staff, whom he referred to as "gatekeepers", to be vigilant in undertaking due diligence procedures, whilst also ensuring the attractiveness of the territory's offering for wealthy foreigners seeking SKN citizenship.

Harris also stressed the importance of the Citizenship by Investment (CBI) program for the islands' economy. He said efforts are ongoing to restructure and reform the CBI program to ensure transparency and accountability standards that will surpass the expectations of the international community.

Finally Harris reported that his Government has been working with Canada, the United States, and the United Kingdom to ensure that "our practices are such that we minimize, if not eliminate, risk of unsavory actors participating in the program."

The CBI Program of St Kitts and Nevis was established in 1984 and offers citizenship in exchange for an economic contribution to the country. To qualify for citizenship, the applicant must make either an investment of at least USD400,000 in one of the approved real-estate developments and pay government fees and taxes, or alternatively make a contribution to the Sugar Industry Diversification Foundation (SIDF) of USD250,000 (for a single applicant), inclusive of government fees, and due diligence fees.

Once the application is approved, applicants will receive a SKN passport that affords the bearer visa-free travel to 120 countries. Apart from its lifestyle benefits, the territory is popular due to its lack of many taxes, including income tax.

TAGS: Citizenship | tax | investment | real-estate | international financial centres (IFC) | fees | offshore | Saint Kitts and Nevis | standards | Investment | Invest | Investment

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