Grenada's Citizenship by Investment Office Decertifies Real Estate Projects

In June 2023, Grenada´s Prime Minister Dickon Mitchell declared that the process of decertification was underway for multiple approved real estate projects under the citizenship by investment program. These projects had been granted approval years prior to his administration taking office in June 2022, but failed to initiate development. In an interview commemorating the first anniversary of his administration, Prime Minister Mitchell stated, “If you’ve obtained approval but show no intention or progress towards project commencement, we will not hesitate to proceed with the decertification of said projects. “ 

As a result, the Grenada Citizenship by Investment(CBI) office took the decision to decertify a total of five projects that had previously been approved. Among these projects was one that had its headquarters situated in Nova Scotia, Canada. Despite receiving approval before June 2022, all of these projects had not initiated their development as required. 

The decertification notices were signed by Thomas Anthony, the CEO of the CBI office. All five projects received their decertification status on the 7th of July, 2023, and this information was officially published in the Government Gazette edition released on the 4th of August.  

The decertification has had an impact on several local companies, namely Hope Development Limited/La Pointe Grenada, Grenada Corolla Consultant Limited, Horseshoe Cove Resort, and Port Louis Ltd. In response to this action, the developer(s) or owner(s) of these projects are explicitly directed to halt their efforts in attracting potential investors for these undertakings. 

This decisive action undertaken by the government underscores its unwavering dedication to upholding the initiation and progression of projects within the specified and approved timeframe. By implementing such measures, the government is underscoring its commitment to ensuring that approved projects not only gain approval but also follow through on their intended development objectives. 

Strengthening citizenship by investment: EU's new guidelines

During the recent EU-CELAC Summit in Brussels, the European Union agreed to establish a committee to assess and structure the citizenship by investment programs available in the Caribbean. Concerns surrounding security issues, potential abuse, and the process of granting citizenship were discussed at the summit. In response, Prime Minister Drew and the head of St Kitts & Nevis’ Citizenship by Investment Unit submitted a comprehensive document outlining measures taken to enhance the program’s integrity, emphasizing rigorous due diligence procedures. 

The EU’s move comes after criticism from several Western countries, with the UK announcing that Dominicans now require a visa for entry. Reacting to this decision, Dominica’s Prime Minister, Roosevelt Skerrit, expressed disappointment and asserted the right of nations to review immigration policies to address contemporary challenges and opportunities. 

As part of the EU’s new guidelines, several changes have been proposed, including: 

• Increase the minimum investment to US$ 200,000 for state fund contributions and US$ 400,000 for real estate investments 

• Introduce mandatory interviews for applicants, either virtually or in-person 

• Involve highly trusted EU, US, or UK firms in due diligence 

• Prohibit sending passports by mail to avoid potential loss or theft, and mandate personal collection 

• Require transfer of investment funds directly to the country without involving accounts in any third countries 

• Prohibit ads that highlight visa-free entry to the EU 

St Kitts & Nevis, Dominica, and Grenada have taken action in response to the concerns raised. St Kitts & Nevis has made several changes, such as increasing the investment thresholds, implementing mandatory interviews, and requiring applicants to collect their documentation in person. Similarly, Dominica and Grenada have also introduced mandatory interviews for all applicants over the age of 16 and 17, respectively. These measures aim to strengthen the integrity and security of their respective Citizenship by Investment programs. 

St Kitts and Nevis implements mandatory interviews for applicants aged 16 and over

In a bid to further fortify the administration of its citizenship by investment, St Kitts & Nevis has announced a new mandatory interview requirement for all applicants over the age of 16, either virtually or in person. 

The St Kitts & Nevis citizenship by investment program, founded in 1984, holds the distinction of being the world’s oldest of its kind. This program provides an avenue for high-net-worth individuals and their families to obtain a second citizenship.  

The program operates under a stringent due diligence process that fully adheres to national legislation and international standards. This recent development in St Kitts & Nevis application process signifies the nation’s complete implementation of the 6 principles jointly agreed upon by the US and the governments of five Caribbean nations with citizenship by investment programs.  

The agreement was reached during a roundtable meeting held on February 25, 2023, to address and combat threats to international communities within the investment migration ecosystem.  By agreeing to these principles, the US and the Caribbean nations aim to strengthen the overall integrity and security of their citizenship by investment programs, fostering greater trust and confidence in the process. 

BENEFITS OF ST KITTS & NEVIS CITIZENSHIP

The St Kitts & Nevis citizenship by investment program offers a host of benefits for investors. The citizenship by investment program provides an expedited and straightforward route to acquiring citizenship in a peaceful and prosperous part of the Caribbean. Investors and their families gain access to a thriving economy and a serene environment for a high-quality lifestyle.  

The program allows for increased mobility, enabling visa-free or visa-on-arrival access to numerous countries worldwide including the UK, EU, Hong Kong, Singapore among many more.  

St Kitts & Nevis boasts a low-tax regime, including no income, inheritance, or gift tax, providing financial advantages to citizens. The acquired citizenship is lifelong and can be passed down to future generations, ensuring a lasting legacy for families.  

INVESTMENT OPTIONS

SUSTAINABLE GROWTH FUND

With the option to invest in the Sustainable Growth Fund (SGF), investors can contribute to community-focused projects that drive economic growth and development, benefiting both local residents and economy.  

Under a Limited Time Offer (LTO), now extended to 31 January 2024, the minimum SGF contributions required by law are as follows:    

• Main applicant only: US$ 125 ,000   

• Main applicant and spouse: US$ 150,000   

• Main applicant and up to three dependents:  US$ 170 ,000   

• Each additional dependent under 18: US$ 10,000   

• Each additional dependent aged 18 or over: US$ 25 000  

During the LTO, the standard application processing time is reduced from 90 days to 60 days from the, without any additional cost. 

APPROVED REAL ESTATE PROJECT

Prospective applicants have the opportunity to obtain citizenship by investing in approved real estate projects. This investment can encompass various options, such as hotel shares, villas, and condominium units. Applicants must meet the minimum investment of USD 400 000 to qualify.  

The St Kitts & Nevis citizenship by investment program offers a secure and attractive opportunity for investors seeking a pathway to a global and financial freedom.  

Four Seasons Resort Nevis named best luxury hotel in the Caribbean

Luxury Travel Advisor’s prestigious 2023 Awards of Excellence have recognized Four Seasons Resort Nevis, West Indies, as the Best Luxury Hotel in the Caribbean. These coveted awards honor the finest of luxury travel worldwide. 

The resort is a true Caribbean gem, offering a modern interpretation of the region’s spirit. Nestled along the pristine beachfront, it creates the perfect blend of adventure, relaxation, culture, and recreation, all while exuding the island’s remarkable hospitality found only on Nevis. 

Four Seasons Resort Estates goes beyond being a luxurious getaway. It stands as an extraordinary real estate project under the St Kitts & Nevis citizenship by investment program. Imagine owning a slice of paradise while securing a second passport for you and your family. 

Beyond Passport Summit 2023: A Resounding success with enriching panel discussions and presentations

The Beyond Passport Summit 2023, which recently took place in St. Lucia, proved to be an outstanding success, captivating attendees with its engaging panel discussions and thought-provoking presentations. As NTL Trust reflects on their participation in this event, it is evident that the summit provided invaluable insights and fostered meaningful discussions within the realm of Caribbean Economic Citizenship. 

The panel discussions at the summit featured esteemed experts from various fields, offering diverse perspectives and sharing their extensive knowledge on citizenship by investment programs. These discussions delved into crucial topics such as regulatory updates, industry trends, and emerging opportunities within the global economic citizenship landscape. Attendees were presented with a wealth of information, enabling them to stay at the forefront of industry developments and make informed decisions for their clients. 

The presentations delivered during the summit were equally enlightening and inspiring. Renowned speakers, including Hon. Dr Ernest Hilair, Deputy Prime Minister of St Lucia, and Lorne Theophilus, Chairperson on the Citizenship by Investment Board, offered their insights on the future of Caribbean Economic Citizenship. 

NTL Trust, as an active participant in the summit, greatly appreciated the enriching discussions and presentations. The opportunity to engage with industry leaders, exchange insights, and foster collaboration was invaluable. The summit provided a platform for professionals to connect with like-minded individuals, share experiences, and form relationships that will further drive the success of their clients and the industry as a whole. 

The summit’s setting in the captivating island of St. Lucia added a touch of allure to the entire experience, with attendees immersing themselves in the natural beauty. The combination of professional development and the enchanting backdrop of St. Lucia truly made the Beyond Passport Summit ’23 a memorable event. 

Iranians may now apply for Dominica Citizenship by Investment program

Under the latest update of Dominica’s citizenship by investment program, Iran has been classified as a “specified country” or region. As a result, Iranian citizens or those domiciled in Iran can still apply for the program but will be subjected to stringent enhanced due diligence procedures. 

Applicants from Iran should be aware of the following applicable due diligence fees: 

• Main applicant: USD 25,000 

• Spouse: USD 15,000 

• Dependent over the age of 16: USD 15,000 

• Dependent under the age of 16: USD 10,000 

Dominica Citizenship by Investment program implements mandatory interviews for applicants aged 16 and over

On February 25th of this year, officials from the United States met with representatives from Dominica and the other Caribbean nations that offer Citizenship by Investment programs. The meeting, led by the Deputy Assistant Secretary of the US Department of Treasury, involved discussions on the challenges faced by Caribbean CBI programs and explored opportunities to ensure their success.

One important outcome of the meeting was the unanimous agreement among all Caribbean CBI nations to implement virtual or in-person interviews with each applicant. This new requirement applies to all applicants aged 16 and over, in addition to the existing application process that involves the submission of financial statements, proof of employment, identification documents, and other relevant information.

Effective from July 17th, 2023, the Dominica citizenship by investment program will introduce mandatory interviews for all applicants aged 16 years and over.

This new requirement aims to enhance the application process. The applicable fees for these interviews will be announced in due course.

The Caribbean CBI nations are recognized for their proactive and transparent approach to due diligence, which has significantly enhanced their reputation within the international community. As a result, investors continue to have confidence in the safety of their investments, thanks to the stringent due diligence practices implemented by these nations.