![]() A real estate unit of an Approved Development which is the subject of a CBI application submitted after the 10th of March, 2023, cannot be resold until a period of seven years has elapsed after the issuance of the formal document conferring legal ownership of the property on the main applicant.The changes for real estate investments were listed as follows: While the investment amount and holding period remain the same, the CIU has inserted a clause allowing CBI applicants to resell their investments if they meet certain conditions. The main change in this update concerns the reselling of a real estate investment for the purposes of applying for a CBI. Developers must directly re-apply to the Board of Governors for re-designation. The CIU has extended the deadline for real estate developers to re-apply to become Approved Developers until the 10th of March, 2023. Accordingly, we have taken on board these recommendations and yesterday, the Prime Minister, in his capacity as Minister of National Security, Citizenship and Immigration, issued updated Regulations with the aim of ensuring that the requirements of the CBI Programme are clear and unambiguous and meet the needs of our stakeholders and prospective applicants.īelow is a summary of the updates to the St Kitts & Nevis CIP that took effect on the 9th of February, as well as an overview of how they compare to the recent changes to the program issued seven weeks earlier. Since their enactment and following consultation with our key stakeholders, it is acknowledged that some of the changes set out in the Regulations required further clarification. ![]() St Kitts & Nevis’ recently appointed Head of the CIU, Michael Martin, explained the reasoning behind the circular coming so soon after the last round of consequential changes to the program, which appears to be a reaction to relevant stakeholders’ communication, in a cover letter that read: The circular, which the CIU sent out on the 10th of February, 2023, details some of the updates mentioned in its prior release while also inserting new changes to the program. ![]() Merely seven weeks after issuing significant changes to its citizenship by investment program (CIP), St Kitts & Nevis’ CIU has released a new circular containing program updates to its agents. ![]()
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