How to Obtain a Legal Second Passport by Supporting the Sugar Industry
As readers of our Caribbean Offshore Contacts Report are aware, there are only two countries in the world offering so-called Economic Citizenship programs - that is, the chance to buy a legal second citizenship and passport within a matter of weeks.
Those two countries are The Commonwealth of Dominica (an English-speaking Caribbean nation, not to be confused with the Dominican Republic) and the Federation of Saint Kitts and Nevis. The difference between the two citizenship programs is that in the past Dominica required a “non-refundable investment” paid direct to the government, whereas St Kitts required the purchase of real estate, worth at least $350,000, in specific designated projects.
Many people were put off the St Kitts program due to the real estate investment. Whilst it could be a good deal long term, and there was some chance of seeing your money back again one day, coming up with $400,000 for the privilege of owning real estate on a hurricane-prone island can be a hassle, especially if you never plan to live there. For a lot of people, it was easier just to pay and get the second passport.
So, quite recently, the authorities in St Kitts came up with an alternative. Although the real estate investment option is still valid, instead of buying real estate, you can now choose to make a one time donation to the Sugar Industry Diversification Foundation. This requires substantially less up-front capital, as the contribution required is $200,000.
The Sugar Industry Diversification Foundation (SIDF) was established for the purpose of supporting the former sugar workers, conducting research into the development of industries to replace the sugar industry, funding the development of these alternative industries and providing further support to secure the sustainability of such industries.
A little history: the Citizenship Program was established in 1984, which makes this the longest established citizenship-by-investment program. Regulations regarding citizenship-by-investment are contained in Part II, Section 3 (5) of the Citizenship Act, 1984. The actual government policies with regard to the Citizenship-by-Investment program (such as investment requirements etc.) are set by Government through Cabinet Decision.
The principal advantages promoted by the St Kitts government are:
- Citizenship is valid for life, for the applicant and all eligible family members.
- Dual Citizenship is permitted, without the requirement to notify the applicants home country, and without any need for the applicant to reside in St Kitts and Nevis.
- Passports can be issued to the applicant an all eligible family members, and may be easily renewed via a worldwide network of consulates.
- St Kitts citizens enjoy a wide range of visa-free travel:- Austria, Belgium, Britain, Canada, Denmark, Finland, France, Germany, Iceland, Italy, Greece, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and most British commonwealth countries. When a visa is required, they are also relatively easy to obtain.
- New citizens qualify for full residency status including the right to work in St. Kitts and Nevis
- Perhaps best of all: Tax Free Status on foreign income, capital gains, gift, wealth and inheritance tax
To qualify for Citizenship-by-Investment via the Sugar Industry Diversification Foundation, there are four different categories:
- Single applicant: US$ 200,000 contribution required
- Applicant with up to three dependants (i.e. one spouse and two children below the age of 18): US$ 250,000 contribution required
- Applicant with up to five dependants (i.e. one spouse and four children): US$ 300,000 contribution required
- Applicant with six and more dependants: US$ 400,000 contribution required.
In each of these categories, the total amount includes all government and due diligence fees. The documentation required for an application is strict but reasonable, and the application procedure is well organized.
If you would like further information, read the Global Nomads Caribbean Offshore Contacts Report “Offshore and Sunny” for recommended citizenship consultants and other Caribbean contacts.
