2024 has been a busy year for Golden Visa programmes. Portugal has hinted at including Bitcoin as an investment option, with Spain considering a raft of changes. Now, St Kitts and Nevis has announced three major changes (and a small one) to its Citizenship by Investment (CBI) scheme.
Off the back of plummeting demand, the Caribbean nation has already gazetted the changes meant to relax the conditions for obtaining residency by foreign investors. Here's what you need to know.
Why the changes?
The programme's revenue dropped by 60% to 218 million Eastern Caribbean dollars in September. This big decline followed last summer's increase in the investment threshold to £250,000. The Caribbean nation hopes the new changes will help revive interest in their citizenship by investment programme.
Change #1: Lower property investment thresholds
The real estate investment requirement has dropped from £400,000 to £325,000. Investors now have three property investment routes:
£325,000 in government-approved hotels, resorts, or residential condominiums
£325,000 in approved private homes
£600,000 in standalone private homes approved under the programme
Change #2: More flexible age requirements for parents of the investor
The age requirement for including parents has been lowered from 65 to 55 years. This change makes the programme more attractive to families looking to secure citizenship for multiple generations.
Change #3: New fee structure for the investor’s children
A new government fee of £7,500 applies to newborns (under age 3) born after the main applicant receives their passport. The fee remains at £10,000 for children aged 4 to 18.
Change #4: Bankruptcy rules
A minor but important change: investors who have declared bankruptcy within the past 10 years are now ineligible for a second passport through the programme.
Portugal's Golden Visa vs St Kitts & Nevis CBI: A better EU option?
Portugal's Golden Visa is one of the most sought-after in Europe. With over £6 billion already invested, it's not hard to see why. Unlike St Kitts & Nevis, Portugal offers a clear route to EU citizenship in just 5 years.
The programme's strength lies in its many investment options. Investors can put their money into business investments, scientific research, or even cultural projects. There's talk of adding Bitcoin to this mix, showing Portugal's keen eye for what modern investors want.
But it's not just about the money. Living in Portugal means top-notch European healthcare, great schools, and the freedom to travel visa-free anywhere in the EU. Add in the sunny weather and reasonable living costs, and it's clear why families are choosing Portugal over Caribbean options.
How we can help
International Wealth Ventures offers expert guidance on citizenship by investment, retirement planning, and tax advice for a secure future. Our specialists can help you choose between Caribbean and European citizenship by investment programmes to best suit your needs.