Local news, News, Politics

St. Kitts and Nevis Citizenship by Investment programme in the doldrums PM Harris announces a 50 percent cut in fees

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Published 17 February 2018

Buckie Got It, St. Kitts and Nevis News Source

by: Media Source

St. Kitts and Nevis Citizenship by Investment programme in the doldrums PM Harris announces a 50 percent cut in fees

Basseterre, St. Kitts, February 17, 2018 – With a GDP of just two percent in 2016 and less than three percent in 2017, St. Kitts and Nevis’ Prime Minister Dr. the Hon. Timothy Harris continues to take the once prestigious Citizenship by Investment Programme (CBI) to the bottom.

Dr. Harris has announced another severe cut in the CBI, which will result in government collecting less fees.

In September last year, Dr. Harris set up a “hurricane relief fund,” which allows foreigners to contribute US$150,000 in exchange for citizenship – US$35,000 each for a family of four.

The programme, which is open until the end of March, is US$100 000 cheaper than the country’s previously lowest-priced citizenship-by-investment offer.

Harris who has been misleading the country that the CBI is in good standing announced on Tuesday that his unpopular government has slashed the processing fees under the real estate option of the Citizenship by Investment (CBI) Programme in half.

The government has revised the fees downward so that a family of four will now pay US$75,000, instead of US$150,000.
The notice gave the new fees as US$35,000 for the main applicant, US$20,000 for the spouse of the main applicant and US$10,000 for each dependant, regardless of age.

Prior to the amendment, the main applicant paid US$50,000, applicant’s spouse paid $25,000 and each dependent under 18 years of age paid $25,000. Each qualified dependent of the main applicant over 18 years other than his spouse attracted a fee of US$50,000.

Under the St. Kitts and Nevis CBI real estate option applicants may qualify for citizenship through an investment in a pre-approved real estate project, which may include hotel shares, villas, and condominium units. The minimum real estate investment required by law is US$400,000 for each main applicant.

Photo: Architects of a failing St. Kitts and Nevis Citizenship by Investment Programme St. Kitts and Nevis’ Prime Minister and Minister of Finance, Dr. the Hon. Timothy Harris (right) and CEO of the St. Kitts and Nevis Citizenship by Investment Programme Les Khan

 

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