February 6, 2019
The Saint Kitts and Nevis Citizenship by Investment Unit has taken the following two steps to further strengthen it’s Citizenship Program :
- Introduced a new “Escrow” legislation
- Introduced “Biometric fingerprinting”
The St. Kitts & Nevis Citizenship (CBI Escrow Accounts) Bill 2017 provides the guidelines relating to escrow accounts & agreements under the St Kitts and Nevis Citizenship Programme, and ensures that the funds invested by citizenship applicants in real estate projects are infact used by real estate companies for construction purposes only. Following are some of the significant features of the new legislation :
- An escrow account will be a short-lived trust arrangement, helping in providing security to real estate investors
- All real estate transactions between real estate companies & investors will now have to go into an escrow account & released in tranches depending on the stages of completion of a real estate project
- The legislation specifies who can act as CBI escrow agents. They could be banks, any entity which provides trust or custodial services, attorneys-at-law or chartered accountants – all of whom must operate under certain conditions
- All CBI escrow agents must be licensed
This new legislation will further strengthen the St Kitts Citizenship Program, and prove why it is considered to be the “platinum standard” amongst all citizenship programs in the world.
Another feature that will very shortly be added under the Saint Kitts and Nevis Citizenship Program is the introduction of BIOMETRICS, in the form of fingerprinting of all applicants. This will add an additional layer to an already exhaustive due diligence process & will ensure that rogue individuals like terrorists & criminals are not able to apply for the Program.
St Kitts & Nevis is a twin-island Caribbean nation in the West Indies, consisting of two main islands – St. Kitts & Nevis. It’s Citizenship by Investment Program is one of the most stable & oldest investment migration programs in the world.
Contact Us to know how your can apply for this program, and to understand the benefits you can derive from it’s many unique characteristics.