St Kitts and Nevis is offering a US$25,000 discount to foreigners who want to get the country’s passport under its “Citizenship by Investment” program.
The Caribbean twin-island nation, which was the first in the world to launch a citizenship-through-investment scheme, appears poised to recoup money lost during the COVID-19 pandemic, which left its tourist spots deserted.
Foreigners applying for a passport and citizenship will have to sumbit to a background check done by a board of governors and a technical committee set up by St. Kitts’ authorities.
“Applications submitted under the Limited Time Offer (LTO) are eligible for an expedited application process with processing times of 90 to 60 days at no additional cost,” the country said via video message.
The discount will be a available for six months only. The government has not disclosed how much money has been raised through the program.
Established in 1984, the St. Kitts citizenship program requires applicants to purchase more than US$200,000 worth of real estate.
St Kitts’ passport allows visa-free travel to more than 150 countries, including the UK, Singapore and Hong Kong.
The program has inspired other Caribbean countries, including Antigua & Barbuda and St. Lucia, where similar programs launched to support their economic growth.