The Citizenship by Investment Unit (CIU) in St Kitts and Nevis has announced the addition of a Residency Programme for people looking to live and work in the federation.

Les Khan, the unit’s CEO, made the announcement at the Global Mobility & Tax Strategies Conference in Singapore, where he was invited as a guest speaker.

During the conference, Khan met with lawyers and wealth managers representing clients throughout the Asia Pacific region.

Topics discussed included residency and citizenship programmes as a means of tax and wealth planning.

During his visit, Khan showcased the immigration and investment options in St Kitts and Nevis, which the CUI believes is one of the strongest in the Caribbean.

“St Kitts and Nevis was in a unique position to offer a residency programme without having to change any tax laws,” he said.

He added that the new programme would be the only legitimate scheme where individuals would be required to spend a certain amount of time on the island.

‘Next step’

Khan also advised that this programme was in response to a demand from economic citizens and other individuals wanting to be registered as residents of the federation.

Full details of the programme are due to be released in July, WIC News understands.

Agents approached have welcomed the new scheme, in particular in China and eastern Europe.

Prime Minister Timothy Harris said: “With the St Kitts and Nevis programme now globally recognised for its integrity and platinum standard, it made sense that the natural next step would be to offer a residency programme that would meet a specific customer need.

“It will also stimulate tourism, as well as offer our developers another avenue for marketing their projects. It’s a virtuous circle of mutual benefit.”

Caribbean world leader in CBI

“The programme will still maintain its now high standards of due diligence and it is intended to offer our economic citizens the ability to obtain a residency card as long as they are willing to spend a period of time on the island.

“In addition, individuals not wanting citizenship at this time, can apply for residency status and in the future convert to citizenship should they wish to do so.”

WIC News has reached out to the opposition St Kitts-Nevis Labour Party for comment on the new programme.

In a special report published by Professional Wealth Management (PWM) – a magazine from London-based Financial Times – St Kitts’ citizenship by investment offered was ranked as the second in the world, just behind Dominica.

Source: wicnews.com