On 1 March 2021, the Saint Christopher and Nevis Citizenship (CBI Escrow Accounts) Regulations, 2020, will enter into force. The Regulations affect new and existing developers under the St Kitts and Nevis Citizenship by Investment Programme.
Effective 1 March 2021:
- new developers, i.e. persons applying for their property to become an ‘Approved Project’ under the St Kitts and Nevis Citizenship by Investment Programme; and
- existing developers wishing to continue to sell property under the St Kitts and Nevis Citizenship by Investment Programme, must submit a proposed drawdown schedule (or a payment schedule) to the St Kitts Investment Promotion Agency (SKIPA). The schedule will form part of the Escrow Agreement that will govern the way the project is financed as applicants make their investments under the Programme.
SKIPA must then submit the proposed schedule to the Cabinet of Ministers of St Kitts and Nevis for approval.
Subject to the directions of Cabinet, the developer may be required to amend the terms of the schedule and re-submit the schedule to SKIPA, for Cabinet’s re-consideration.
What does this update mean for me?
The Saint Christopher and Nevis Citizenship (CBI Escrow Accounts) Regulations, 2020, will improve the administration of funds for Approved Projects under the Citizenship by Investment Programme, therefore increasing the chance the project will be completed successfully and at pace. This means real estate applicants have a better regulated, high-quality Approved Projects to choose from.
How can I find out more?
If you want to learn more about the real estate arm of the St Kitts and Nevis Citizenship by Investment Programme, please contact CS Global Partners.