Holding two citizenship is a luxury not many people have a chance to experience. At one point, this was a luxury, but today, it is a necessity for people who are interested in broadening their ties with another country. We are not talking only about living in another country, we are also referring to other important matters such as business and cultural ties.
The situation when you cannot expand your business further inside your country can be quite challenging for the business owner. So, obtaining another passport can help with future expansion. So, you will see many businessmen looking for a way to fulfill the requirements other governments have for getting their citizenship.
A good example is wealthy Indians, who are interested in having a much more global outlook. We can see that several countries have attracted so much interest from them. One of these countries is St. Kitts and Nevis. Today, we want to talk about the procedure of obtaining a new passport.
Naturally, certain requirements need to be met for this to come to fruition. Among the basic ones, you will find that a person needs to have a completely clean criminal record. Another one is that the applicant is an adult, which means more than 18 years old.
More complex requirements revolve around a person having a legal steady income, and no medical conditions that can be fatal. If the applicant has offspring, the children need to be completely dependent on their parents financially to be eligible for getting these documents.
Also, they should be educated in an accredited institution. When it comes to the more practical side of things, the applicant needs to contribute to the development fund. The contribution needs to be $150k. Naturally, the applicant must understand that generating profit from this investment is impossible.
Obtaining a Property
One of the most efficient ways to obtain this passport is to purchase a property in the country. As a result, buying property in St Kitts and Nevis is the commonest way for foreigners to obtain citizenship. There are three main options to choose from when it comes down to this sort of investment.
You can invest either in private homes, social projects, or those that were approved by the government of the country. No matter what type you decide upon, it is an absolute must that this investment should be up to $175k. On the other side, there are two options for ownership. It can be either full or joint.
Naturally, the amount of money required will stay the same, no matter what sort of investment we are talking about. What needs to be said about buying property in this country is that it is completely refundable, which is a completely different thing from the previous example we have mentioned.
Other Property Requirements
Buying real estate in this country comes with an array of other requirements. For instance, the buyer needs to commit himself to holding the property for a certain amount of time before the property is, once again sold on the market. Naturally, this is not mandatory. The choice is up to the applicant whether this will be done or not.
Nevertheless, the property needs to be held for a least seven years. There are certain cases when five years is more than enough, but you will see that seven is a figure that pops up most frequently. Another thing that needs to be said is that the owners are not required to become permanent residents of the country.
But that doesn’t mean that the property doesn’t need to be maintained properly. Thankfully, it is always possible to hire a professional who will take care of the property while you are not present. There are cases where owners have never set a foot in the country, but they have professionals taking care of their needs.
The Real Estate Market
Since we are talking about the island nation which doesn’t have a high population and has a limited amount of land to exploit, it makes perfect sense that the price of a property will be somewhat pricier than in some other countries. Thankfully, the market is regulated and you shouldn’t expect any sort of surprises.
Before foreigners, Indians in this case can participate in the market freely, they need to pay an Alien Landholding License, which is roughly 10% of the property’s value. Of course, nobody can expect foreigners to understand the local market completely. So, it is always a good option to hire a professional to help you with crucial advice on how to handle things.
Receiving the best possible help from a professional can be expected only when you provide that person with the best possible insight into your needs and preferences. Also, it’s an absolute must to know what you are looking for and how much are you prepared to invest in the property. Do not limit yourself just to the minimum amount needed for obtaining citizenship.
Last but not least, we want to talk about the procedure of obtaining the documents. While there’s no fixated period you would need to wait until you receive citizenship as a foreigner, we would say that it usually lasts between two and six months. The lengthiness depends on an array of different aspects.
The applicant needs to apply on their own, without any medium parties. Also, the applicant needs to provide the institution with all the relevant documents needed. Of course, providing proof that the amount of money someone is investing is completely legal is an absolute must, as we’ve named above.
The Bottom Line
We believe that obtaining a second citizenship is an opportunity nobody should miss on out. Naturally, you need to be aware that receiving these documents is not only getting certain rights and privileges, but it also comes with some responsivity. Here, we’ve shined a light on how an Indian citizen can receive St Kitts and Nevis passports by investing in real estate. We’re sure you will find this insight helpful.