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Author: Hristina Georgieva

Limited Time Period Offer – St Kitts & Nevis Citizenship Programme

The Option of a Second Passport – St Kitts & Nevis Citizenship by Investment

Background

Changes have been made to the St Kitts & Nevis Citizenship by Investment Programme (CBI), for a limited time period of six months: 1 January 2023 – 30 June 2023.

Three benefits are available during this limited time offer period: 

  • Contributions that need to be paid by applicants to the Sustainable Growth Fund (SGF) have been reduced.
  • Government fees for a spouse and dependants respectively, are enhanced compared to fees post the start of July 2023.
  • The time limit to process applications has been decreased from 90 days to 60 days.

Contribution to the Sustainable Growth Fund

Contribution costs to the Sustainable Growth Fund (SGF), for the limited offer time period are confirmed as:

  • Main applicant: US$125,000
  • Main applicant and a spouse: US$150,000
  • Main applicant, spouse and two dependants: US$170,000
  • Each additional dependant under 18: US$10,000
  • Each additional dependant over 18: US$25,000

These costs are US$25,000 less for each of the categories of; main applicant, main applicant and spouse, and a family of four, compared to the contribution costs as from the start of July 2023.

Real Estate Investment Option

From January 2023 onwards, only Approved Developments are eligible for the Real Estate Investment Option under the new CBI regime.

The minimum investment amount remains US$200,000.

However, there are now clear guidelines as to what cannot be included as part of the investment costs, a number of fees are specifically excluded. Please contact Dixcart Nevis, for further details: advice.nevis@dixcart.com.

Private Homes Sale Investment Option

The Private Home Sale Investment Option is retained as a permanent investment option under the CBI Programme, where the minimum investment per application is US$400,000 in a private single-family dwelling house, designated as an Approved Private Home.

  An Approved Private Home is subject to the following restrictions:

  • It cannot be resold within 7 years;
  • It cannot be resold to any other CBI applicant; and
  • It cannot be converted into apartments or condominiums.

Public Good Investment Option

As from January 2023, the Alternative Investment Option (AIO) has been replaced with, the newly introduced, Public Good Investment Option (PGIO). The minimum investment per application is US$175,000 in an Approved Public Good Project, payable to an Approved Public Good Investor. 

On designating an investor as an Approved Public Good Investor, the Government of St Kitts and Nevis will specify; the number of public good investment units of the Approved Public Good Project to be sold, the schedule of completion and distribution of the units, and the corresponding escrow drawdown process.

Government Fees for CBI Applications 

From January 2023 onwards, for non-accelerated CBI applications under the Real Estate Investment Option, Private Home Sale Investment Option and the PGIO, the government fees payable upon ‘approval-in-principle’ are as follows: 

  • Main applicant: US$25,000 
  • Spouse: US$15,000 
  • Each dependant child or qualified dependant under 18: US$10,000 
  • Each dependant aged 18 or above or qualified dependant: US$15,000 

The fee for the addition of a spouse will increase to: US$20,000, as from 1 July 2023.

For accelerated CBI applications, the enhanced government fees payable, upon ‘approval-in-principle,’ for the limited time period: 1 January 2023 – 30 June 2023 are:

  • Main applicant: US$42,500
  • Spouse: US$32,500
  • Each dependant child or other qualified dependant under 18: US$22,500
  • Each dependant aged 18 or above or qualified dependant: US$32,500

The fees for the addition of a spouse and/or other qualified dependant will increase to: US$37,500, as from 1 July 2023.

Additional Information

Please contact John Mellor at the Dixcart office in Nevis for additional information regarding the benefits of this limited time offer and how you can make an application under the St Kitts & Nevis CBI programme: advice.nevis@dixcart.com.

Publication

12 January 2023

Reference

IN879

Country/Countries

St Kitts and Nevis Citizenship.

For further information

Please contact John Mellor.

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Cyprus – Tax Benefits for Expatriates and High Net Worth Individuals Relocating There

Moving to Cyprus – The Benefits for Individuals and Key Advantages of Cyprus

Why Cyprus?

Cyprus is an appealing European jurisdiction, located in the eastern Mediterranean Sea and offering a warm climate and attractive beaches. Situated off the southern coast of Turkey, Cyprus is accessible from Europe, Asia and Africa. Nicosia is the centrally located capital of the Republic of Cyprus. The official language is Greek, with English also being widely spoken. Cyprus offers a palette of personal tax incentives for expatriates and high net worth individuals relocating to Cyprus.

Personal Taxation

An individual becomes a tax resident in Cyprus by spending more than 183 days in Cyprus in any one calendar year. With that being said, they will be taxed on income arising in Cyprus and also on foreign source income.

Any foreign taxes paid can be credited against the personal income tax liability in Cyprus. An additional incentive has been implemented whereas individuals can become tax residents in Cyprus by spending a minimum of 60 days in Cyprus provided that certain criteria is met.

Individuals who were not previous tax residents can also apply for the non-domicile status. Individuals who qualify under the Non-Domicile Regime are exempt from taxation income derived from; interest, dividends, capital gains (apart from capital gains derived from the sale of immovable property in Cyprus), capital sums received from pension, provident and insurance funds. In addition, there is no wealth and no inheritance tax in Cyprus.

Income Tax Exemption for Taking up Employment in Cyprus

  • An exemption of 50% of the remuneration from employment is available for an individual in Cyprus who was resident outside Cyprus before the commencement of his/her employment in Cyprus. The exemption applies for a period of 10 years starting from the first year of employment in Cyprus, provided that the income from such employment exceeds €100,000 per year.

The Cyprus Action Plan for 2022 provides for tax exemptions that apply to foreign highly skilled employees in the Republic and are being extended to a maximum period of 17 years.

The existing 50% tax exemption is also being extended to cover new resident employees, with an annual employment salary of €55,000 or more.

The relevant legislation for the extended tax exemption is yet to be submitted and approved.

Nil/reduced Withholding Tax on Income Received from Abroad

Cyprus has more than 65 tax treaties that provide for nil or reduced withholding tax rates on; dividends, interest, royalties and pensions received from abroad.

Tax Advantages for Pension Lump Sums and Income

Any lump sum received as a retirement gratuity is exempt from tax.

A Cypriot tax resident individual receiving pension income from abroad may choose to be taxed at a flat rate of 5%, on amounts exceeding €3,420 per year.

Additional Information

If you would like any additional information regarding the tax benefits available for expatriates and HNWI’s relocation to Cyprus, contact the Dixcart office in Cyprus: advice.cyprus@dixcart.com

Publication

8 December 2022

Reference

IN875

Country/Countries

Living in Cyprus.

For further information

Please contact Charlotte McGonigle.

Back

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  • Guernsey Tax – the benefits and tax efficiencies of moving to Guernsey
  • Significant Tax Advantages Available to Individuals Moving to Guernsey
  • Residence and Citizenship Programmes (Comparison Table)
  • Limited Time Period Offer – St Kitts & Nevis Citizenship Programme
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