When you plan to move to Saint Kitts and Nevis, there are many opportunities that you come across during the whole process. You can acquire citizenship in various ways, and one of them is by going for an investment program. The applicant gets two main investment paths under this scheme, and they can get the passport followed by their move to this country.
When you become a passport holder of any place, it makes you eligible for some underlining benefits that come along with the passport. The same stands true when you get the St. Kitts and Nevis passport.
So, whenever a person gets their passport, it is natural for them to be keen about the eligibility that they become a part of, and also, the things that they can do freely, and most importantly, the things that they should not be doing while holding possession of the passport. Let’s explore this thing for s better understanding.
The Passport Chronicle
The passport of this country currently holds a global ranking number 27. The Guide Passport Ranking Index has provided the ranking. There are many reasons that the passport has a considerable global ranking, and the biggest factor behind it is that the passport ensures global entry to passport holders. In simple terms, the passport holder gets visa-free entry to as many as 152 countries.
National passport holders are allowed to many countries, which suggests the passport has a stronghold in the global scenario. The further breakdown suggests that 123 destinations offer visa-free access, while 26 offer visas on arrival. eTA is available in 3 destinations. An online visa is applicable for 25 destinations. However, 52 destinations require a visa for lawful entry on the passport.
The process of obtaining the passport can be done through the investment scheme. You can choose the donation route or the alternative, that is, by investing the funds in real estate projects that have got approval from the Government.
If you choose the former route, you must ensure that the donation amount is $150,000 to the SGF, which stands for Sustainable Growth Fund. However, to get the passport through real estate investments, you must ensure a minimum investment of USD 200,000.
These are the basic costs; further, the government application fees and due diligence fees are applicable. So, the costs will go up.
6 Things That You Can Do With Saint Kitts And Nevis Passport
But, the passport facilities are worth your hard work to obtain Caribbean citizenship. The investment program helps you gain naturalization within two to six months. Many applicants have completed the process and enjoy the benefits of the passport. Some of them are listed as follows:
There are many educational benefits available on the passport. The passport holders can apply for fully-funded scholarship programs in the country. Also, they can apply it to foreign countries and get admission to globally renowned institutions.
There are many global travel benefits that you can unveil after securing this passport. You can get visa-free entry to the Schengen Zone and the EU. However, this facility begins in 2024, so you can plan your move accordingly.
All you have to do is get a one-time ETIAS registration before you enter the EU. It is the same requirement that applies to the citizens of the US or Canada. Also, you can get visa-free tourist entry to the UK—the maximum period for such an entry lasts six months.
You can expect better privacy for business operations and major professional transactions. Foreign IT providers are not obligated to turn in the data for surveillance requirements to the Government of this country. Further, the banking sector ensures the proper concealment of private data. Also, they ensure that the data is not shared outside the tax residency.
Also, they follow proper rules and keep the data private from the general public. Hence, a good degree of security and privacy is assured after you obtain this country’s passport.
Easy Taxation System
The Caribbean has zero taxes on personal income, estate, royalties, technical services, gifts, and inheritance. However, if you look at the developed states like the US, and Canada, those countries are home to double taxation agreements.
Further, the daily consumption requirements like sugar, oats, bread, rice, and milk have a zero percent of value-added tax. Hence, there is a lot of saving, and the funds can be diverted for other meaningful requirements.
The charge applicable to hotels and restaurants is 10%, whereas the standard rate is 17%. So, the taxation system is easy, and you can opt for various ways of money-saving and improving your quality of life.
If you plan to move to this place and obtain a passport through the investment scheme, you expose yourself to various work opportunities. If you open an enterprise of your own over here, you are eligible to apply for the tax holiday that is applicable under the Fiscal Incentives Act. So, what does this mean?
It means that you are eligible for a tax break for 15 years, including the corporate tax that stands at 33%.
After you get the passport, you become eligible to open a bank account. You can open them in person or remotely based on your convenience and then begin the transfer of financial assets as and when you like to do it. You enjoy unlimited foreign exchange transactions that can be required for your business that is running over here.
Also, there is no restraint for using any currency to conduct these transactions. Hence, there is a lot of convenience.
Also, you, the local banks, can extend loans for your business. Further, the legalization of the use of digital currencies and the attached tax benefits have enhanced the popularity of this passport on a global scale.
These are the basic benefits, and there are many other things that the Saint Kitts and Nevis passport can help you with after you obtain it. The passport can be obtained through the investment scheme, which is in demand these days and has a higher chance of getting the passport in the shortest time.
So, you should try it out and get the passport to get the benefits attached as soon as possible.