Sugar Industry Diversification Fund (SIDF) Government Donation
The SIDF is a non-profit public charity established by the Government to assist the workers of the now defunct sugar cane industry. The fund researches viable business to replace the sugar industry. It aids in the development of these alternative businesses, and provides support to ensure the sustainability of these businesses.
Contribution under the SIDF
In order to qualify for citizenship under the SIDF, the applicant/investor may make a non-refundable contribution in one of four categories:
- $250,000.00 USD for a single applicant
- $350,000.00 USD for a family of four, for example, a main applicant, spouse and two children under the age of 18 years.
- $350,000.00 USD for a family of five, for example, main applicant, spouse and three children under 18 years.
- $450,000.00 USD
- for up to six persons
The contribution include government fees, but do not include due Diligence fees which are:
$7,500.00 for main applicant
$4,000.00 each for dependents over 16 years of age
Under the SIDF option there are several categories of dependents. Dependents here included children between ages 18-25 years, if the dependent is in a learning institution and is financially dependent on the main applicant.
If there is a child who does not fall into this category, then that application would attract an additional fee of $50,000.00.
Further, parents and grandparents (over the age of 65 years) of the main applicant are considered dependents if they financially dependent on the main applicant.
Upon completion, of the due diligence process, and an ‘approval in principle’ granted to the applicant and dependents, the funds are transferred to an Escrow account and thereafter, the Prime Minister signs the ‘Certificate of Registration’ which is issued to the applicant. With this Certificate, the applicant may apply for a passport of the Federation of St. Christopher (St. Kitts) and Nevis.
The process may take from approximately 90 days.
Advantages of Sugar Industry Diversification Fund (SIDF)
- One-time payment. No further commitment obligations to pay any further cost to the government or any agent going forward after all of the government and processing agent fees have been paid.
- Lifetime citizenship
- Could be more economical than the real estate option. This may depend on several factors.
- Firstly, based on the number of dependents that the principal applicant has.
- Many CBI developments now offer rental incentives for their real estate option that makes the real estate option very comparable and competitive with the SIDF option.
Disadvantages of Sugar Industry Diversification Fund (SIDF)
- Any funds paid to the Government once the process starts is non-refundable.
- Due to the fact that this option is a charitable contribution to a government fund, there is no long term retained value, or any return on investment. Money paid by an applicant into this fund is essential a charitable gift to the government fund.
- Limited ties to their new country. New citizens via the SIDF route, other than a passport, usually has very limited identifiable ties to St. Kitts and Nevis. Due to their lack of ownership of physical property it becomes more difficult for citizens via the SIDF to provide residence ties such as utility bills.
- Further with limited ties to the country, such citizens are usually not properly positioned to take advantages of all the rights of citizenship of St. Kitts and Nevis and rights granted to them in the other Organization of Eastern Caribbean States (OECS) states namely Antigua and Barbuda; Dominica; Grenada; St Lucia; St Vincent; and St. Kitts and Nevis.