Clients expressing an interest in the Citizenship by Investment Program with Wyndham Grand Nevis at Northern Pointe have the option to obtain an ownership interest through the purchase of either a fractional share of a villa or condominium Unit.
Reservation and Deposit
The client (main applicant) must sign a reservation agreement and provide a non-refundable reservation deposit of $10,000.00 USD to the developer, Northern Pointe Development, Ltd. Please note that the deposit amount will ultimately be deducted from the full investment amount (Units start at $430,000). At this point, the client must retain a local Processing Agent (licensed in St. Kitts & Nevis). The Processing Agent, who can be recommended by Northern Pointe Development, Ltd., will act on behalf of the client to prepare and submit the application to the Government.
Purchase Agreement Documents
After receiving the signed agreement and deposit, Northern Pointe Development, Ltd. will provide the client a counter-signed original of the documents, along with a legal package (see Schedule B), which will include the purchase documents. Upon signing the purchase documents, the client must return them to the Processing Agent for execution.
Citizenship by Investment – Processing
At this time, the client must send their completed Citizen by Investment application forms to the Processing Agent, accompanied by payment of the Government required Due Diligence Fees (see schedule A), as well as any processing fees charged by the Agent. The Processing Agent then files the CBI application with the Government. Processing of the application typically takes 60-90 days. Upon acceptance of the application, an “Approval in Principle” is issued by the Government.
Once the “Approval in Principle” is issued, the client shall notify Northern Pointe Development, Ltd., and then must send, within 7 days, the remaining balance of the purchase price to the Developer’s designated Escrow Agent.
Ownership and Passport Issuance
Upon confirmation of the receipt of the funds in escrow, the closing and issuance of the Certificate of Ownership will proceed. The Escrow Agent will transfer the purchase price to Northern Pointe Development, Ltd., and the client will then be issued a “Certificate of Ownership”. The Processing Agent will then forward the “Certificate of Ownership” to the Citizenship by Investment unit for completion. Subsequent to final processing, a “Certificate of Citizenship” and Passport will be issued to the client by the Government.
Northern Pointe Development, Ltd. will keep clients informed at all stages of the development process.
Selection and Reservation
After making their choice of villa or condominium Unit, the client will sign a reservation agreement and pay a refundable deposit in the amount of $10,000.00 USD to the development company, Northern Pointe Development, Ltd. This deposit will ultimately be deducted from the full purchase amount (fractional shares start at $430,000USD).
Purchase Agreement Documents
After receiving the signed agreement and deposit, Northern Pointe Development, Ltd. will return the executed reservation agreement along with counter-signed copies of the purchase agreement documents.
Contract and Payment
When the purchase documents are complete, arrangements will be made for the execution of the contract. Upon execution, the client will make the first installment of 35% of the purchase price to Northern Pointe Development, Ltd.
Property Construction and Transfer
At this point, construction has already commenced and progress payments are due to Northern Pointe Development, Ltd. as follows:
Below are the estimated costs for a family of 4 (excluding processing fees).
Overall investment including Application and Government Fees will be as follows:
(This example is for a One Bedroom Suite)
|Cost of Unit||US$ 430,000|
|Main applicant’s government fees||US$ 50,000|
|Spouse’s government fees||US$ 25,000|
|2 children’s government fees||US$ 50,000
(US$ 25,000 for each child)
|Due Diligence Fees||US$ 19,500
(US$ 7,500 for main + US$ 4,000 x 3 for dependents)
|Total Cost for Family of 4||US$ 574,500|
The cost of legal fees will vary depending on investor’s location and number of dependents.
Dependents below the age of 16 years are not required to pay due diligence fees.
Additional costs apply for official government forms and attestation of documents.
To maintain citizenship, investors are required to hold their investment for a minimum of 5 years.
Thereafter, the investment may be sold and the subsequent investors may also apply for and benefit from the Citizenship by Investment Program. The original investor will be entitled to retain citizenship of St. Kitts & Nevis.
The following documents will be required:
For each applicant:
For Main Applicant:
For dependent children between ages eighteen (18) and twenty-five (25):
All documents must be in English or, if original language is not English, documents must be translated by a sworn legal translator or by a company whose main business is professional translations.
Additional documents may be required as evidence, explanation or otherwise, in support of the information provided by the applicant.