One More Step into the Future in St Kitts and Nevis

In 1984, Saint Kitts and Nevis opened the first citizenship by investment program in the world. Thus, it became a pioneer in this new path to migration opening the doors to new worlds without the need to go through lengthy processes, and without committing to an institution or job position to study or work.

Four decades later, this country continues to surprise us, this time showing us solutions concerning the crypto world. Modern life requires modern approaches and Saint Kitts and Nevis knows this. Let's see how this impacts its citizenship by investment program.

Citizenship By Investment: Saint Kitts And Nevis Embracing the Crypto World

If you're not familiar with citizenship by investment, it's worth describing the process briefly. Such programs are based on mutual cooperation. If an individual desires to obtain a second citizenship, he/she can become eligible by making an economic contribution. The word “eligible” is key. It's not about buying citizenship, it's simply accessing the right to apply without lengthy processes and without having to renew a resident status for several years like through traditional naturalization.

When the investor submits the application, he/she also pays for legal fees and a due diligence process, which means the main applicant and all the dependents older than 18 will pass through a screening process. 

In simple words, the government investigates the person and makes sure the applicant doesn't have any criminal records and that he/she presumes an impeccable character. This is a natural process that ensures the program's reputation and the country's safety in general.

A vital part of this process is confirming the person's source of funds. Firstly, it's necessary to confirm that the applicant has the funds available, and secondly, it's vital to prove that it comes from legal pathways.

We recently learned that Saint Kitts and Nevis is making advancements when it comes to proving the source of funds using the crypto world. This comes in a peculiar context, in which Saint Kitts and Nevis, together with its neighbors, is starting to shape new legislation according to the signed MOA.

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Entering A New Century: Crypto Funds 

We didn't just enter a new century, we are already starting the second quarter. It's interesting to see the past 25 years with a certain perspective.

Let's look at the crypto world, for example. In 2009, Bitcoin was a huge disruption introducing the unique technology of blockchain. There have been many debates and discussions about crypto and how it would change the future and reshape the financial world forever. 

Sixteen years later, can we say that this actually happened? Can we say that the financial world has changed? Right now, we're living a similar experience concerning artificial intelligence. We'll have to wait and see, but the truth is that the crypto world has adapted to the traditional methods more than it has replaced them. Traditional banking seems to have absorbed the crypto world.

Crypto Funds Used on the Journey Towards Citizenship

The crypto world has not changed the financial systems, instead, it has been reduced to an investment niche. In many cases, having crypto funds is useful for easy and more cost-effective international transactions and payments. As a result, many keep crypto funds in their wallets. 

The good news is that Saint Kitts and Nevis recently announced that they will accept crypto funds as partial proof of funds during the CBI process. Following examples from other jurisdictions like Hong Kong, this means a step forward.

Crypto Funds as Proof: What Does It Mean

In our view, the main advantage here is flexibility. If an applicant has some of the funds stored in crypto funds, it's convenient that they can use it as a source of wealth confirmation. This eliminates the need to transfer those funds to bank accounts and Fiat money spearing them from conversion fees and commissions. 

On the other hand, applicants using this advantage will have to pay extra due diligence fees and submit separate documentation for wealth verification.

Disclaimer: this article is published for general information purposes and does not constitute legal, migration, or financial advice. This article is not based on formal research, therefore it may not be 100% accurate. Mundo doesn't take a position on the use of cryptocurrencies and its implications.

Final Thoughts on Embracing The Crypto World

At the end of the day, every enterprise you undertake, and whatever plan you set in motion is about finding the simplest solutions, especially in times when life has gotten so hectic. The crypto world may not have been the disruption that everyone expected, but it has opened interesting paths to international transactions and investment.

Mundo is dedicated to connecting readers with key partners and advanced tools including banking, corporate, fiduciary, and migration services. Our team is located in several countries, but the borders don't separate us. We work together in a seamless mechanism striving to provide the best services to international investors and businesspeople. Contact us now and ask us about our services.

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