Recently, the Parliament of the Federation of Saint Kitts and Nevis passed the "2021 Budget" proposed by Prime Minister Timothy Harris, with a total budget of 867.9 million Eastern Caribbean dollars, which will be used to provide services for the fiscal year from January 1, 2021, to December 31, 2021.
This budget releases a series of positive signals, such as a commitment to reduce taxes to stimulate the economy and expand nine tax exemption measures.
Prime Minister Harris stated that the government has been very prudent over the past five years, not imposing any new taxes on the federal populace. "This is an incredible achievement! Not only have we increased support for social sectors (education, health, national security, etc.), but we have also been reducing and eliminating existing taxes rather than increasing new ones. For example, we eliminated the heavy value-added tax on food, pharmaceuticals, and educational supplies in 2015," said Prime Minister Harris.
Looking ahead, Prime Minister Harris pointed out that despite the ongoing pandemic posing significant challenges, the federal government is encouraged by the positive economic outlook for 2021 and has expanded nine measures in the tax exemption budget to further stimulate economic development next year.
The extended nine economic stimulus interventions include:
1. Exemption of value-added tax and import duties on additional health supplies, such as hand sanitizers, hand sanitizer dispensers, disinfectant wipes, topical alcohol, gloves, masks, and protective clothing before June 2021;
2. Exemption of import tariffs and customs service fees on vegetables, fruits, fruit juices, cough and cold medicines, and vitamins before June 2021;
3. Exemption of water bill payments for individuals who were laid off or experienced reduced income due to COVID-19 before June 2021;
4. Reduction of the corporate income tax rate from 33% to 25% for businesses that retain at least 75% of their employees before June 2021;
5. Reduction of the business tax rate for unincorporated businesses from 4% to 2% before June 2021;
6. Injection of an additional 5 million US dollars in stimulus funding over two years to increase agricultural production and ensure food security for the federation;
7. Exemption of water bills for farmers before June 2021;
8. Provision of an additional 3 million US dollars in support to alleviate poverty programs based on estimated figures from 2020, with the possibility of adding about 500 more individuals if their socioeconomic conditions require it;
9. Provision of an additional 7 million US dollars in investment to further fund severance payments in 2021 and facilitate the payment of severance claims.
Tax planning has always been one of the main motivations for many investors to pursue overseas identity configuration. The favorable tax system of Saint Kitts and Nevis, such as the exemption from personal income tax, estate tax, gift tax, and foreign income tax, has attracted numerous investors to immigrate here. Following the implementation of the "2021 Fiscal Budget," the Saint Kitts government’s tax exemption and reduction plans will continue and expand, potentially making Saint Kitts an even more preferred destination for investors seeking tax and identity planning, attracting more investors to immigrate through investment in Saint Kitts.
In recent years, the Saint Kitts government has issued a series of favorable immigration policies, such as providing investors with freely selectable investment citizenship options, launching the Accelerated Application Process (AAP) to expedite approvals, and allowing siblings of the main applicant or spouse to immigrate together with the main applicant, further demonstrating the welcoming attitude of the Saint Kitts government towards global investors, which has been highly praised and recognized by investors!
Advantages of the Saint Kitts Investment Citizenship Program
1. One of the Commonwealth passport programs with extremely low investment amounts;
2. Citizenship granted: one application benefits four generations;
3. Security: approval first, then investment, low investment risk;
4. Short application time: generally, principle approval can be obtained in about three months after submission, and if expedited (AAP) is used, approval may even be granted within 45 to 60 days;
5. No immigration monitoring: no residency requirements, no need to report to the country;
6. Tax incentives: exemption from personal income tax, estate tax, gift tax, foreign income tax, etc.;
7. Enjoy treatment as a citizen of a Commonwealth country, and in Saint Kitts and Nevis, free British-style education from primary to high school is provided, with most Commonwealth member countries mutually recognizing credits and degrees. If returning to China for further studies as an international student, eligible individuals can also be exempted from written exams to easily enroll in domestic prestigious schools;
8. Visa-free, visa-on-arrival, and electronic visa access to 157 countries and regions: including EU and Schengen countries, the United Kingdom, Hong Kong, Taiwan, Singapore, Russia, India, Indonesia, etc. Generally, a 10-year multiple-entry visa can be issued when applying for a U.S. visa.
In addition to the donation method, investors can also obtain citizenship through financing. Currently, the financing project in the central business district of Saint Kitts and Nevis is regarded as "the cheapest investment citizenship project among Commonwealth countries," with a low investment amount, saving principal, and paying related government fees, allowing the entire family across four generations to apply for Saint Kitts and Nevis passports and enjoy the rights of Commonwealth citizens, without the worry of having to sell property after five years!
Additionally, Worldway also offers investment citizenship programs for other Commonwealth countries such as Saint Lucia, Vanuatu, Antigua, Dominica, and Grenada for your selection!
Currently, during the Canadian Immigration Month, limited-time great discounts are in full swing, with three major surprise gifts and daily red envelope giveaways. The "Million Immigration Plan White Paper" and "Quickly Obtain Maple Leaf Card Q&A Manual" are available for free. For more discounts, please consult the Worldway Group service hotline: Mainland China: 400-138-2929 Hong Kong: (852) 2802 8798.
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