BASSETERRE, St. Kitts, March 21, 2018 (Press Unit in the Office of the Prime Minister) – With the Hurricane Relief Fund (HRF), which is a temporary investment option under the country’s Citizenship by Investment (CBI) Programme, set to expire at the end of March 2018, the Government of St. Kitts and Nevis has announced plans for the introduction of two new options that “will further invigorate our CBI programme.”
In a national address Tuesday (March 20) evening, Prime Minister of St. Kitts and Nevis and Minister of Finance, Dr. the Honourable Timothy Harris, said the Hurricane Relief Fund was a highly successful initiative which exceeded all expectations, while noting that there are still a number of applications that are being processed under this fund.
However, with the HRF coming to an end within a matter of days, Prime Minister Harris said a new fund, to be called the Sustainable Growth Fund , will be launched as its successor.
“The Sustainable Growth Fund for a single applicant will require a contribution of US $150,000, inclusive of Government fees. The contribution for a family of up to four will be US $195,000 following incremental steps,” Dr. Harris stated, noting that the monies collected under this investment offering will invest in sustainable areas that “will benefit every citizen and resident of St. Kitts and Nevis for example: healthcare, education, alternative energy, heritage, infrastructure, tourism and culture, climate change and resilience, and the promotion of indigenous entrepreneurship.”
Furthermore, Prime Minister Harris also announced plans for the introduction of a revised real estate offering under the country’s economic citizenship programme.
“In order to attract luxury resort developments there is now being proposed another option where real estate offering that requires a US$400,000 investment may attract two applicants at US$200,000 each plus government fees, but this can only be resold after 7 years,” the Finance Minister said, adding, “We have given favourable consideration to the recommendation by real estate developers for existing developments to qualify for inclusion in the new option.”
Prime Minister Harris stressed that this new offering will not replace the existing real estate investment option priced at US$400,000, plus US$75,000 in Government fees, and which can still be resold after five years.
These impending changes to the CBI programme came about following an exhaustive consultative process between the Federal Government, developers and other stakeholders on the way forward for the citizenship programme.
The Sustainable Growth Fund will be more affordable than the previous ongoing fund – the Sugar Industry Diversification Foundation – with a price-point of US$150,000 for a single applicant and US$195,000 for a family of four.
In a press statement launching the fund, Prime Minister of St Kitts and Nevis, Dr the Honourable Timothy Harris said that the Sustainable Growth Fund will benefit every citizen and resident of the twin-island nation and said that the pricing is both “attractive and sustainable.”
The Prime Minister also spoke of the attractive mobility benefits economic citizens will have if they invest in a St Kitts and Nevis second citizenship:
“St Kitts and Nevis recently signed historic visa waiver agreements with Russia, India and Indonesia. Citizens of St. Kitts and Nevis enjoy visa free entry to more than 140 countries including Germany, France, Holland, Italy and the United Kingdom.”
CEO of the St Kitts and Nevis Citizenship by Investment Unit, Les Khan, says that the Sustainable Growth Fund is an attractive opportunity for the discerning applicant:
“The Sustainable Growth Fund is not just about sustaining development for our nation, it is also about providing a strong investment opportunity for our potential economic citizens.
“The Programme allows applicants and their families to secure their future in the same way the Fund operates to enhance the quality of living for our citizens on the islands.”
Dr. the Honourable Timothy Harris assured all that the country’s Citizenship by Investment Programme will continue to employ the strictest vetting procedures that have led to St. Kitts and Nevis’ CBI programme being recognised throughout the world as the platinum standard.
“We will maintain our very high standards of integrity, rigour and robust due diligence. The due diligence standards of St. Kitts and Nevis are ranked among the highest in the world. St. Kitts and Nevis not only has the oldest citizenship-by-investment programme in the world, but the most highly regarded. This success was endorsed by the 2018 Passport Index of Henley & Partners, which ranked our programme as number one in the region.”
In 2017, St. Kitts and Nevis was also recognized internationally for offering the World’s Most Innovative Investment Immigration Programme at the Russian Global Citizen Awards ceremony, held at Moscow’s prestigious Ritz Carlton Hotel. This annual event recognizes the best governments, companies and individuals who have excelled in investment, freedom of movement, and residence services.
Investment will go toward healthcare, education, alternative energy, heritage, infrastructure, tourism and culture, climate change and resilience, and the promotion of indigenous entrepreneurship.
The Sustainable Growth Fund will be operational and adopted within the St Kitts and Nevis Government legislation from the 2 April.
The Sustainable Growth Fund is expected to boost investment in the prospering Caribbean nation
Sources:
- http://ciu.gov.kn/wp-content/uploads/2015/01/Press-Release-5.pdf
- https://sknis.kn/government-of-st-kitts-and-nevis-announces-new-options-under-the-countrys-citizenship-programme/
- https://www.prnewswire.com/news-releases/st-kitts-and-nevis-launch-new-fund-for-citizenship-by-investment-programme-677523553.html
