St Kitts-Nevis launches new citizenship fund
BASSETERRE, St Kitts — The world’s first citizenship by investment programme (CIP) in St Kitts and Nevis has launched a new fund — the Sustainable Growth Fund — to boost investment in the Caribbean nation.
Touted as the “Platinum Standard” in an accelerating industry, the St Kitts and Nevis citizenship by investment programme has long been considered a forerunner in the industry, known for its rigid and robust processes and vetting procedures.
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 Dr 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,” he noted.
CEO of the St Kitts and Nevis Citizenship by Investment Unit, Les Khan, said 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,” he said.
Over the past six months the St Kitts and Nevis CIP has received accolades for its service including ‘World’s Most Innovative Investment Immigration Programme’ at the Global Citizen Awards Ceremony and the top Caribbean programme ranking in the 2018 Passport Index of Henley and Partners.
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.
Range Developments, the developer of luxury hotel resorts in the Caribbean, applauded the government of St Kitts and Nevis for its astute repositioning of the island’s CIP, saying that this will breathe new life into the country’s real estate market.
“As the developers of the recently opened Park Hyatt St Kitts, and the newly launched Six Senses St Kitts, we think this is a very positive step,” said Mohammed Asaria, founder of Range Developments. “It will help bring jobs and investment to the country, and I would like to acknowledge the leadership of Dr Timothy Harris and all his team who have worked so hard to understand the market conditions and create a favourable environment that benefits everybody.”
“During construction of the Park Hyatt we were contributing half of all the construction wages on the island,” Asaria said. “We created more than 800 jobs, and now the Park Hyatt directly employs about 500 people and benefits many other people in the economic chain. The Six Senses St Kitts will have a similar beneficial outcome, and it is particularly good because those jobs will be in the north of the island, an area where traditionally employment has been more scarce.”
Range Developments is the leading luxury developer of hotels in the eastern Caribbean using the citizenship-by-investment model.
“We have projects in Dominica, St Kitts and Nevis, and Saint Lucia,” Asaria noted. “Every citizenship-by-investment programme is different and each one suits a different client. But there is one thing all our projects share: integrity, rigour, and an attention to detail that ensures the project is completed in a timely and professional manner. That way everybody benefits, from the citizens of the countries to the investors to the holidaymakers that come and stay.”