Prime Minister of St. Kitts and Nevis the Hon. Dr. Timothy Harris has announced a new option for the Citizenship By Invest (CBI) Programme that will succeed the Hurricane relief fund that will expire at the end of this month.
The Hurricane Relief Fund that was launched in October 2017, to help recover from the damages caused by hurricanes Irma and Maria.
According to the PM the Hurricane Relief Fund has been well received by the market and has exceeded all expectations. “A number of applications are still being processed. We said at the time that the Hurricane Relief Fund was only temporary and that it would expire at the end of March 2018, we are now ready to announce its successor as well as a revised real estate offering that will further invigorate our CBI program.”
Dr. Harris announced that the new fund to be called ‘The Sustainable Growth Fund’ will be launched. “The new fund will invest in sustainable areas benefiting 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,”
Dr. Harris explained the new pricing structure for the new option. “The Sustainable Growth Fund for 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. We think that this is an attractive and sustainable option.”
The Prime Minister also gave changes made to the real estate option.”We will retain the existing real estate investment option, at US $400,000, plus US $75,000 in government fees. This investment can still be resold after five years.
He continued, “However, in order to attract luxury resort developments there is now being proposed another option where real estate offerings that require a US $400,000 investment may attract two applicants at US $200,000 each, plus government fees, but this can only be resold after seven years. We have given favourable consideration to the recommendation by real estate developers for existing developments to qualify for inclusion in the new option.”
PM Harris also noted that they a committed to keeping the CBI in the Federation as the “platinum standard”.
“We will maintain our very high standards of integrity, rigor 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 is not only has the oldest citizenship by investment program in the world, but the most highly regarded,” PM Harris said.