BASSETERRE, St. Kitts — The Citizenship by Investment (CBI) Programme is being lauded for its continued positive impact on the economy of St. Kitts and Nevis, and for its direct correlation to the establishment of several small and medium sized businesses in the Federation.
Deon Daniel, owner and Director of Deon & Associates Limited, a real estate development company on Nevis, made this point when he appeared on the November 24 edition of Leadership Matters with Prime Minister Dr. the Honourable Timothy Harris.
In the 25-year operation of his business, Daniel noted that the developments undertaken by his country, through the CBI programme, has a significant trickle-down effect in the local economy.
“From the planning stages of my developments which include hiring a draftsman or architect, an engineer, to the construction workers, to the hotel staff and management, to all my administrative staff at Deon & Associates Limited—they are all locals,” explained Daniels, “with families who spend monies in our economy. For a village bar or shop, the simple purchase of a ‘round of drinks’ by 10 or more construction workers on a Friday afternoon for example, may very well be the biggest sale that shopkeeper has seen for the week.”
He noted that the purchase of construction materials from local vendors such as TDC, S.L. Horsfords and Redi-mix concrete from St. Kitts Masonry and LEFCO “all benefit from the development of condominiums and small boutique hotels such as Hillsborough on St. Kitts and The Hamilton Beach Villas & Spa on the island of Nevis.”
Daniel said he has witnessed many specialized small businesses develop from the construction of CBI related real estate developments.
“Air condition technicians, electricians, carpenters, landscapers, architects, steel manufacturers, specialized tilers and finishers are all examples of the widespread reach of the CBI-related business,” he added. “CBI developments, both in St. Kitts and Nevis, increase their room stock significantly at a much faster rate than a larger five-star hotel.”