St Kitts and Nevis have set itself some bold ambitions – ones that include it being a global contender and the Caribbean’s premier business and tourism hub. This new trajectory for the country was announced at an exclusive invite-only event held in Dubai.
Prime Minister of the twin-island federation, Dr Terrance Drew, unveiled the country’s bold ambitions to further grow the country’s economy through upgraded citizenship by investment programme. The event, attended by global investors, government-approved agents and media, revealed how the government will use the programme to benefit investors and locals.
The trip also allowed St Kitts and Nevis delegation to take lessons from Dubai – a country that has become one of the world’s most respected economic powerhouses in just a few decades. Using money generated from its oil and gas, Dubai has managed to transform its economy and position itself as a leading business and tourism destination.
At the event, Prime Minister Drew said, “In this ever-changing and unpredictable world, the government of St Kitts and Nevis and its citizenship by investment programme must continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country.”
“The vision to use economic citizenship to attract international investment was innovative in 1984. The citizenship by investment programme’s first major evolution 27 years later in 2011 was bold and creative. Now, in the third iteration of its evolution, in 2022, after four decades of erudition and development, we must use that same creativity and boldness to ensure that the programme transcends to the modern age; and that the security infrastructure is enhanced and strengthened.”
The Prime Minister hinted at developments to the country’s citizenship by investment programme – a major one being that the programme will now have a board and special task team who will oversee the CBI Unit to ensure that there is more administrative and legislative oversight. This is to ensure that the programme accomplishes what it was set up for.
The robust legal framework will also be accompanied by a continuous proactive due diligence approach that will ensure that only investors of the highest repute are eligible to gain citizenship in the country.
A strong due diligence process is important to maintain the reputation of the country and its offering. St Kitts and Nevis use the services of internationally renowned due diligence firms from the UK and the US.
Since his election in August, the new St Kitts and Nevis administration has been working hard, looking at various ways to revitalise the island’s economy.
Also at the event was Marsha Henderson, Minister of Tourism, Civil aviation and urban development, who has been tasked to lead the country’s tourism industry into its next chapter. “
As we move forward, our goal is to diversify our products and services to offer opportunities to both our visitors and potential investors to our federation, making our destination one of the best places to live, work and invest,” she told guests at the event.
The Prime Minister is adamant that St Kitts and Nevis needs to take its rightful place as the most sought-after business hub in the Caribbean and one area to fast-track the growth is through its citizenship by investment programme. Updates to the programme, which have been made after much consultation with the twin federation’s communities, businesses, government and investors, are designed to meet the needs of an intelligent and sustainable-minded investor.
The programme has been the benchmark of citizenship by the investment value proposition and the government seeks to maintain this standing in the industry. The updates – which will be communicated in detail in the new year – will ensure a progressive programme that cements St Kitts and Nevis’ place as a leader in the CBI Industry.