New FT PWM Documentary Examines How Citizenship by Investment Helps St Kitts and Nevis Develop
LONDON, July 3, 2020 /PRNewswire/ -- Professional Wealth Management (PWM) magazine, a publication from the Financial Times, released a new documentary on July 2nd. Part of the Spotlight Series, it features the Federation of St Kitts and Nevis and its Citizenship by Investment (CBI) Programme, established in 1984. Split into five chapters, the documentary explains how this Caribbean country attracts high-quality foreign investors seeking second citizenship.
Yuri Bender, the PWM Editor-in-Chief, focuses on the economic impact CBI has on the Federation's economy. In the first chapter, he suggests that St Kitts and Nevis has hidden treasures that garner great demand from foreign investors. Prime Minister Dr Timothy Harris says that diversifying the agricultural sector is one of the new areas to benefit from CBI contributions.
"We have come to St Kitts and Nevis to examine the role of Citizenship by Investment in helping the islands transform their economy and adapt to a changing world," says Bender. "As in the past, the hidden treasures of the Caribbean islands are once more in great demand from foreign visitors," he explains.
"When the CBI Programme was first formulated, it was intended to provide our country a new pathway for economic development," PM Harris explains. "We have seen the benefits of that vision being realised, with significant job creation opportunities, high earnings for persons involved in the construction sector, the addition of some top-class hotel facilities […] We are looking at new areas of engagement for the CBI Programme and new areas in which we can target to invest CBI flows, and agriculture diversification would certainly be one of these," the Prime Minister added.
As the country with the oldest CBI Programme in the world, St Kitts and Nevis is generally known as the 'Platinum Standard'. It offers foreign investors the fastest route to second citizenship through the fund option. To qualify, applicants must pass the due diligence checks, complete the necessary documentation and contribute at least US$150,000 to the Sustainable Growth Fund.
In return, 'economic citizens' earn the right to live, work and study in St Kitts and Nevis. They can travel visa-free or with a visa-on-arrival to 156 countries and territories, a list that keeps growing thanks to Foreign Minister Mark Brantley's diplomatic efforts. Future generations could also inherit the citizenship.
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