St Kitts and Nevis Supports Over 5,000 Low-Income Families with Funds from Citizenship by Investment
LONDON, Aug. 27, 2021 /PRNewswire/ -- During a national press conference, the Federation of St Kitts and Nevis' Prime Minister Timothy Harris reiterated some of the ways his Team Unity government is supporting citizens as the world continues to tackle the economic downturn caused by the pandemic. This involved introducing a number of measures designed to alleviate financial pressure as well as bolstering other initiatives on the islands, such as the successful Poverty Alleviation Programme (PAP).
Introduced in 2018, the PAP scheme aims to provide low-income households with a monthly stipend of $500. Throughout the pandemic, the programme has become more critical to citizens of St Kitts and Nevis. According to Prime Minister Harris, it assisted over 5,000 families with a total expenditure of $18.7 million between January and July.
"We have launched a number of initiatives in recent months to provide relief and to keep our people safe. The Team Unity Administration has been allocating available resources and employing varied measures to reduce economic hardships experienced by citizens and residents during this period of challenge," said Prime Minister Harris.
Initiatives like the PAP are made possible by St Kitts and Nevis' Citizenship by Investment (CBI) Programmme. Established in 1984, the programme offers a trusted route to second citizenship once one invests through its Sustainable Growth Fund. After successfully passing the vetting process, applicants gain access to a range of benefits, including increased travel mobility to nearly 160 destinations, alternative business prospects and the ability to pass citizenship down through descent.
Investments generated under CBI are channelled into national development and supporting citizens in several areas. The ability to fund significant capital projects on the islands is a testimony to the programme's popularity and success.
The programme has also recently been ranked as the world's best in this year's CBI Index by experts at the Financial Times' Professional Wealth Management magazine. According to the annual report, the programme was awarded highly for its due diligence, citizenship timeline and family-friendly structure, amongst other features.
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