7% of St Kitts and Nevis' Population Receives a Monthly Stipend from Citizenship by Investment Revenue
LONDON, July 19, 2019 /PRNewswire/ -- Under the new Poverty Alleviation Programme, St Kitts and Nevis has been providing 7% of its population with a monthly stipend using funds from its successful Citizenship by Investment (CBI) Programme. During a recent press conference, Prime Minister Timothy Harris revealed that the programme had already distributed EC$13.6 million (≈US$5 million) to nearly 4,000 qualifying households since its introduction in December last year.
The initiative aims to support families earning less that EC$3,000 (≈US$1,110) per month. This was possible because, according to Premier Harris, St Kitts and Nevis has been registering a fiscal surplus lately. Last year, the dual-island nation became the first independent state in the Eastern Caribbean Currency Union (ECCU) to reduce its debt-to-GDP ratio to the required 60% target, twelve years ahead of the deadline. This performance is still sustained. As a result of the fiscal improvement, the government announced that it would be distributing a double salary for the holiday period and announced the introduction of the Poverty Alleviation Programme. The latter is fully sponsored by CBI.
The CBI Programme is estimated to make up for one fifth of St Kitts and Nevis' economy, according to Nevis Premier Mark Brantley. During the Caribbean Investment Summit, PM Harris credited the CBI Programme for the speedier socio-economic development of the twin islands and the Caribbean region. "Across our region, we see the positive impact our Citizenship by Investment Programmes make on construction, job creation, hotel stock, housing stock, social safety nets, etc. The country's landscape has been transformed," said Premier Harris.
Since 1984, St Kitts and Nevis has been offering foreign investors and their families a means of acquiring second citizenship through an investment into its economy, effectively pioneering the CBI industry. In exchange for a contribution to the Sustainable Growth Fund - thought to be the most direct CBI route - successful applicants are granted economic citizenship. They gain visa-free or visa-on-arrival access to nearly 160 destinations, enhanced business and entrepreneurial prospects, the ability to pass their citizenship down, and more.
The dual-island nation recently celebrated the thirty-fifth anniversary of its CBI Programme. Based on the St Kitts and Nevis model, over a dozen countries adopted similar programmes, some of whom operate to date. St Kitts and Nevis, however, is considered the Platinum Standard of CBI.
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