Number of Citizenship by Investment Applications Continue to Rise, St Kitts and Nevis PM Timothy Harris Says

LONDON, June 8, 2020 /PRNewswire/ -- In the latest issue of the St Kitts and Nevis Democrat newspaper, Prime Minister Timothy Harris said that many more foreign investors have applied to obtain citizenship in recent years. On June 1^st, PM Harris announced that 3,000 workers would enter civil service next month, after taking part in a skills development scheme, sponsored by the Citizenship by Investment (CBI) Programme.

The Federation of St Kitts and Nevis has been running its CBI Programme since 1984. Last week, the Harris administration revealed that CBI constituted, at times, 35% of the government's revenue.

"Applications to the Citizenship by Investment Programme have increased tremendously over recent years and they continue to rise," PM Harris told the newspaper. He also said that "St Kitts and Nevis paid off the $117 million ­dollar debt to the International Monetary Fund." In a document published last week, the Harris administration announced that "through good fiscal management of resources, the [CBI] program assisted in the repayment of the country's IMF loan and the establishment of economic buffers for the country."

More CBI contributions mean more funds for socio-economic initiatives for residents. One of these is the Skills Training Empowerment Programme (STEP), which helped around 3,000 individuals enhance their skills for better job prospects. On June 1, the Prime Minister announced that STEP beneficiaries would enter into government employment on a permanent basis as of July 1, 2020. Moreover, PM Harris said that all non-establishment workers would be put on the pensionable establishment as of September 1, 2020.

"The 3,000 STEP workers will become part of the permanent work force of the Government of St Kitts and Nevis come the 1st of July 2020," the PM stated during an event last Monday.

Since 2018, St Kitts and Nevis has provided foreign investors with the fastest and safest way to obtain second citizenship, namely through the fund option. Once they pass all the due diligence checks, applicants must contribute at least US$150,000 to the Sustainable Growth Fund. In return, they earn the permanent right to live, work and study on the twin islands. They can also travel visa-free or with a visa-on-arrival to over 150 destinations, a list that grew by 17 in the past five years thanks to Foreign Minister Mark Brantley.

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SOURCE CS Global Partners