LONDON, Aug. 8, 2019 /PRNewswire/ -- The dual islands of St Kitts and Nevis are committed to the national development and economic growth of the Federation. Last week, the Minister of Public Infrastructure, Ian Patches Liburd, announced that approximately EC$256,890,000 (≈US$95m) had been invested into various capital projects across the twin islands in efforts to modernise and expand the country's tourism, infrastructure and other ventures.
According to Prime Minister Timothy Harris, economic growth on the islands has increased annually over the last five years. The country has also reached a global milestone in 2018 after becoming the first independent state in the Eastern Caribbean Currency Union (ECCU) to bring its debt-to-GDP ratio in line with the international benchmark of 60 percent. It achieved this a dozen years before the deadline.
Partly attributed to this significant progress is the islands' successful Citizenship by Investment (CBI) Programme. The legislated initiative attracts foreign investors and their families by giving them the chance to obtain second citizenship in exchange for a monetary contribution. In turn, the CBI Programme contributes to socio-economic projects in St Kitts and Nevis. For example, it funded the development of a highly anticipated second cruise pier which would enhance the country's tourism competitiveness. CBI proceeds have also "improved the quality of life of over 2,000 households through the Government's Hurricane Repair Housing Assistance Programme," as mentioned by Prime Minister Harris during the Caribbean Investment Summit hosted in St Kitts and Nevis in June.
The CBI Programme was introduced in 1984 in St Kitts and Nevis and is the oldest in the world. It has come to be internationally recognised as a 'Platinum Standard' brand of CBI. Over the past 35 years, St Kitts and Nevis has refined its processes to attract high quality applicants. In 2018, a new investment route was introduced by PM Harris, called the Sustainable Growth Fund (SGF). It gives eligible investors a straightforward route to citizenship by investment that contributes to the empowerment of the applicant's adoptive nation. To become eligible, investors must first pass a series of due diligence checks to ensure that they are of good moral standing, that the information they provide is accurate, and that all international standards are complied with. Investments generated impact various sectors of St Kitts and Nevis, including healthcare, welfare and tourism, amongst other key areas.
SOURCE CS Global Partners