Basseterre, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The latest International Monetary Fund (IMF) report that was released in January 2023, indicates a projected growth of 4.5 per cent for the nation of St Kitts and Nevis this year. This growth is supported by a steady recovery from the tourism sector and various service sectors.
The report also found that the country’s Citizenship by Investment Programme also played a role in supporting the Twin Federation’s growth. The current St Kitts-Nevis Labour Administration Party under the leadership of Prime Minister, Dr Terrance Drew, has made very well-considered changes to the country’s investment migration programme in attempts to transform the economy into a Sustainable Island State, as highlighted in the 2023 Budget Address.
The expected growth in St Kitts and Nevis’ real GDP is 5.9 per cent for 2023. The Prime Minister highlighted that the CBI Programme is also designed to generate significant revenue to create a diverse economy that will promote entrepreneurship, profitable job creation and increase homeownership.
Prime Minister Drew, said that his administration would “use the CBI revenues to fuel our plans to implement a diversified economy.”
The Prime Minister emphasised the significance and benefits of St. Kitts and Nevis’ CBI Programme and the importance of due diligence in ensuring that the country’s programme remains reputable globally. He added “Our citizenship is precious; therefore, the evolved CBI Programme will invite bold and creative top-notch investors to our shores who will develop innovative industries in St Kitts and Nevis, the construction of 18 real estate developments pursuant to our government’s priority infrastructure list, and in all things, bring substantial benefit to the people of Saint Christopher and Nevis. This evolution is perfect for our investors to explore real estate development opportunities through their CBI Programme.”
St Kitts and Nevis government is looking to develop a Sovereign Wealth Fund should their financial projections materialise. This will be the world’s first Sovereign Wealth Fund through the CBI Programme. The Fund will be used as a long-term investment vehicle in international markets and industries and will be managed by high-level authorities and a thorough policy to ensure the funds are directed intentionally towards disaster management. Investors will have the opportunity to improve the country’s healthcare system, and social services, develop public infrastructure including energy and water security for all the Kittitian and Nevisian population, as well as digital transformation.
St. Kitts and Nevis is a two-island small yet rich economy with tourism being the island’s largest contributor to their GDP, followed by the CBI Programme, agriculture, medicinal cannabis industry, construction and manufacturing sectors.
St Kitts and Nevis has been a pioneer of the global investment immigration industry for over 30 years and it continues to use revenue generated from its CBI Programme to prosper locals and international investors. Prospective entrepreneurs can become a citizen of St Kitts and Nevis in four ways:
Donating towards the country’s Sustainable Growth Fund (SGF), which was established to drive economic and social development in the country. In addition, the SGF may be used to provide financial support towards education and healthcare facilities, as well as funding for constructing infrastructure, developing local tourism, preservation of local culture and heritage, and dedicated sustainable growth initiatives in the country. There is a Limited Time Offer (LTO) from 1 January to 30 June 2023. Investors applying under the LTO will benefit from a reduced minimum donation amount starting at US$125,000 for a single applicant and an accelerated CBI application with a shorter processing time of 60 days from the acknowledgement of the application by the Citizenship by Investment Unit to approval in principle, with no added costs. From 1 July 2023 onwards, there will be adjustments to the minimum donation amounts with the minimum donation for a single applicant starting at US$150,000 and the processing time will revert to the standard 90 days unless the applicant elects the accelerated CBI application route.
Investing through the pre-approved real estate from January 2023. The minimum investment required by law is US$200,000 in an Approved Development which is resalable after a period of seven years. Only Approved Developments qualify under this investment option. All real estate properties previously designated as “Approved Projects” are required to apply to be re-designated as an Approved Development on or before 10 March 2023, failing which they will no longer qualify under the real estate investment option. Additional fees apply.
Applicants may select the Private Home Sale Investment Option; the minimum investment amount is US$400,000.00 in a private dwelling home or a single-family condominium designated as an Approved Private Home. More than one main applicant may each contribute a minimum of US$400 000,00 towards the same Approved Private Home. An Approved Private Home is resalable after a period of five years, Properties previously designated as Approved Private Homes are required to re-apply to be re-designated on or before 10 March 2023, failing which they will lose such designation. This option is not applicable to apartments or multi-family condominiums. Additional fees apply.
The Public Benefit Option has replaced the Alternative Investment Option (AIO). The minimum investment amount per applicant is US$175,000.00 in an Approved Public Benefit Project, payable to an Approved Public Benefactor. Only Approved Benefit Projects qualify under this investment option. All real estate developments previously designated as AlO developments are required to apply to be designated as an Approved Public Benefit Project on or before 10 March 2023, failing which they will no longer qualify under this investment option. Additional fees apply.
