Last week, Prime Minister of St Kitts and Nevis, Dr. the Honourable Timothy Harris, delivered his fourth Budget Address, in which he revealed the nation’s continued economic success in 2018 and expectations for further growth in 2019. A significant reason for this financial progress is the country’s thriving Citizenship by Investment (CBI) Programme. The number of applications for the Programme submitted in 2018 is higher than they have been in the past four years, and represent a new victory for the Programme. A new investment channel, the Sustainable Growth Fund (SGF), is credited with the increase in interest.
Under the Programme, St Kitts and Nevis offers investors and their families the ability to become global citizens through the acquisition of St Kitts and Nevis citizenship in return for an investment into the country. In the spring of 2018, the Government launched a new fund: the SGF. It is the enhanced benefits offered by this new fund that have inspired the increase in excitement of foreign investors in the Programme.
Through the SGF, applicants make a one-time contribution directly to the Government, in return for St Kitts and Nevis citizenship. There is no requirement for ongoing payments, future management of funds, or physical engagement. Consequently, the SGF is the one of the simplest and most trusted avenues into economic citizenship worldwide. It is the most affordable way of obtaining St Kitts and Nevis citizenship, requiring USD 150,000 investment for a single applicant.
The SGF is the fastest route under the Programme. The Government can readily ascertain when the full amount has been paid, and therefore quickly notify the applicant of the outcome of their application. The due diligence stage is thorough, and in recent years the Team Unity Government has employed additional resources in order to maintain high standards whilst retaining the speed and efficiency for which St Kitts and Nevis has become known. The Government prides itself on “the most robust due diligence programme anywhere”, whilst applicants can trust the integrity of the Programme they are entering.
The SGF is also popular for the chance it offers economic citizens to invest in their future country. The funds invested are used to support sustainable economic growth in St Kitts and Nevis, one of whose national objectives is to become a sustainable and resilient nation, as formed by Team Unity in harmony with the United Nations 2030 Agenda for Sustainable Development. By investing in their adoptive country, SGF applicants can ensure prosperity for their own families and for future generations. Indeed, evidence of the positive impact of CBI investment on the social and economic development of the country can be found in the 2019 Budget Address. Prime Minister Dr. Harris spoke of the “incredible success” of the Programme and crediting it with providing “the fiscal space for us to pay a double salary and introduce our poverty alleviation programme.” These considerable social benefits constitute significant investment into the nation’s future.
A key factor in St Kitts and Nevis’ ability to introduce such an efficient and effective fund is its experience in the CBI industry. St Kitts and Nevis’ Programme is the oldest in the world, and operates at level commonly referred to as the ‘Platinum Standard’. Hopeful applicants are attracted by the nearly 160 jurisdictions to which St Kitts and Nevis citizens can travel visa-free or with a visa-on-arrival. These include major business destinations, such as London, Frankfurt, Hong Kong, and Singapore, and countless global leisure attractions. This includes St Kitts and Nevis itself, which was named by Bloomberg in 2018 as one of 22 highly recommended luxurious getaways worldwide, the only Caribbean country to attain this standing.
Such an accolade is one of many achieved by St Kitts and Nevis this year, all celebrated by the Prime Minister in the Budget Address. Others of note include the prestigious aviation award, the ‘Highly Commended Award’ in the Destination category of the Routes Americas 2018 Marketing Awards. This stands alongside the recent launch of the East Bus Terminal in December this year. Congestion along the East Line Route will be reduced significantly, and investors and local citizens alike will benefit from a higher standard of service both when travelling and when preparing for travel. With such consideration given to the applicant’s experience of the country and of the Programme, it is no wonder 2018 has been a year of victory for St Kitts and Nevis’ Programme.
