NEWS PROVIDED BYCS Global Partners
LONDON, July 17, 2020 /PRNewswire/ — Businesses are flourishing in the Federation of St Kitts and Nevis, according to a new documentary from the Financial Times publication – Professional Wealth Management (PWM). The magazine’s Editor-in-Chief, Yuri Bender, discusses the islands’ business opportunities with local entrepreneurs. He concludes that the country’s Citizenship by Investment (CBI) Programme transformed St Kitts and Nevis’ economy and infrastructure.
PWM found that tourism is not the country’s sole source of economic growth. The documentary reflects how St Kitts and Nevis attracts foreign investors from around the world, namely from the Middle East, Russia and Asia. Through the CBI Programme, new economic citizens earn the right to live, work and study in the country permanently.
“I would say that the [CBI] Programme has been very successful,” notes Rachel Ritfeld, the Sales and Marketing Director of Hibiscus Spirits – a St Kitts-based brand that supports local farmers. She recently moved to the twin islands after finding them welcoming and suitable for her family. “I actually came here to St Kitts […] on a press trip, writing about the beautiful island and their world-class music festival, and I fell in love with the place pretty much immediately.”
“Mostly during or after the closure of the sugar industry, we have seen a lot of visitors and investors coming to the islands,” explains Toussaint Tatem, the owner of a local taxi company. “They are Asian, there are Europeans and others from Middle Eastern countries.”
Established in 1984, St Kitts and Nevis’ CBI Programme earned its ‘Platinum Standard’ status by streamlining processes and strengthening due diligence. Prime Minister Timothy Harris introduced the Sustainable Growth Fund (SGF) in 2018 as the fastest and safest route to second citizenship. To be successful, applicants must pass all the due diligence checks and contribute to the government fund. On July 3rd, St Kitts and Nevis announced a temporary family offer that allows up to four members to obtain citizenship in exchange for a US$150,000 contribution to SGF.
Successful applicants can enjoy the same benefits as native citizens. This includes visa-free or visa-on-arrival travel to over 150 destinations and the ability to pass the citizenship on to future generations. Investors’ contributions benefit tourism development, improving employment opportunities, and advancing many other sectors on the twin islands.