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Posted: Wednesday 21 March, 2018 at 6:32 PM

Government implementing new option for CBI programme

By: Jermine Abel,
    BASSETERRE, St. Kitts, Mar. 21.2018 – PRIME MINISTER, Dr. Hon. Timothy Harris has confirmed that the Citizenship by Investment (CBI) programme will be having an additional option, when the Hurricane Relief Fund (HRF) expires at the end of March.
    In a speech to update the nation on the HRF, Dr. Harris disclosed that over the past several weeks the Federal Government has been engaged in a consultative process with developers and other stakeholders “to maintain the high quality of the CBI programme”. 
    And with the HRF expiration several weeks away, Dr. Harris announced that The Sustainable Growth Fund will be launched shortly, while the real estate options remain on the table.
    “We said at the time that the HRF was only temporary and would expire at the end of March 2018. We are now ready to announce its successor as well as a revised real estate offering that will further invigorate our CBI programme.” 
    The Sustainable Growth Fund, according to PM Harris, will see investment being made in sustainable areas benefiting every citizen and resident of St. Kitts and Nevis.
    He pointed to healthcare, education, alternative energy, heritage, infrastructure, tourism and culture, climate change and resilience, and the promotion of indigenous entrepreneurship, as some of the sectors that the new fund will benefit

    “The Sustainable Growth Fund for a single applicant will require a contribution of US $150,000, inclusive of Government fees. The contribution for a family of up to four will be US$195,000 following incremental steps.  We think this is attractive and sustainable,” Dr. Harris said.
    Additionally, the real estate option remains an offering. According to the prime minister, they have retained the existing real estate investment option at US $400,000, plus US $75,000 in Government fees.
    The investment can still be resold after five years, Dr. Harris said, adding that in order to attract luxury resort developments another option is now being proposed where real estate offering that requires a US $400,000 investment may attract two applicants at US $200,000 each plus government fees, but this can only be resold after 7 years.  
    “We will maintain our very high standards of integrity, rigour and robust due diligence. The due diligence standards of St. Kitts & Nevis are ranked among the highest in the world.  St. Kitts & Nevis not only has the oldest citizenship-by-investment program in the world, but the most highly regarded. This success was endorsed by the 2018 Passport Index of Henley & Partners, which ranked our programme as number one in the region.”
    The Government has come in for criticisms from the St. Kitts-Nevis Labour Party over the last several months for its handling of and the changes in fees under the various options of the CBI programme.
    The Opposition SKNLP believes that the government is fighting amongst sister OECS states to lower its prices.
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