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| St. Kitts and Nevis' Prime Minister Hon. Dr. Denzil L. Douglas at Press Conference |
BASSETERRE, ST. KITTS, OCTOBER 15TH 2006 - The Government of St. Kitts and Nevis has launched the Sugar Industry Diversification Foundation (SIDF), to generate additional resources to assist in improving the welfare of the displaced sugar workers.
"An additional aim is to accelerate the transformation of the country's economy from a mainly sugar-based economy to a modern service-oriented economy with greater capacity to compete in the regional and global markets and to meet the varied aspirations of the people of St. Kitts and Nevis, Prime Minister and Minister of Finance, Hon. Dr. Denzil L. Douglas announced at a news conference.
Dr. Douglas said the media that the Sugar Industry Diversification Foundation (SIDF) has also been established to conduct research into the development of industries to replace the sugar industry; fund the development of these alternative industries and provide further support to secure the sustainability of such industries.
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"The Foundation may also grant assistance to individuals and institutions that qualify for such assistance under its policies, regulations and bye-laws and is expected to fund its operations and pursue its objectives from charitable donations," said Prime Minister Douglas.
He said that the Foundation has been designated a charitable institution and shall not be liable to Income Tax. "Moreover, taxable entities in St. Kitts and Nevis that make contributions to the fund would be allowed tax deductions in respect of such contributions," said Prime Minister Douglas.
The Foundation has been designated a special approved project for the purposes of Citizenship-by-Investment.
"Contributions to the Foundation at prescribed levels will, in a similar way as in the case of investments in approved real estate projects, qualify foreign nationals to apply for Citizenship-by-Investment in St. Kitts and Nevis. Such applicants will also be required to undergo the recently further tightened due diligence procedures and will have to make appropriate declarations in respect of the source of their funds," said Prime Minister Douglas.
He announced that the international firm Henley & Partners has been mandated to advise and assist the Government of St. Kitts and Nevis in managing the Citizenship-by-Investment component of the Sugar Industry Diversification Foundation.
Henley & Partners is an international renowned group of specialized consultants. The firm has offices in 11 countries worldwide, including the Channel Islands, Switzerland, Austria, Hong Kong, and is also present in several Caribbean jurisdictions including St. Kitts & Nevis. Persons interested in the Citizenship-by-Investment component should contact Henley & Partners at any of its offices. For a list of offices worldwide see
