Nevis Seeks More Diverse Investments

By Editorial 19 February, 2014

The government of St Kitts and Nevis is seeking to diversify the country's incoming investments away from tourism and real estate, Premier Vance Amory said on national television on February 10, 2014.

The premier said that the government is "dealing with persons who we feel may want to invest in additional Government Bonds but we are going to put a twist on this. If somebody invests in the Government Bonds and we use those bonds for infrastructural development, we will apply to the Federal Government for those persons, who make the level of investment, for them to be considered under the Citizen by Investment (CBI) program."

Amory went on to say he is hoping that potential investors will come forward in "another couple of weeks" to discuss the possibility of purchasing government bonds in return for citizenship.

The plan is in line with the International Monetary Fund's (IMF) recommendation that capital projects are included under the CBI scheme.

St Kitts and Nevis's CBI program was established in 1984, making it the world's longest-running program of its kind. Currently the program allows qualified investors to gain citizenship via an investment in the domestic real estate market or a contribution to the country's Sugar Industry Diversification Foundation (SIDF), a public charity audited by PricewaterhouseCoopers. The real estate option requires a USD50,000 investment from the main applicant, a further USD50,000 for the applicant's spouse, USD25,000 for each child under the age of 18, and USD50,000 for each qualified dependant over the age of 18. The SIDF option requires a contribution of USD250,000 from a single applicant, and up to USD450,000 for a family of up to seven members.

Tags: Investment | Saint Kitts And Nevis | Expats | Investment | Property Investment | Visas And Passports | Invest | Investment |


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