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St Kitts and Nevis Economic Citizenship Evolves
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RIF Trust Responds to the St Kitts and Nevis Citizenship by Investment Statement
Leila Bagheri is RIF Trust’s Caribbean citizenship expert, with an astute understanding of St Kitts and Nevis economic citizenship aka Citizenship by Investment. She reacts with enthusiasm to the National Address from the country’s Prime Minister, the Honourable Dr. Terrance M. Drew, on Thursday, October 17, 2024.
Leila asserts that “St Kitts and Nevis is moving in the right direction with its Citizenship by Investment programme.”
RIF Trust’s St Kitts and Nevis Citizenship by Investment specialist explains that this is a continuing story: “This statement of intent from the Prime Minister follows on from the arrival of a new St Kitts and Nevis Citizenship by Investment Unit chairman, His Excellency, Calvin St. Juste.”
“St Kitts and Nevis economic citizenship is truly evolving.”
St Kitts and Nevis Economic Citizenship by Investment Legacy
As the strains of the national anthem, “O Land of Beauty! Our country where peace abounds, Thy children stand free on the strength of will and love,” fade, the Honourable Dr. Terrance M. Drew begins his address.
“Fellow Kittians and Nevisians, home and abroad and all those who have chosen our beloved Federation as your home I stand before you to today,” is his opener.
Drew looks back to Friday, November 5, 2022 when he came to power. Back then, St Kitts and Nevis economic citizenship made up of 60-70% of the country’s revenue. Back then, as the Prime Minister analogizes, St Kitts and Nevis’ “proverbial economic eggs were all in one basket.”
That’s some contrast to other countries drawing on natural resources which consumers continue to need. 2 years ago, St Kitts and Nevis’ global associates became fixated on its Citizenship by Investment programme. Drew calls out the irresponsible Team Unity for issuing tens of thousands of citizenship to those investing in one venture.
The Saint Kitts and Nevis passport looked like it would become a penalized travel document. Passport holders would lose visa-free access to key destinations. The Prime Minister reveals that “this was confirmed both publicly and privately by our international partners.”
Drew rages at the fact “the previous administration had risked our country’s reputation for short-term financial gain, pushing us dangerously
close to an economic cliff.” He recalls confronting “a stark choice: either to continue down the path of reckless exploitation of CBI or make tough decisions to secure our long-term future.” “We chose the latter.”
Deciding on a New St Kitts and Nevis Citizenship by Investment
The current Prime Minister commissioned an intense scrutiny of St Kitts and Nevis economic citizenship. The October 2022 report led to “a comprehensive legislative review of our CBI regulations.” Drew discloses how he hit the road to spread the world, heading to Dubai that December “to announce major reforms to our CBI programme on the banner of sustainability and good governance.”
By the end of the year, the Prime Minister tells, they initiated legal reforms. The country appointed a Board of Governors to monitor the Citizenship by Investment Unit more closely. A technical committee examined applications more closely.
Fast forward to February 2023 and Park Hyatt St. Kitts Christophe Harbour was the venue for the famous US-Eastern Caribbean round table. “The result was a Collective Agreement on 6 key principles,” shares Drew.
These 6 key principles were as follows:
- Standardized treatment of denials
- Virtual or in-person interviews of applicants
- Financial Intelligence Unit checks
- Independent audits of Citizenship by Investment Units
- Retrieval of cancelled passports
- Suspension of Russian and Belorussian applicants
St Kitts and Nevis became the outlier of Caribbean Citizenship by Investment. The minimum option increased to $250,000. It was all part of a plan, a “plan for our federation’s necessary transformation into a sustainable island state.”
Directly addressing his audience, the Prime Minister says: “Now you may ask what is the new CBI reality?” “Let us examine the numbers.” In 2022, Citizenship by Investment review peaked at EC$669 million.
By the end of this August, it’s raised EC$280 million in 2024. St Kitts and Nevis knew this. They budgeted it, as the programme shifted focus to “fuel real, tangible, sustainable projects that will create permanent jobs and opportunities for the people of our beloved St Kitts and Nevis.”
The Future of St Kitts and Nevis CBI
Drew approaches the part of his presentation where he will outline the country’s “Sustainable Island State agenda, an economic pivot of hope and opportunity.” From 2024-26, there are a number of projects in the pipeline. They range from agriculture to education to tourism.
It’s all about diversifying. St Kitts and Nevis economic citizenship profits will fund the return of Basseterre High School to its Victoria Road roots. This will transform the school into a “world-class educational institution.” The Prime Minister predicts that construction will begin in the first half of 2025.
Other projects to benefit include social housing. A minimum 100 hurricane-resistant homes will be available to the more vulnerable members of the St Kitts population by the end of 2024.
Drew informs of a shift in focus, from importing to exporting. There have been agricultural developments. The Prime Minister speaks about a partnership with Tabasco, “to provide our farmers with an unprecedented opportunity to cultivate high-quality peppers.”
We hear about nourishing the seed planted. Where St Kitts and Nevis once survived by producing sugar, it moved on to Citizenship by Investment. This economic citizenship can also pave the way for future foreign direct investment.
It can also boost local employment. New projects mean new jobs, after all. This is what sustainability means in this context, helping St Kitts and Nevis shape its very own destiny.
How to Secure St Kitts and Nevis Citizenship in 2024
St Kitts and Nevis economic citizenship is not an example of foreign direct investment. You will need to go through a trusted intermediary such as RIF Trust to apply for this Citizenship by Investment programme.
So, contact us now and we’ll show you how to invest in St Kitts and Nevis citizenship, enhancing the global mobility of you and your family and providing a simple Plan B in an ever-complicating world.