BREAKING NEWS: ST. KITTS & NEVIS DECREASED INVESTMENT MINIMUM BY UP TO 50% IN NEW “HURRICANE FUND”
Although it is well known that the Hurricane season is upon us, hurricane season of 2017 makes it the second on record to feature two hurricanes making landfall as a category 5, which is the most intense strength a hurricane can reach. One of them, Hurricane Irma, was the largest storm ever endured in the Atlantic in human history. The devastation has been phenomenal, causing landslides, loss of key roads to the sea, damage to homes and businesses, as well as key infrastructure such as power lines. Preliminary estimates have placed the cost of rebuilding the Federation’s damaged infrastructure, public and private sectors at about US$56 million.
With this in mind and taking into account that the hurricane season has yet to run its course, Les Khan, CEO of the Citizenship by Investment Unit, wanted to do something that was going to make a significant difference and which would alleviate the suffering of those affected.
The government of St Kitts and Nevis was in agreement. During its meeting on Friday September 23, 2017 the Cabinet approved establishment of a Hurricane Relief Fund which is to be hosted by the Citizenship Investment Unit. Monitory donations received by the Hurricane Relief Fund will be distributed upon application.
Citizenship by Investment applicants will make the following non-refundable contribution into the Hurricane Relief Fund:
- $150,000 single applicant
- $150,000 principle applicant with spouse
- $150,000 principle applicant with up to 3 dependents
- $25,000 for any additional qualifying dependent
Please be advised that Government due-diligence fees remain the same.
The Hurricane Relief Fund will remain open for a period of six months until the 30th of March 2018. Hence applications must be submitted before March 30, 2018 to qualify for the offering.
Prime Minister, Dr the Honourable Timothy Harris has commented on the initiative:
“Although Hurricane Irma did not make a direct hit on the Federation, it caused danger to the public sector and private property, with damages of substantial amounts to the order of 150 million [East Caribbean Dollars] and the Hurricane Season is not over yet. The government of St. Kitts and Nevis would like to be in a position to provide assistance to its citizens and to make funds available for a speedy recovery to the economy. It is therefore being recommended that a new fund, the Hurricane Relief Fund, be established under the Citizenship by Investment Program to provide such relief.”
The Prime Minster added:
“The ethos behind citizenship by investment is about opening up the Federation to investment that will have a direct impact on the quality of life of its citizens. The Hurricane Relief Fund is an attractive option for citizenship applicants in the way it fulfils their own desire to make a positive impact on the environment in which they are seeking to play an active part. It enables the country and its people to recover more quickly and to ensure that the infrastructure and people’s homes are fit and habitable where they have been damaged by this season’s hurricanes.”
It is hoped that the fund will grow sufficiently to be in a position to extend support to neighboring countries in the Caribbean who have been affected this season’s hurricanes.
To see the list of all applicable fees visit: St Kitts & Nevis Fees and Requirements.
Saint Kitts & Nevis boasts the strongest and most reputable passport in the region, offering its holders visa-free access to 145+ countries worldwide, including UK, European Union, Singapore and Russian Federation. For a full list of benefits of the St. Kitts and Nevis Citizenship Program click here.
We encourage all clients and agents to start preparations to submit your citizenship applications as early as possible to take advantage of the limited time offering. Contact CSL citizenship specialists using the form below to receive a free quote and a 30-minute professional consultation.
Source: Citizenship by Investment Unit, Government of St. Kitts & Nevis
26 September 2017