BASSETERRE, St Kitts – Over the last four years, Nevis has received EC$61 million (≈US$22 million) in budgetary support from the country’s Citizenship by Investment (CBI) programme, prime minister of St Kitts and Nevis, Dr Timothy Harris proclaimed during a local radio interview last week.
Dr Harris gave an account of some of the areas in Nevis that benefited from CBI funding, such as healthcare, sporting facilities, infrastructure development, energy mix diversification, and tourism.
Dr Harris highlighted that before 2015, the relationship between the two islands forming St Kitts and Nevis had not been prioritised adequately. To address this, Nevis was put on the government’s national agenda and millions are being pumped into the development of Nevis to bring the two islands closer in terms of standards of living and diplomacy.
As a result, EC$9 million from CBI revenue was allocated to upgrading the Alexandra Hospital, another EC$2 million to improve the Nevis runway; EC$1.5 million to enhance the safety and quality of Nevisian control tower’s operations, and EC$1 million to buy new equipment for the port authority.
According to Dr Harris, further financing from the CBI pogramme was directed towards the renovation of the water taxi pier, the treasury building in Charlestown, the Mondo athletics track and other sports facilities. CBI funds have also been invested in renewable energy and new generators. Dr Harris explained; and that, “The people of Nevis must always be able to count upon the federal entity in good times and bad times, and we have been there.”
Over 11,000 people live in Nevis which represents around 20 percent of the country’s total population. Last month, Nevis Premier Mark Brantley said that one-fifth of the country’s economy relies on CBI revenue. The programme’s success is credited to its longevity, as St Kitts and Nevis operate the world’s oldest CBI programme, namely since 1983.
Commonly known as the Platinum Standard of CBI, the initiative enables foreign investors to obtain second citizenship provided they make an investment into the country’s economy and pass all due diligence checks.
Dr Harris introduced the Sustainable Growth Fund (SGF) last year as the most straightforward route to St Kitts and Nevis’ citizenship. Applicants make a direct contribution to the SGF, which the government then channels towards sponsoring developments on the twin islands.
