During a press conference last month, St Kitts and Nevis’s Prime Minister Timothy Harris, in his double capacity as the Minister of Finance, highlighted some of the latest significant developments made on the Caribbean islands. According to premier Harris, economic growth in St Kitts and Nevis increased in 2018 for the fifth year in a row under the Team Unity administration.
Prime Minister Harris also mentioned that the St Kitts and Nevis Country Economic Review issued by the Caribbean Development Bank in March signified that the country was ranked first in the Organisation of Eastern Caribbean States (OECS) regarding its primary balance and public sector debt ratio. He detailed some of the major infrastructural developments that will continue to support the islands’ economy, such as a second cruise pier and the Old Bay Rehabilitation Project.
The premier further commented on the country’s fiscal management, adding that “the Federation ranked second in the CARICOM region with international reserves providing eight months of import coverage […] This impressive performance in the region must be seen against the international benchmark of three months and is much better than the international standard.”
St Kitts and Nevis’s upward economic trajectory can be partly attributed to the islands’ successful Citizenship by Investment Programme – the world’s longest-standing economic citizenship programme. Since 1984, St Kitts and Nevis has been offering global individuals and their families a means of acquiring second citizenship through a monetary contribution. Last year, Prime Minister Harris introduced the most straightforward route to St Kitts and Nevis’s citizenship – the Sustainable Growth Fund (SGF). It is a fund held directly by the government, to which citizenship hopefuls transfer at least US$150,000 to qualify, amongst other criteria such as due diligence. The SGF funds are then channelled into the advancement of the islands in key areas like healthcare, education, infrastructure, entrepreneurship and tourism. It is the only programme that has the Accelerated Application Process feature, which guarantees eligible applicants receipt of citizenship and passport issuance within 60 days. Over the last three decades, the Programme has come to be recognised as the ‘Platinum Standard’ of CBI for its efficiency, reliability and unrivalled experience.
CS Global Partners is the international legal advisory mandated by the Government to promote the Citizenship by Investment Programme worldwide.