A leading voice in the global luxury market,
Rob Report, is highlighting Saint Kitts and Nevis as a very lucrative second
home for ultra-high-net-worth individuals around the world.
The report titled “Business Executives Are Buying Second Nationalities. Here’s Why” provides an invaluable source of insight and expertise on the reasons wealthy businesses owners realise the need to own an alternative nationality and the valuable return for the host country, some of which include access to enhanced opportunities, safety and security, or recourse to a Plan B in uncertain times.
“For the countries that sell passports, especially the smaller Caribbean islands, those fees can really add up. Take Antigua: More than $400 million has been generated there through citizenship investment, which represents about 15 percent of annual government revenue and 20 percent of all foreign investment. Speaking in the boardroom of his office, which overlooks Buckingham Palace, Kaelin describes the passport trade as “globalization at its best.” Rob Report Author, John Arlidge
A major player and industry leader in the Citizenship by Investment (CBI) Industry, Henley and Partners, is playing a pivotal role in partnering prospective CBI investors and host countries. Henley & Partners together with the host government executes a rigorous investigation prior to approving applicants and ensure that the candidate is capable of investing in the host country. All applicants undergo the strictest due diligence procedures even before they are accepted as clients and again before their applications are submitted to the relevant governments, which then themselves conduct their own further and very thorough due diligence.
“Recently Saint Kitts and Nevis toped the OECS in the Henley & Partners passport power ranking; nationals enjoy visa-free access to 152 destinations. This is especially beneficial to business investors wishing to avoid trade wars, pollution and terrorism. Some investors seek to expand their living possibilities for families. Saint Kitts and Nevis, in turn, benefit from real estate and tourism investments and increased employment opportunities”, explains Managing Partner for Henley & Partners, Chanée Isaac.
For countries like Saint Kitts and Nevis, the CBI programme has managed to raise a total investment of Approx. US$ 700 million with a total number of 16,544 passports issued. Over the last four years, Nevis alone has received EC$61 million (≈US$22 million) in budgetary support from the country’s Citizenship by Investment (CBI) Programme.
In a statement made by St.Kitts & Nevis Prime Minister, the twin island recounted of some of the areas in which Nevis benefited from CBI funding, such as healthcare, sporting facilities, infrastructure development, energy mix diversification and tourism.
Prime Minister Harris highlighted the fact that, prior to 2015, the relationship between the two islands forming St Kitts and Nevis had not been prioritised adequately. In order 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 PM Harris, further financing from the CBI Programme was directed towards the renovation of the water taxi pier, the Treasury Building in Charlestown, the Mondo athletic track and other sports facilities. CBI funds have also been invested in renewable energy and new generators. PM Harris explained 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.”
The Caribbean remains on high demand to potential clients because of its visa-free or visa on entry access to over 150 destinations, including the European countries and countries in the Schengen area.
About Henley & Partners
Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals and their advisors rely on our expertise and experience in this area. The firm’s highly qualified professionals work together as one team in over 30 offices worldwide.
The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day.
The firm also runs a leading government advisory practice that has raised more than USD 8 billion in foreign direct investment. Trusted by governments, the firm has been involved in strategic consulting and in the design, set-up, and operation of the world’s most successful residence and citizenship programs.