NEWS PROVIDED BYCS Global Partners
Nov 22, 2019, 13:49 ET
LONDON, Nov. 22, 2019 /PRNewswire/ — During his latest monthly press conference, Prime Minister Timothy Harris revealed some of the ways St Kitts and Nevis’ expanding economy is supporting its citizens. Notably, the Prime Minister detailed how the Poverty Alleviation Programme (PAP) – an initiative that aims to provide citizens that earn less than EC$3,000 per month with a monthly stipend of $500 – has so far benefitted approximately four thousand people on the twin islands.
Funding for the PAP is entirely sourced from St Kitts and Nevis’ Citizenship by Investment (CBI) Programme, which enables foreign investors and their families to acquire second citizenship after investing into the economy and passing all due diligence checks. Since its introduction, the CBI Programme has supported various development projects on the islands and contributed to its fast-growing economy.
Introduced last year, the PAP has gone on to support families across the twin islands towards critical expenses. “Four thousand (4,000) persons are receiving their poverty alleviation support. This well needed stipend is helping them with rent, food, and medicine, as well as utility bills,” said Prime Minister Timothy Harris in a press conference on November 4th.
St Kitts and Nevis has been operating the world’s oldest CBI Programme, established in 1984, a year after gaining independence from the UK. It is considered one of the most successful in the world, otherwise known as the ‘Platinum Standard’ of CBI. After pioneering the concept 35 years ago, the dual-island nation has inspired other countries to adopt their own versions of CBI. The Programme’s unique selling points stem from its efficiency, exclusivity, meticulous vetting procedures and benefits to investors upon successful completion.
Last year, a new investment channel was introduced by PM Harris titled the Sustainable Growth Fund, designed to support important development initiatives across the islands, including tourism, infrastructure, education, housing, etc. Once acquiring St Kitts and Nevis citizenship, a wealth of benefits become accessible, including increased global mobility to nearly 160 destinations, alternative business routes and the option to pass citizenship down for generations to come. As St Kitts and Nevis’ economy continues to increase the standard of living on the islands, economic citizens also stand to benefit equally as much from the country’s commitment to economic growth, advancing international connectivity and rule of law.