CS Global Partners: Economic Growth in St Kitts and Nevis Continues to Rise Due to Citizenship by Investment
LONDON--(BUSINESS WIRE)--Mar 19, 2019--The Barbados-based Caribbean Development Bank (CDB) recently published its Regional Economy Summary of 2018, highlighting the economic performance in each of its 19 Borrowing Member Countries. The report found that St Kitts and Nevis’ fiscal growth had not only increased in 2018 but projected a continued growth of 3.0% in 2019. The rise is expected to come particularly from the expanding construction and tourism sector.
The report notes that St Kitts and Nevis saw its Citizenship by Investment (CBI) Programme revenues rise. The initiative that enables high net worth individuals to invest in the nation in exchange for its citizenship has benefitted the twin islands more so now than it has previously. This follows the introduction of a new investment channel – the Sustainable Growth Fund (SGF) – an initiative shaped by St Kitts and Nevis Prime Minister Timothy Harris. The new fund aims to boost the islands’ socio-economic advancement whilst offering global investors and their families a straightforward and efficient means of obtaining the valuable citizenship of St Kitts and Nevis.
The 2018 Regional Economy Summary found that Government’s economic position improved greatly once implementing the SGF: “The 2018 launch of the Sustainable Growth Fund led to a strong rise in CBI revenue flowing directly to the Consolidated Fund. GOSKN achieved a primary surplus of [EC]$195 million (mn) – or 7.1% of gross domestic product (GDP) ‒ and an overall surplus equivalent to 5.6% of GDP. While full-year data are not yet available for CBI receipts, inflows reached [EC]$287 mn – or 39% of total GOSKN revenue – between January and September.”
The St Kitts and Nevis Citizenship by Investment Programme is one of the longest-standing programmes of its kind. Since its introduction in 1984, the dual-island nation has come to be recognised as a Platinum Standard in the industry owing to its robust due diligence procedures and ease of processing. Despite the longevity and unrivalled experience of the programme, St Kitts and Nevis also continues to better its offering and has recently introduced biometrics as another security measure that all applicants must go through.
CS Global Partners is the international legal advisory mandated by the Government to promote the Citizenship by Investment Programme worldwide.
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CONTACT: Thomas Kohn
KEYWORD: UNITED KINGDOM EUROPE CARIBBEAN SAINT KITTS AND NEVIS
INDUSTRY KEYWORD: TRAVEL DESTINATIONS PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: CS Global Partners
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PUB: 03/19/2019 09:00 AM/DISC: 03/19/2019 09:01 AM