St Kitts and Nevis Prime Minister Announces How CBI Funds Are Used to Develop Nevis Island

LONDON, July 26, 2019 /PRNewswire/ -- 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. This was announced by Prime Minister of St Kitts and Nevis, Timothy Harris during a local radio interview last week. The PM 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.

Premier 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."

Over 11,000 people live in Nevis today, which represents around 20% 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 operates 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. PM 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.

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SOURCE CS Global Partners