Expats in the United Arab Emirates get a glimpse of St Kitts and Nevis’ Citizenship by Investment offering

Expats in the United Arab Emirates get a glimpse of St Kitts and Nevis’ Citizenship by Investment offering

The government of St Kitts and Nevis, represented by Michael Martin, CIU Head of St Kitts and Nevis and Minister Samal Duggins, gave global expats living in the United Arab Emirates deeper insight into the country’s Citizenship by Investment Programme today.

The intimate luncheon was aimed at educating and highlighting to international expats living in the United Arab Emirates the benefits of investing in St Kitts and Nevis’ Citizenship by Investment Programme which has been a global best offering since 1984.

Headed by Michael Martin, the Citizenship by Investment Unit has been working hand-in-hand with the Government to transform the investment migration programme so that it satisfies the needs of discerning investors.

Martin, a local Kittian, brings strong financial acumen and a wealth of experience in strategic planning and compliance. He is touted as being the man to bring greater stability to the CBI Unit which will now have more legislative and administrative oversight.

The recent changes to the Programme’s regulations include the appointment of a Professional CBI Board of Governors that are responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit and developing and implementing policies and procedures for the Unit amongst other things.

A CBI Technical Committee has also been instated and is charged with ensuring that all due diligence background checks are comprehensive and making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

“As pioneers of the investor immigration industry, St Kitts and Nevis’ Citizenship by Investment Programme has been crafted using a sustainable model to ensure that our programme continues to be coveted by the international community and the Citizenship by Investment Unit is committed to provide a programme that is based on a sustainable model filled with integrity, transparency, and accountability,” said Mr. Martin at the event.

The St Kitts and Nevis Citizenship by Investment Programme is now one of the best regulated investment migration programmes in the world and is a solid solution for expats looking to gain second citizenship in a stable, safe and secure environment with business- and family-friendly policies.

Successful investors can benefit from a fair tax regime, with no worldwide income, inheritance or gift tax for tax residents, enjoy citizenship for life, with the right to live and work in the country, plus the ability to share citizenship with future generations.

St Kitts and Nevis developed and instituted its Citizenship by Investment programme in 1984 as a way to increase and diversify revenue generation. For nearly 40 years the programme has been instrumental in catapulting the nation from just a small island in the Caribbean to a globally recognized investment destination.

Without this foreign direct investment into the nation, St Kitts and Nevis would have certainly progressed at a much slower pace than desired.

The government of St Kitts and Nevis has made considerable progress in reducing its public debt and is among other countries in the Caribbean that supplement their economic activity through CBI programmes which provide investors with the option to obtain citizenship by investing in the country.

The new government administration of St Kitts and Nevis believes that expats living in the United Arab Emirates have a lot to benefit from its CBI programme.

The country is looking to build its reputation on the international stage and the CBI programme is one way to direct foreign direct investment to innovative projects across the spheres of education, health, agriculture, and tourism.

Speaking at the event, the Honourable Samal Duggins, Minister of Agriculture, Fisheries and Marine Resources, Cooperatives, Entrepreneurship, and Creative Economy spoke on the economy and the government’s pledge on seven foundational pillars that will transform the economy. These are Food Security, Energy Transition, Economic Diversification, Sustainable Industries, Creative Economy, COVID-19 Recovery and Social Protection. 

St Kitts and Nevis is one of the strongest economies in the Caribbean and remains in high demand as a renowned port for its exceptional tourism. Tourism remains the top foreign exchange earner for the country – with 6.3 tourists per resident, St Kitts and Nevis ranked 11th in the world for tourism numbers in absolute terms. In Caribbean, it ranked 7th.

In 2018, Saint Kitts and Nevis generated over 300 million US dollars in the tourism sector alone, which corresponds to 42.63 percent of its GDP and approximately one percent of all international tourism receipts in Caribbean.

Attracting the right kind of developers who will inject cash into developing attractive real estate projects that will charm discerning investors, is one way to grow the tourism sector. Not only that but the upgrading and development of important infrastructure such as schools, hospitals, airports and hotel chains is another way the funds will be used to not only bring up tourist numbers but investors too.

The country is currently running an exciting investment campaign for a Limited Time Offer in its Sustainable Growth Fund (SGF). This allows qualifying applicants to obtain their citizenship under the Accelerated CBI Application within 60 days for a reduced contribution fee of just US$125 000 per main applicant.

The offer runs until the end of June and from 1 July 2023, the contribution reverts to the minimum of US$150 000 per main applicant.

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