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LONDON, ENGLAND, December 21, 2018 /24-7PressRelease/ -- St Kitts and Nevis' fastest investment option under the Citizenship by Investment (CBI) Programme, the Sustainable Growth Fund (SGF), has had investors queuing up to obtain St Kitts and Nevis citizenship, according to industry experts CS Global Partners. The popularity of the fund has provided numerous tangible benefits to citizens, including economic citizens as they invest in their future community. As investor confidence in the Programme remains high, all can look forward to further returns.
The Annual Budget Address 2019, given by Prime Minister Dr. the Honourable Timothy Harris on 12th December, displayed St Kitts and Nevis' tremendous economic and social progress in 2018. National GDP continued to grow, the Government provided over 3,000 housing solutions to citizens, and in June the nation surpassed the ECCB's 2030 Debt-to-GDP target of 60 percent 12 years early, the "first and only ECCU country to achieve this milestone." The Federation's CBI Programme, and notably the SGF, have contributed significantly to these achievements.
The SGF was introduced to the Programme earlier this year as a new investment option specifically tailored to applicants' needs. It offers a single one-time payment, a more economic investment threshold, and without the requirement of any future financial or physical commitments from the client. Processing too is straightforward. Because applicants contribute once directly to the Government, it is easy to ascertain whether the financial requirements have been fulfilled. The necessary due diligence, performed on the applicant, is rigorous, yet the Administration's 34 years' experience in the industry has enabled it to establish key networks with national and international due diligence firms and train its employees to a high standard to ensure the Programme continues to operate with the efficiency it has become known for. Consequently, at a typical processing time of 3 months or less, the fund option is the fastest and easiest route to second citizenship.
These advantages are repeatedly cited as the reason for the upsurge in interest in the Programme this year. The level of applications reached a new annual total, and in the Budget the Prime Minister celebrated St Kitts and Nevis' position as "a market leader." Commending the contribution of the Programme, he spoke of how its "incredible success" has provided "fiscal space" to the Government. The positive effects have been widespread. From the introduction of the double salary for public sector workers to the Poverty Alleviation Programme due to be implemented in the upcoming year, citizens across the nation have gained from the Programme and the Government's achievements.
The Programme's popularity has also benefitted other sectors, such as the booming Tourism Sector. Increased numbers of successful SGF applicants visiting the country for business and leisure have lead to a considerable rise in tourism activities, such as transport and merchandise trade. As a result, the Sector has grown by 8.5 percent, and is credited as "one of the main drivers of economic growth […] and employment" in 2018. A recent survey indicated that a large part of the workforce is employed in tourism-related jobs, people who therefore gain when CBI applicants visit the Federation.
The Construction Sector similarly is expected to stimulate future economic growth and benefits from greater numbers of economic citizens. The funds in the SGF are put towards activity aimed at achieving Team Unity's policy objective of Sustainable Growth. This includes building more sustainable housing and buildings for families and continuing to supply water on demand for residents. Indeed, just this July, the Government developed a cross-cutting multi-sectorial Water Sector Investment Plan with the aim of fostering a more resilient Water Sector.
New resorts and hotel developments are also built to accommodate the tourists, whilst expansions are enjoyed by the cruise ship and aviation sectors. For example, construction of the second cruise pier at Port Zante commenced last May and is due for completion in 2019. As part of the Government's fulfilment of its promise to empower St Kittitians and Nevisians in the development of the national agenda, 50 local citizens are currently employed on the project, with the potential for an additional 50 to obtain future employment. This project would not have been borne without the increase of cruise ships visiting the nation's shores. As the Prime Minister put it, this July, "St Kitts and Nevis stood tall when our captivating destination achieved a historic milestone of welcoming our one millionth cruise visitor."
The fund option seems to answer every stakeholder's wishes. Applicants have a quick, secure, and trusted route to second citizenship, local inhabitants gain from the investment in their country, and economic citizens can feel secure knowing that they are empowering their adoptive country for themselves and for their children. As St Kitts and Nevis continues to use industry knowledge and experience to offer such attractive investment options, local and economic citizens can continue to prosper alongside each other.
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