Government of St. Kitts-Nevis responds to real estate developers request for adjustment in CBI fees
(Press Unit in the Office of the Prime Minister) – The forward-thinking Government of St. Kitts and Nevis has listened to the concerns of real estate developers in the Federation and has responded positively to their request for adjustments to Government fees under the real estate option of the Citizenship by Investment (CBI) Programme.
In making the announcement during today’s (February 13) sitting of the National Assembly, Prime Minister and Minister of Finance, Dr. the Honourable Timothy Harris, said the decision to adjust the government fees downward to $75,000 for a family of four was made in response to the competing demands in the CBI programme and in an overall effort to support real estate developers in the citizenship programme.
The decision came following several rounds of discussions between Cabinet officials, and a group of real estate developers, who represent a wide cross section of participants in the real estate market on the islands of St. Kitts and Nevis. Among the developers who met with the Government ministers were Mr. Deon Daniel, Mr. Arthur Sharpe, Mr. Kevin Huggins and Mr. Scott Caines.
Prime Minister Harris said, “They made a case to the Cabinet. Cabinet received that case and determined that we could assist in further giving a boost to our real estate programme by making an adjustment in the fees. And so we have decided that the Government fees will be adjusted to $75,000 for a family of four. This makes us more competitive, although we are still above the threshold in other CBI jurisdictions.”
The prime minister continued by saying that in doing this, his Government has maintained a higher price level “as we are determined to maintain the platinum brand that we have become known for, while still assuring our competitive edge.”
Dr. Harris said the Cabinet is satisfied that it has responded to the persuasive case made by the developers, who have the best interest of the country at heart. He added, “We are assured that each and every one of the developers who were there, as well as their representatives, they are committed to St. Kitts and Nevis and St. Kitts and Nevis alone.”
The Citizenship by Investment Programme has been one of the largest contributors to the construction growth in the country, particularly in the tourism related sector. Evidence of this was when Park Hyatt St. Kitts Christophe Harbour employed over 800 workers on its property at the peak of the construction phase.
St. Kitts and Nevis’ CBI programme remains the leading option for obtaining citizenship in the Caribbean. The programme recently achieved the number one ranking in the OECS by a quality of passport index survey conducted by Henley & Partners in January, 2018. The Federation was also recognized for offering the World’s Most Innovative Investment Immigration Programme at the 2017 Russian Global Citizen Awards Ceremony.
“We believe that these accolades auger well for the continuing strong and positive response to our platinum brand,” Prime Minister Harris said.