Range Developments praises government for new real estate CBI option
(SKNIS): Range Developments, an investment and hospitality company founded in 2011, operating across the Eastern Caribbean, has highly commended the Government of National Unity for its recently implemented new real estate option under the Citizenship- by- Investment (CBI) Programme.
Mohammed Asaria, founder of Range Developments, the company which developed the recently opened and highly internationally acclaimed ultra-luxury five star resort Park Hyatt St. Kitts, said “Range Developments applauds the Government of St. Kitts and Nevis for its astute repositioning of the island’s Citizenship-by-Investment Programme.”
On March 20, 2018, Prime Minister Dr. the Honourable Timothy Harris announced changes to the country’s CBI Programme “that will further invigorate” the programme, which has gained the envious reputation worldwide of being the “platinum standard.”
“We will retain the existing real estate investment option at US $400,000, plus US $75,000 in Government fees. This investment can still be resold after five years. However, in order to attract luxury resort developments there is now being proposed another option where real estate offering that requires a US $400,000 investment may attract two applicants at US $200,000 each plus government fees but this can only be resold after 7 years. We have given favourable consideration to the recommendation by Real Estate developers for existing developments to qualify for inclusion in the new option,” Dr. Harris announced.
Mr. Asaria said that he completely endorses the new CBI option.
“As the developers of the recently opened Park Hyatt St. Kitts, and the newly launched Six Senses St. Kitts, we think this is a very positive step which will breathe new life into the country’s real estate market. It will help bring jobs and investment to the country, and I would like to acknowledge the leadership of Dr. Timothy Harris and all his team who have worked so hard to understand the market conditions and create a favourable environment that benefits everybody,” Mr. Asaria said in a letter written to the government.
Mr. Asaria continued: “During construction of the Park Hyatt, we were contributing half of all construction wages on the island. We created more than 800 jobs, and now the Park Hyatt directly employs about 350 people and benefits many other people in the economic chain. The Six Senses St. Kitts will have a similar beneficial outcome, and it is particularly good because those jobs will be in the north of the island, an area where traditionally employment has been scarcer.”
Prime Minister Harris has vowed to maintain the “very high standards of integrity, rigour and robust due diligence” of the St. Kitts and Nevis CBI Programme, which is the oldest Citizenship-by-Investment Programme in the world.