BASSETERRE, St. Kitts, December 13, 2023 (SKNIS) – The Honourable Dr. Terrance Drew-led administration has ushered in transformative innovations that have reinforced the integrity of the Citizenship by Investment (CBI) programme, and in effect aligning it with the highest standards for citizenship.
That statement was expressed by Prime Minister and Minister of Citizenship and Immigration, Honourable Dr. Terrance Drew, during his 2024 Budget Address in the National Assembly on Wednesday, December 13, 2023.
“As stewards of this vital programme, we have introduced stringent regulations including mandatory application interviews and the Sustainable Island State contribution, enhancing due diligence and directing CBI funds towards our agenda of renewal. This holistic approach, coupled with the Sustainable Island State Agenda, is not merely economic Madam Speaker. It is a commitment to improving citizens’ lives from investments in education and resilient infrastructure to driving the green energy transition. Our CBI programme is a catalyst for tangible, positive change,” Honourable Dr. Drew said.
Prime Minister Dr. Drew noted further that through collaboration with international partners, the Government has proactively fortified the CBI against future risks, embodying a commitment to strategic vision over complacency.
The prime minister stated also that it is their belief that the CBI programme will continue to be a major factor in attracting foreign direct investment in the economy of St. Kitts and Nevis. He said, “We anticipate that investors will capitalize on the recent changes to the CBI programme, particularly the real estate option which is now set at the minimum investment of US$400,000.”
It was stated that since the changes to the real estate option, the St. Kitts Investment Promotion Agency (SKIPA) has witnessed renewed interest from developers involved in the construction of hotels, condominiums and villas, including those that are stalled or incomplete.
“To this end, SKIPA (St. Kitts Investment Promotion Agency) is collaborating with some of our existing developers through its ‘Discover the Opportunities’ campaign which is a marketing initiative that is designed to attract investment funds to complete these projects,” Dr. Drew said.
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