Over 16,000 St Kitts Citizenship by Investment Passports Issued
“The total number of CBI passports now issued stands at 16,544”, announced Prime Minister Dr. Timothy Harris, Winnfm reports.
Amidst the growing competitors that offer a variation of Citizenship by Investment Program (CBI), Prime Minister Dr. Timothy Harris announced that over the past three years, more than 4,000 new applicants were approved by the Federation and that over 16,000 CBI passports were issued.
St Kitts and Nevis pioneered the CBI program back in 1984. Boasting a visa-free access to over 100 countries, other countries in the Caribbean soon followed their steps: (in chronological order) the Commonwealth of Dominica in 1993; Antigua and Barbuda in 2012; Grenada in 2013; St. Lucia in 2015. There have been many versions of the program since then.
PM Harris in his 2018 Budget speech stated that to the Non-Tax Revenue, the CBI Programme remains to be a significant contributor to the resilience of construction and allied industries.
Throughout its transition from sugar in 2005, the CBI programme has been the Federation’s dependable source of income.
From 2011 to 2016, ECD $1.9 billion were the inflows hit by St Kitts and Nevis CBI as confirmed in the IMF 2017 report.
IMF reports also revealed that for 2015, CBI program’s non-tax revenue was 16% of GDP (ECD 294.5 million) and an estimate of 11% of GDP for 2016. The highest revenues hit by CBI were in 2013 and 2014, where it recorded 18% of GDP.
Sustainable Growth Fund was introduced by St Kitts in April 2018, which features US$150,000 allotted for investment contribution option and a real estate price cut from $200,000 to $400,000 to boost real estate sector.