By Erasmus Williams
Basseterre, St. Kitts, March 28, 2018 – Investment Migration Insider said the Sustainable Growth Fund, which replaces the Hurricane Relief Fund option of the St. Kitts and Nevis
Citizenship by Investment Programme, will result in cuts in both the Real Estate and Contributions requirements.
Investment Migration Insider, the leading source of intelligence for the Citizenship and Residence by Investment Industry, said the Sustainable Growth Fund will result in “a considerable reduction in the real estate investment requirement.”
“The change puts St. Kitts & Nevis – whose Sugar Industry Diversification Fund contribution option had been 2.5x higher than that of Dominica, St. Lucia, and Antigua, and US$50,000 above Grenada – on par with prices elsewhere in the Caribbean and, crucially, not below prevailing market rates,” said Migration Investment Insider.
It note that at US$400,000, St. Kitts and Nevis’ real estate option had shared the top end of the market with Antigua & Barbuda, at twice the cost of Dominica’s real estate option, US$100,000 above that of St. Lucia, and US$50,000 above Grenada.
“Industry observers will now be watching the real estate investment requirement in Antigua & Barbuda, where pressure on the government from developers is surely mounting as they find themselves alone at the top of the market, priced substantially higher than its competitors on other islands,” said the online media outlet.
After months of denial, that the introduction of the Hurricane Relief Fund option by slashing selling St. Kitts and Nevis passports at US$37,000, Prime Minister Harris recently presided over a stormy meeting with real estate developers and announced a further 50 percent cut in fees, that will result in less revenue going into the nation’s treasury.