No Replacement of Real Estate Option in the CBI Programme, Says CEO Les Khan

Basseterre, St. Kitts, October 04, 2017 (SKNIS): The temporary Hurricane Relief Fund option of the Citizenship by Investment Programme (CBI) is not a replacement for its real estate and Sugar Industry Diversification Foundation (SIDF) option, says Les Khan, CEO of the Citizen by Investment Unit (CIU), who was the featured guest on the radio-television show “Working for You” on October 4.

“It is a short term instrument to attract investment and contributions into the country and for that reason it is only established for six months,” said Mr. Khan, noting that through this mechanism clients have been advised that they can donate US $150,000 to the fund. He further explained that the applicant can be a single person or a family of four. If the application is for more than four, US $25,000 will be added.

Mr. Khan made it clear that the St. Kitts and Nevis CBI Programme is not underselling the real estate option.

“I think it should be clear and it’s obvious to me from what I have been seeing over the last couple of weeks, since we announced it, is that our real estate option applications have not declined,” said the CEO. “People know we have the Hurricane Relief Fund and they are not switching. I have had clients and agents on island for the last couple of weeks and decisions were made on real estate in spite of this.”

It is important to note that there are several considerations that have to be done by a client when making a decision to choose real estate, said Mr. Khan. One reason for choosing the St. Kitts and Nevis Citizenship by Investment Programme is that they do not want the cheaper option from places such as Dominica and St. Lucia, which have set their prices at $100,000,” explained Mr. Khan.

In reference to an investor, Mr. Khan said “he chose St. Kitts and Nevis for several reasons, the quality of our passport, the brand and that we have a ready inventory of real estate. No other island has that. So, because of our longevity and because of our development and infrastructure, we can provide a real estate option that is robust and continues to be robust.”

Mr. Khan explained that there are a number of reasons why clients select St. Kitts and Nevis to invest in real estate.

“They want the rate of return that we are offering on our real estate option,” he said. “So, there are a number of factors that a discerning individual who is thinking about his rate of return, his equity, stay etc. Therefore, he would want real estate.”

After the six months the Hurricane Relief Fund option will no longer be available. Mr. Khan said that for next year’s hurricane season they will plan ahead if the programme chooses to reintroduce this option.

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