Middle Eastern nationalities, along with the Chinese, are the top takers for St. Kitts and Nevis’ citizenship by investment program, an industry source told Gulf Business.
According to Dr. Sirous Motevassel, CEO of Carib international, St. Kitts and Nevis established its citizenship by investment program back in 1984.
The program allows investors to make either a nominal donation to the country’s sugar industry development program (min $250,000) or to purchase government-approved real estate (min $400,000) in return for citizenship.
Motevassel, whose Dubai-based advisory firm specialises in citizenship and residence programs, is also the owner of Imperial Bay Beach & Golf Residences in St. Kitts under the firm Prime Developments Ltd.
The development, which is sold out and due for completion early 2015, has over 70 per cent of its investors from the Middle East, he revealed.
New launch for Middle Eastern HNWIs
Prime Developments will soon be opening their Dubai office in Business Bay, in order to deal with the increasing demand from local investors, the firm recently announced.
The Dubai office will be leveraged particularly to attract investors to the firm’s new development, Prime Hotel & Condominiums, a seven-acre project worth over $70 million in the island nation.
The development is made up of nine, eight-floored buildings, two of which will be hotel apartments, while the remaining will be 1-bedroom residential condominiums (32 units per building).
According to the firm, Prime Hotel & Condominiums held its official ground breaking on November 15, and Phase 1 on the project will be complete in 12-18months.
Sales for investors have now officially launched and are starting at $400,000 and according to Motevassel, investors will lap up this opportunity to become a lifetime citizen of St. Kitts & Nevis.
“In return, investors will become a lifetime citizen of St. Kitts & Nevis within just four to six months, having no requirement to be on the island,” he said, adding that the benefits of becoming a ‘Kittitian’ are fruitful, with generous tax benefits such free stat on income, capital gains, gifts, wealth and inheritance.
“A St. Kitts passport will also allow investors to travel to over 130 countries globally, including UK, Europe, Hong Kong and most Commonwealth countries.
“The country is a peaceful and politically stable, investors, particularly those from war-torn jurisdictions can be at ease knowing they have citizenship from a safe haven,” he added.