ECCB Lauds St Kitts and Nevis for Economic Achievements and Future Initiatives

Timothy Antoine, Governor of the Eastern Caribbean Central Bank (ECCB), has applauded St Kitts and Nevis’ economic performance, particularly when compared to that of other members of the Eastern Caribbean Currency Union (ECCU).

The encouraging evaluation was delivered on 10 July, when a delegation of ECCB officials headed by Gov. Antoine met with St Kitts and Nevis’ Prime Minister, Dr the Honourable Timothy Harris, and the Financial Secretary, Ms Hilary Hazel.

Gov. Antoine pointed to St Kitts and Nevis’ robust economic growth – above ECCU average – as well as its soon-to-be-reached goal of reducing debt to GDP to 5 percent. Indeed, he noted that the twin-island nation could already be credited with being the ECCU member state with the lowest debt to GDP ratio.

Due diligence and transparency are key to good governance

He further praised the nation for its commitment to private entrepreneurship, and its significant investment in national security – something that is ever more important in an era where due diligence and transparency are key to good governance.

The Citizenship by Investment Programme, a feature of St Kitts and Nevis’ legal framework since its inception in 1984, also received positive mention, especially as the Government announced its intention to create a Growth and Resilience Fund to better manage funds received under the Programme. Gov. Antoine also offered the ECCB’s technical assistance to ensure the Fund is fully set up.

The Citizenship by Investment Programme offers applicants the opportunity to become citizens of St Kitts and Nevis in return for a US$200,000 contribution to the nation’s Sugar Industry Diversification Foundation, or for a US$400,000 investment in pre-approved real estate.

It stands as a benchmark for citizenship by investment programmes across the globe, not only because it was the first-ever such programme to be entrenched into law, but also because of its commitment to offering the industry’s ‘Platinum Standard.’