St Kitts and Nevis Launches Hurricane Relief Fund, Reducing CBI Fees

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St Kitts and Nevis Launches Hurricane Relief Fund, Reducing CBI Fees

On 23 September 2017, the Cabinet of St Kitts and Nevis, counselled by Citizenship by Investment Unit CEO Mr Les Khan, approved the establishment of a Hurricane Relief Fund. The Fund, to be entirely funded by citizenship by investment proceeds, is intended both as an additional means of sustenance following the damage suffered at the hands of Hurricane Irma and Hurricane Maria, and as a preventative measure, should more hurricanes make their way to the twin isles.

“The ethos behind citizenship by investment is about opening up the Federation to investment that will have a direct impact on the quality of life of its citizens. The Hurricane Relief Fund is an attractive option for citizenship applicants in the way it fulfils their own desire to make a positive impact on the environment in which they are seeking to play an active part. It enables the country and its people to recover more quickly and to ensure that the infrastructure and people’s homes are fit and habitable where they have been damaged by this season’s hurricanes,” said the nation’s Prime Minister, Dr Timothy Harris.

The Fund is a temporary measure, and will be open until March 2018. Investors who apply for citizenship using the Hurricane Relief Fund route will be able to include a family of up to four persons at a cost of US$150,000. This is less than an applicant would normally be expected to contribute to the country’s Sugar Industry Diversification Foundation (SIDF), where applicants must donate US$250,000 when applying alone, and US$300,000 when applying with their four-person families.

A press release by the Unit noted that, should the Fund grow sufficiently, its scope would include assisting neighbouring islands that suffered the brunt of 2017’s hurricanes. Of the five Caribbean nations offering citizenship by investment, both Dominica and Antigua and Barbuda suffered tremendous loss.

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