Updated: 19 December 2024, 02:35 pm
|||The past few months have not been easy for St. Kitts and Nevis thanks to a record breaking Atlantic Hurricane season. Though the twin-island nation may not have been as hard hit as some of its neighbours, the country still sustained around $150 million in damages due to back-to-back Hurricanes Irma and Maria—rate Category 5 storms.
For a small nation that relies heavily on tourism, the blow was significant with major economic impacts expected. In response, the government announced in September it would be temporarily relocating funds from its Citizenship Investment Unit fund to go toward hurricane relief, in which the minimum contribution amount for a family of four is reduced to just USD $150,000 for a period of six months (ending March 2018).
As a result, the government has received praise from the High Commissioner of St. Kitts and Nevis to the United Kingdom, his Excellency Dr. Kevin Isaac. Speaking at the Cannes International Emigration & Luxury Property Expo recently, Isaac pointed to the announcements as examples of the government’s strength and integrity.
Isaac also cited St. Kitts and Nevis’ decision to begin a citizenship by investment program in 1984 as another pivotal moment in the country’s path toward strong governance. He was quoted saying that he was proud that nearly every other citizenship by investment program in the world borrows elements from St. Kitts and Nevis.
The Hurricane Relief Fund in particular was cited as an example of the type of forward thinking necessary to create a stronger and more stable future for the Caribbean nation. By placing a six-month cap on the contribution option, the hope is to entice investors to act quickly to inject some much needed funds into the country’s recovery effort.
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