Prime Minister of St. Kitts and Nevis, the Honourable Dr. Timothy Harris, reports that the Hurricane Relief Fund (HRF) introduced as a temporary investment option under the country’s Citizenship by Investment (CBI) Programme, has been a largely successful initiative undertaken by the government following an active hurricane season last year.
The HRF was established in September 2017 as a third investment option, where the funds raised under this initiative go toward the rehabilitation and reconstruction of key public infrastructure such as roads and buildings that suffered damage during the passage of the two Category 5 hurricanes, Irma and Maria. Under the HRF, which is set to expire at the end of March, foreign investors can make a nonrefundable contribution of US$150,000.
Speaking at a meeting with real estate developers at the Ocean Terrace Inn (OTI) March 9, Prime Minister Harris said the government has received largely positive feedback from CBI agents, locally and internationally, regarding the Hurricane Relief Fund. “What we have heard from all the players is that the Hurricane Relief Fund was the best thing to have ever happened to the market,” he said. “We see concrete evidence in this in that the number of international marketing agents who came increased dramatically from November until now, and there has been nothing different about the programme except this [the Hurricane Relief Fund]. What we do know is that even some [people] who had previously been critical of it have signed up and are now some of the largest players.”
Shortly after the introduction of the Hurricane Relief Fund, St. Kitts and Nevis was recognized internationally for offering the “World’s Most Innovative Investment Immigration Programme” at the 2017 Russian Global Citizen Awards ceremony, held at Moscow’s prestigious Ritz Carlton Hotel. This annual event recognizes the best governments, companies and individuals who have excelled in investment, freedom of movement, and residence services.