By: Erasmus Williams
London, England, October 18th 2017 – A London-based legal advisory firm involved in the Citizenship by Investment Programmes has confirmed what the international news media, stakeholders, investors in real estate and concerned persons have been saying. That the Hurricane Recovery Fund option introduced by the Timothy Harris administration gives a family, four St. Kitts and Nevis passports for US$150,000.
“Under the Hurricane Relief Fund model, which is in place until March 2018, a family of four can be granted citizenship of St. Kitts and Nevis for US$150,000,” said C S Global Partners in its press release dated October 12th 2017, issued on behalf of the St. Kitts and Nevis Citizenship by Investment Unit and the Government of St. Kitts and Nevis.
“That is selling one St. Kitts and Nevis passport for just US$37,500, compared to Dominica and Antigua and Barbuda at US$100,000 and US$200,000 per passport,” said a stakeholder on Sunday.
CS Global Partners, referring to the sale of a St. Kitts and Nevis passport “with the new affordable price tag,” gave a guarantee that prospective applicants can be granted citizenship within a guaranteed 60-day period.
A concern is that the issuance of 4,000 St. Kitts and Nevis passports within a 60-day period would place significant administrative pressure on the due diligence process which could result in undesirables, terrorists and illicit actors getting hold of a St. Kitts and Nevis passport.
There is also the potential for abuse as all three persons who would be appointed by Dr. Harris to administer the Fund are all employed within his portfolios and could be a cover for soliciting election campaign contributions and contributions from illegal activities as it allows the acceptance “any monies derived from any other source and placed into the fund.”
The introduction of the Hurricane Relief Fund is expected to derail the real estate opition pegged at US$400,000
“Construction of real estate will be affected as there will be a significant reduction in the purchase of cement, concrete, lumber and other material from S. L. Horsford, TDC, Builders Paradise and Nichols for the building of homes and condos. There are several spinoff effects,” said Deputy Political Leader of the St. Kitts-Nevis Labour Party Dr. Earl Asim Martin, who added that the livelihood of thousands of plumbers, electricians, heavy equipment operators, sub contractors, carpenters, masons, skilled workmen and unskilled labourers will be jobless as construction is significantly reduced or grinds to a halt.
“The local food vendors who go from construction site to construction site daily to sell breakfast and lunch, other food and drinks to the workmen will see their income drastically red cued as well as the number of large construction sites under the Real Estate option dwindle or evaporate,” said Dr. Martin, a former minister of public works.
Hotel and condominium projects constructed under the St. Kitts-Nevis Labour Party administration of former prime minister Douglas via the Citizenship by Investment programme, included Christophe Harbour, Christophe Harbour Marina, Koi Sales Office, Silver Reef Resort and Residences, St. Kitts Castle, St. Kitts Marriott Resort & Royal Beach Casino, Ocean Edge, Rendezvous, Kittitian Hill and Imperial Bay Golf & Beach Residences.
Other projects still under construction or stalled are Embassy Suites, Koi Residences, Rendezvous, Golden Rock Commercial Park, Park Hyatt St. Kitts, Montebello, T-Loft (Radisson) and Helden’s (Ramada).
