St Kitts and Nevis Welcomes One Million Cruise Passengers Before Peak Season, Supported by The Citizenship by Investment Programme

04/10/2019 06:00

LONDON, Oct. 4, 2019 /PRNewswire/ -- The peak cruise season in the Caribbean has not even started yet, and St Kitts and Nevis has already reached a million cruise passengers. It is the second year in a row that the Caribbean country has accomplished this milestone. This is expected to grow even further upon the completion of the second pier at Port Zante, whose construction is funded by St Kitts and Nevis' Citizenship by Investment (CBI) Programme.

Lately, the Federation has been particularly committed to its tourism development, supported by the twin islands' legislated CBI Programme. The latter enables investors and their dependents to acquire the country's citizenship by making an investment into the country. The Programme has contributed to the development of various capital projects across the two islands, some of whom are aimed at enhancing the Federation's tourism product.

The construction of the CBI-funded second cruise pier is reportedly 90% complete now and has so far cost US$48 million. Once operational, the pier will be able to host up to three Oasis-class ships. An additional cruise building will be constructed to the east of the port, to accommodate the increased capacity and ancillary operators.

St Kitts and Nevis has been running its CBI Programme for 35 years and is the oldest in the world. It was featured in the latest edition of the CBI Index, devised by experts at the Financial Times' Professional Wealth Management magazine, which ranked 13 countries currently offering CBI. The study relies on seven pillars of evaluation: freedom of movement, standard of living, minimum investment outlay, mandatory travel or residence requirements, citizenship timeline, ease of processing and due diligence. St Kitts and Nevis performed exceptionally well, improving its overall score and attaining top marks for its efficient processes, lack of mandatory visits and reliable due diligence. "St Kitts and Nevis maintained its upward trajectory regarding visa-free and visa-on-arrival offerings and continued to demonstrate its commitment to enhanced due diligence," note the FT experts.

Introduced in 2018 by Prime Minister Timothy Harris, the Sustainable Growth Fund (SGF) is the latest investment channel under the CBI Programme, designed to support socio-economic projects on the islands. The SGF is St Kitts and Nevis' most direct route to second citizenship and the Programme itself remains the Platinum Standard of CBI.

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