St Kitts and Nevis Extends CBI-Funded Poverty Alleviation Programme

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Jul 02, 2020, 14:40 ET

LONDON, July 2, 2020 /PRNewswire/ -- The Government of the Federation of St Kitts and Nevis has extended the Poverty Alleviation Programme (PAP) – a project funded with Citizenship by Investment (CBI) proceeds. Prime Minister Dr Timothy Harris mentioned this in a TV broadcast on Tuesday evening. He also said that the government has invested a total of $80 million to aid those affected by the pandemic. A further $40 million will go towards stimulating the economy.

PM Harris explained that the country's fiscal position was the best in the region in the first quarter of this year. While COVID-19 shook the twin islands' economy and society, PM Harris says that the country overcame the spread of the virus thanks to its health experts. Now, St Kitts and Nevis is focused on supporting those impacted most and reviving its economy.

"We will bring an institutional and people response to the crisis," PM Harris said on the Leadership Matters programme. He continued: "We announced the largest and most comprehensive response on a per capita basis to COVID-19. To mitigate the impact on our people, we announced a 1,000-dollar grant by Social Security, the 500-dollar PAP programme was to be extended, we waived water charges for three months in the first instance, we instituted a moratorium on electricity bills for three months, a moratorium on mortgage payments for six months. Indeed, we put the people first and, in particular, those more severely hit by COVID-19."

GDP projections around the globe are unprecedented, according to the IMF's updated World Economic Outlook report. For this reason, the Prime Minister of St Kitts and Nevis said that the country must rely on its own capabilities to overcome this crisis. The Caribbean nation has a strong Citizenship by Investment Programme to count on – the world's longest-standing initiative of such kind.

Reputable foreign investors are welcome to obtain St Kitts and Nevis' valuable citizenship in exchange for an economic contribution. The fund option provides the fastest route to second citizenship, which, when coupled with the Accelerated Application Process, can take 60 days or less. Investors are attracted to St Kitts and Nevis because it is a safe, modern democracy, with high regard for the rule of law. It is both family- and investor-friendly, where citizens can easily access almost 160 countries and territories, thanks to Foreign Minister Mark Brantley's diplomatic efforts.

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SOURCE CS Global Partners