Article

In boost to local economy, St Kitts and Nevis to build second pier in Port Zante, funded by successful citizenship by investment programme.


Added on 28/02/2019

As published on globalbankingandfinance.com, Wednesday 27th February, 2019.

 

Local contractors in St Kitts and Nevis will benefit from a second pier at Port Zante, which will be able to receive up to three Oasis Class vessels at the same time. Up to $500,000 / month is already being spent buying local supplies for the pier. Its construction is being funded as a result of St Kitts and Nevis successful Citizenship by Investment (CBI) Programme.

The Government is also advocating to strongly support local suppliers, businesses and workforce by involving them in the construction of the second pier in Port Zante. All of the necessary rock is sourced locally, as is all timber, steel and fuel for the project. A number of local companies have been contracted to carry out the work, propping up local businesses and creating approximately 100 new jobs.

The project is yet another infrastructural development made possible thanks to funding provided by St Kitts and Nevis Citizenship by Investment Programme. Over the past three decades, the twin islands have been attracting a select number of investors wishing to become its citizens. In March 2018, Prime Minister Timothy Harris introduced a new investment channel called the Sustainable Growth Fund (SGF). It balances investors’ need for a more straightforward yet secure way of obtaining second citizenship, while native citizens benefit from socio-economic advancement. To ensure its Platinum Standard moniker, St Kitts and Nevis recently introduced two new security layers to its already strict due diligence process: stricter escrow account legislation and digital fingerprinting. The latter is a premiere in the Caribbean region amongst countries offering citizenship by investment.