Prime Minister Timothy Harris Partakes in Webinar with Khaleej Times

On 16 July 2020, Dr Timothy Harris, Prime Minister of St Kitts and Nevis, participated in a webinar hosted by the Khaleej Times entitled “Strength and Recovery through Citizenship By Investment”. With a panel featuring CEO of the country’s Citizenship by Investment Unit (CIU), Les Khan, and Natasha Jones from legal advisory and government marketing firm, CS Global Partners, the webinar touched upon key areas of investor interest, including why the fund option is the fastest route to citizenship according to Khan.

The webinar opened with the Khaleej Times’ Chief Editor posing questions to Prime Minister Harris, focusing on his leadership philosophy, the development of St Kitts and Nevis, and the role the country’s Citizenship by Investment (CBI) Programme in driving the country forward.

Asked about his leadership philosophy, Prime Minister Harris explained that he is motivated by the rewarding experience of leading a small island nation, constrained by its size and geography, and seeing its growth. Making history in St Kitts and Nevis as the leader of the island’s first three-party coalition government, Team Unity, Prime Minister Harris has worked to build a better future for Kittitians and Nevisians by using this new style of leadership to deliver real results. Such results, the Prime Minister attests, can be seen through St Kitts and Nevis’ low debt-to-GDP ratio and high percentage of GDP growth. Citing Team Unity’s Good Governance Agenda, Prime Minister Harris holds accountability, transparency, and effective checks on power in high regard.

The webinar also touched upon the island’s tourism industry in light of the Covid-19 crisis. Acknowledging the “significant contribution of the tourism sector” to St Kitts and Nevis’ growth, Prime Minister Harris stated that his administration aims to protect and nourish the tourism sector in light of the pandemic. Indeed, Team Unity have pledged to assist the sector by establishing a state-of-the-art Tourism and Hospitality School to conduct skills training for young people interested in careers in tourism and related industries. Team Unity also plans to add over 500 additional jobs to the tourism industry within the next five years.

Turning to CBI, Prime Minister Harris explained how the country’s CBI Programme has helped the socio-economic development of the country. First detailing the origins of the Programme, Prime Minister Harris divulged that the CBI Programme grew out of a desire to help the nation stand on its on two feet after gaining independence from Britain in 1983. Now responsible for contributing, at times, up to 35% of government revenue, the St Kitts and Nevis CBI Programme has been used to develop and sponsor socio-economic programmes on the island. Such programmes include the Poverty Alleviation Programme, which provides a monthly stipend to low-income households and the Skills Training Empowerment Programme (STEP) which helped approximately 3,000 citizens improve their job prospects.

Turning to Les Khan, the Khaleej Times asked why the fund option is the fastest and most secure route to obtaining citizenship of St Kitts and Nevis. “The fund option entails a one-time contribution to the Government with no conditions attached,” stated Khan. It was explained that the real estate route is not as direct due to the processes that an applicant must undergo to make the investment, including signing sale and purchase agreements and depositing money in escrow.

Khan also noted that St Kitts and Nevis is the only CBI jurisdiction in the world to provide applicants with an Accelerated Application Process (AAP), under which applicants who pass due diligence receive citizenship within 60 days of the submission of an application. The AAP is available to applicants at an increased fee by virtue of the priority status afforded to applications made under the AAP.

Asked about what processes have determined the success of the CIU of St Kitts and Nevis, Khan cited both efficiency and stringent due diligence. “Efficient processing has played a role in establishing the Programme’s success,” he said. Attributing the CIU’s efficiency to its online case management system that allows the CIU to process and review applications remotely, he noted that the CIU was even able to remain operational throughout the height of the Covid-19 pandemic.

Discussing the CIU’s commitment to stringent due diligence, Khan explained that the process is multi-tiered, involving Authorised Persons who perform “know-your-client” checks, CIU staff trained in anti-money laundering, counter-terrorism financing, and document review, as well as external bodies including world-renowned due diligence agencies and international and regional law enforcement. Khan highlighted in particular the importance of establishing the financial background of applicants, stating that “there is no compromise when it comes to due diligence.”

Khan, as well as discussing the due diligence process at great length, also highlighted the need to adapt and respond to the changing nature of the industry. To this end, Khan explained that the CIU had implemented a Limited Time Offer, set to expire on 15 January 2021, that reduces the contribution amount under the fund option for families of up to four. Reflecting the growing importance of family reunification, under the Limited Time Offer a contribution amount of US$150,000 applies for any family of up to four persons. Asked about the response to the temporary offer, Khan acknowledged that while it was too early to determine the exact response, he felt confident that the offer will generate a lot of interest from larger families. He also reassured the audience that the CIU had been adequately staffed to deal with the expected increase in application numbers.

Finally, Khan was asked about future changes to the Programme. By the end of 2020, St Kitts and Nevis aims to perform a greater analysis of biometrics as part of the due diligence process.

Joining Khan in the panel discussion was Natasha Jones from CS Global Partners’ Government Advisory Team. Reiterating the important part that efficient processing and stringent due diligence have played in the success of the St Kitts and Nevis CBI Programme, CS Global Partners also highlighted the role longevity has played. “Having been in operation since 1984, investors can see that the Programme has truly stood the test of time.” Citing the Programme’s reputation as the Platinum Standard of the industry, CS Global Partners explained that St Kitts and Nevis’ global renown makes it extremely attractive to investors who want to be confident they are making a solid investment.

The webinar contained a clear message to investors, obtaining citizenship of St Kitts and Nevis is both an insurance policy against uncertainty, and an excellent means of helping to drive the economy of a small, vulnerable nation, one that is growing despite the odds stacked against it.