St. Kitts and Nevis to invest CBI Funds in Development Bank, Hurricane Readiness

St. Kitts and Nevis: In a significant development, Prime Minister Dr. Terrance Drew recently announced that the government has made a strategic decision to go without the CBI dividend.

This is in order to give more focus to critical national projects including investing in the Development Bank as well as hurricane preparedness.

While announcing the development, he said that this reflects the administration’s utmost commitment to making sure the physical as well as financial survival of the country.

The Prime Minister outlined that the CBI dividend, which was earlier committed to being paid twice in a year according to the surplus from the citizenship by investment receipts after all of the financial obligations are met, has witnessed two dividends and one reset, which have been paid so far.

He then added that, however, because of the recent readjustments of citizenship by investment programmes and the requirement to meet critical obligations, a surplus has not been realized during this period. 

Dr. Drew continued to elaborate on these obligations and noted that these include saving the Development Bank and indirectly supporting social security while investing in a $50 million desalination plant, which is set to begin soon and also preparing for an active hurricane season this year. 

He further noted that these commitments are important for the physical and financial survival of St. Kitts and Nevis. 

He reiterated his administration’s dedication to prudent financial management and prioritizing such initiatives that will protect the well-being and future of the Federation. 

The Government of St. Kitts and Nevis is committed to enhancing the overall CBI Programme and maintaining its topmost position while attracting more investors to invest in the first and finest programme in the world. 

PM Drew, along with the members of the CIU unit, have made several significant changes, which include increasing the minimum investment amount, mandating interviews, enhancing due diligence, and much more. All these measures are aimed at enhancing the integrity of the CBI.