28 Sep Update on Caribbean Islands After Hurricanes
Updates on the Caribbean Islands and their respective Citizenship by Investment programs after the devastating hurricanes that just passed.
St Kitts & Nevis significantly lowers prices on investment option to raise funds for hurricane relief
Prime Minister Roosevelt Skerrit made a heartfelt speech at the United Nations General Assembly in New York in an effort to raise the international aid effort. He went on to say that “Dominica, Antigua and Barbuda, the Bahamas, Cuba, the British Virgin Islands, Anguilla, the Dominican Republic, St. Barts, St. John, St. Thomas, the Turks and Caicos, St Maarten, St. Martin, Puerto Rico, Texas and Florida, have all been victim to the ravages of hurricanes that have left death and carnage in their wake. The impact has been without discrimination.”
Speaking further about climate change he noted “Small Island Developing States have repeatedly warned the international community that the failure to adequately respond to climate change would betray our children and condemn future generations to certain doom.” Countries from across the globe have committed to assist Dominica.
Hurricane Maria made landfall in Dominica on September 18 as a massive Category 5. The storm ripped through completely destroying communications, infrastructure and critical facilities. Recovery efforts are now focused on providing aid to people in shelters, restoring power and clearing the debris.
Citizenship by Investment update
Infrastructural damage to the Citizenship by Investment Unit (CIU) department’s building is minimal. All lines of communications have been restored. The CIU itself approved five applications last Monday 25 September.
Registered as a Category 5 hurricane with winds up to 185 mph and heavy rain, Irma destroyed over 90% of the island, according to Antigua’s prime minister. Around 1,800 Barbudans were evacuated.
Prime Minister Gaston Browne has personally donated US$37,000 toward the Barbuda hurricane recovery effort. Tourism and Energy Minister’s Asot Michael made a donation in the amount of US$200,000. Damage is amounting to roughly US$100 million and an estimated US$200 million in reconstruction. Browne said they have already activated funding from the Caribbean Catastrophic Insurance fund and are expected to receive US$7 million from it.
An “island that has to be built from scratch” getting urban planning right is vital to limit the potential of damage of future hurricanes, said Jessica Faieta, who heads the United Nations Development Programme (UNDP) in Latin America and the Caribbean.
ST. KITTS & NEVIS
The government of St Kitts and Nevis on September 23 approved a Hurricane Relief Fund which is to be hosted by the Citizenship Investment Unit. Prime Minister, Dr the Honourable Timothy Harris said “Although Hurricane Irma did not make a direct hit on the Federation, it caused danger to the public sector and private property, with damages of substantial amounts to the order of 150 million and the Hurricane Season is not over yet.
The reported damage in St Kitts and Nevis includes blocked roads, downed power lines and damage to the agriculture sector. The damage in St Kitts is estimated to be worth EC$34.5 million (approximately US$12,8 m). Reports from nearby Nevis cite serious damage to housing stock.
Citizenship by Investment update
St. Kitts significantly lowers prices for Citizenship by Investment (CBI) program to attract funds. CBI applicants will make a non-refundable contribution of USD $150,000.00 into the Hurricane Relief Fund. The Hurricane Relief Fund is an option for applicants that enables the country to recover more quickly. The contribution required from a single applicant is reduced by 40%. The contribution required from a family of four is reduced by 50%. This new limited-time citizenship by investment option is only available until March 30, 2018.