St. Kitts and Nevis (WINN); Monies from the recently announced third option under the St. Kitts and Nevis Citizenship by investment Program will be going into the government’s consolidated fund.
So says Les Khan, CEO of the St. Kitts-Nevis Citizenship by investment Unit, CIU. He was the guest on the Wednesday’s edition of Working For You, the government’s weekly radio program.
Mr. Khan said the CIU has seen significant interest in the new $150,000 Hurricane Relief Fund CBI option and although they will not begin processing applications for the next two weeks or so, the Unit received its first application to the fund on Wednesday.
The new CBI option is meant to be available only for 6 months, that is, until March 2018. The CEO said at this time there is no intention to extend the time table or reintroduce this cheaper option at a later point.
Addressing widespread criticism relating to the timing of the introduction of this new CBI option, which came just after Dominica was devastated by Hurricane Maria, Mr. Khan admitted that the timing could have been better, but claims it had been conceptualized prior to the disaster in Dominica.
Mr. Khan assured that the Hurricane Relief Fund CBI option is legally sound, acknowledging concerns raised following claims by the Opposition that it is a buyer beware situation.
Meanwhile, Opposition Leader Dr. Denzil Douglas maintains that the new citizenship option is “a watered down CBI initiative that has not been ratified by Parliament”.
He said via statement on Wednesday that “it raises legitimate serious questions as to the validity of the citizenship and the passport that will be derived from it”.