Posts Tagged ‘#StKitts’

St Kitts and Nevis Prime Minister charts new trajectory for twin-island nation at an exclusive event in Dubai

CARIBPR WIRE, Dubai, Dec. 02, 2022: The Prime Minister of St Kitts and Nevis, Dr. Terrance Drew, set the tone for the direction his country will be taking at a recent exclusive invite-only event in Dubai.

The event was one of many engagements undertaken by the Prime Minister and his delegation which included the country’s tourism minister Marsha Henderson, Attorney-General Garth Wilkin and cabinet secretaries, Dr. Marcus Natta, Sylvester Anthony and Veira Galloway.

The new administration has been leading the country since August this year following a snap election and have set bold ambitions for the twin-island federation to become a premium business hub in the Caribbean that caters to intelligent and discerning investors.

Set against the backdrop of one of the world’s most notable success stories, Prime Minister Terrance Drew’s first visit to Dubai, signalled his intention to drive economic growth that will make the country a notable contender on the global stage.

Much of this growth will be financed by St Kitts and Nevis’ citizenship by investment programme – the oldest programme of its kind in the world.

Speaking at the event, Prime Minister Drew said, “Since Dubai is such an important financial hub and is swiftly becoming an epicentre for the global citizen, it is fitting that I am here this evening to discuss the attributes of my special nation, and more particularly our renowned citizenship by investment programme that stands apart from others.”

“In this ever-changing and unpredictable world, it is imperative that the government of St Kitts and Nevis and its citizenship by investment programme continue to adapt to the needs of our people and to attract the right kind of international investment necessary to uplift our country.”

For nearly 40 years, the citizenship by investment programme of St Kitts and Nevis has had a remarkable impact on the country, generating funds that have built and upgraded hospitals, schools, roads and diversified the economy from one mainly rooted in agriculture and tourism to a fledgling manufacturing and finance-centered one.

Dubai has emerged as one of the world’s most favourite economic destination for investors, consumers as well as job seekers and tourists. The resource deficient nation has galloped from a primitive social milieu and pre-industrial economic structure to reach what many have called the pinnacle of success.

Dubai derives just 6% of its GDP from oil and gas yet it has grown its economy’s size, start­ing around the year 2000, displaying annual monetary de­velopment rates higher than even China or the Asian tiger economies.

These are some of the insights the St Kitts and Nevis delegation sought to glean from the visit. This year, St Kitts and Nevis’ gross domestic product (GDP) grew by 13.39% compared to last year.

The economy of St Kitts and Nevis was traditionally depended on the growing and processing of sugar cane but decreasing world prices have hurt the industry in recent years. Tourism, export-oriented manufacturing, and offshore banking activity have assumed larger roles in the country.

The citizenship by investment programme has been a way for the government to hedge against and revitalize the faltering sugar sector while also bolstering revenue collection to better fund social programs.

With the current global environment asking more of governments around the world, the Drew administration has realized that to meet the needs of both locals and investors it needed to upgrade the programme which has been a financial pillar for the nation.

“The vision to use economic citizenship to attract international investment was innovative in 1984. The citizenship by investment programme’s first major evolution 27 years later in 2011 was bold and creative. Now, in the third iteration of its evolution, in 2022, after four decades of erudition and development, we must use that same creativity and boldness to ensure that the programme transcends to the modern age; and the security infrastructure is enhanced and strengthened.

“We need to ensure that our treasured citizenship by investment programme is mutually beneficial for all stakeholders, from the people of St Kitts and Nevis, the investors themselves, to the developers, to the local service providers and the international marketing agents.

“While we have always been the benchmark of the global investor immigration industry, we understand that in order to remain as one of the most sought-after economic citizenship programmes in the world, we need to continue to evolve and forge a path for ourselves that is sustainable in the long term,” added Prime Minister Drew.

The Prime Minister has been laser focused and hard at work since taking the helm and has had numerous consultations with stakeholders including local communities, developers, government officials, businesses and investors to understand where the programme was lacking and where updates needed to be made to ensure that the programme continues to meet the needs of an intelligent investment minded person looking for an enriching base for their families and businesses while also, more importantly, uplifting the Kittitian and Nevisian society through beneficial investment options that bring tangible value.

Prime Minister Drew also reassured guests at the event, which included high-level government officials, global investors, government approved agents and promoters, that stakeholders need not be apprehensive of the upcoming changes and that the programme would be guided by three fundamental principles: Sustainability, good governance and pragmatism.

The government has crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity. The programme has also been structured in such a way that it will allow for greater transparency and accountability, the hallmarks of the good governance framework that solidifies the foundation of any successful endeavour. And lastly, the government has tailored investment options to align with market realities while preserving the platinum brand that St Kitts and Nevis has nurtured for four decades.

Bold and innovative strides have been made to strengthen the legislative and administrative structures of the programme and to ensure that real estate projects funded by the programme are completed – “To this end, let it be known worldwide, that St Kitts and Nevis is seeking well respected and serious investors who see the potential of our nation and who are prepared to put capital behind innovative projects, investments and industries that will enhance our palatability to global immigration investors.”

Exact changes and information around the programme will be communicated in 2023.

The visit shows the world that St Kitts and Nevis is open for business and the Prime Minister has identified and discussed new areas of collaboration in advancing economic recovery, stability and reaffirming the solid foundation between St Kitts and Nevis and Dubai.

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Prime Minister Hon. Dr Terrance Drew’s Working Visit to Dubai Tells the World St. Kitts and Nevis is Open for Business

CARIBPR WIRE, Basseterre, St. Kitts, Dec. 01, 2022: Prime Minister of St. Kitts and Nevis, the Honorable Dr. Terrance Drew, will conduct his first working visit to Dubai in the United Arab Emirates from Tuesday 29th November 2022 to Saturday 3rd December 2022.

The Prime Minister will be accompanied by the Minister of Tourism, Hon. Marsha Henderson; the Attorney-General, Hon. Garth Wilkin; the Cabinet Secretary, Dr. Marcus Natta; Mr. Sylvester Anthony and Ms. Veira Galloway.

The visit provides an opportunity for St Kitts and Nevis to show the world that it is open for business and is ready to attract investors who seek mutually beneficial partnerships with the nation.

The Prime Minister will identify new areas of collaboration in advancing economic recovery and stability and reaffirming the solid foundation between the two countries.

The Embassy of St Kitts and Nevis will host an exclusive cocktail event on Thursday, 1st December 2022 for investors, citizens, and business partners to meet the Prime Minister and his delegation.

Dubai has successfully positioned itself as a world-class financial hub. The multicultural city has two-thirds of the world’s population within reach on flights of eight hours or less, allowing it to serve as a nexus for the East and West, along with being in the heart of the Africa-Middle East-Asia triangle.

Dubai’s rapid growth, strategic location, and favourable business culture have led it to gain the reputation of being the world’s most sought-after business hub.

The Prime Minister’s visit comes at a time when the economies of many countries are affected by the lingering impact of the COVID-19 pandemic and by the consequences of the Ukraine-Russia conflict.

The visit is also aimed at deepening relationships with important stakeholders including international investors and government-approved agents, who play a vital role in promoting and supporting the country’s recently upgraded Citizenship by Investment (CBI) programme.

Since assuming office in August 2022, Prime Minister Hon. Dr. Terrance Drew has been working tirelessly to find and implement solutions that will prosper St Kitts and Nevis. The government is taking measures to sustain and enhance the image of the twin-island Federation’s CBI programme by ensuring that it is more transparent and follows the principles of integrity and good governance.

St Kitts and Nevis hold the oldest citizenship by investment programme in the world, which has been vital in assisting the country in funding important economic and social projects, but it has come under scrutiny over the last few years.

The Citizenship by Investment programme is one way to direct foreign direct investment to innovative projects across the spheres of education, health, agriculture, and tourism.

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Government of St Kitts and Nevis does NOT accept cryptocurrency as a form of payment for its Citizenship by Investment programme

CARIBPR WIRE, Basseterre, St. Kitts, Nov. 14, 2022: The government of St Kitts and Nevis, along with the Citizenship by Investment Unit of the country, have refuted claims that investors interested in gaining citizenship to the country can pay using cryptocurrencies such as Bitcoin.

The St Kitts and Nevis citizenship by investment programme is the oldest in the world, having been established in 1984 – it has been providing investors from across the globe with one of the quickest, easiest, and most affordable routes to second citizenship.

Underpinned by a robust multi-layered due diligence process undertaken by international security firms from the USA and the UK, investors need to go through a formal application process consisting of eight main steps, which include:

  • Step 1: Pre-approval by a verified St Kitts and Nevis government agent and preparation of the application
  • Step 2: Submission of the citizenship application
  • Step 3: Application processing by the Citizenship by Investment Unit and internal and external due diligence checks
  • Step 4: Approval in principle letter issued
  • Step 5: Contribution to either the Sustainable Growth Fund or pre-approved real estate
  • Step 6: Bank clearance of source of funds
  • Step 7: Certificate of Registration issued
  • Step 8: Citizen can apply for a St Kitts and Nevis passport

Throughout the whole process, an investor will engage with an approved government agent who will facilitate the application and any payments will be made via registered banks using fiat money – a government-issued currency that is not backed by a commodity such as gold. An example would be the United States Dollar, Euro or Chinese Yuan.

Investors cannot make payments to a government-approved agent or the Citizenship by Investment Unit by using cryptocurrencies directly. These would need to be liquidated into fiat currency first and an applicant would need to provide a supporting affidavit regarding their source of funds as part of the application process.

St Kitts and Nevis has not yet passed any legislation regarding cryptocurrency. The country is participating in the Eastern Caribbean Central Bank (ECCB) pilot program, which aims to study the utilisation of cryptocurrency as a fiat currency.

The program’s purpose is to provide a safe and secure digital financial system by utilising the advantages of blockchain and is designed to exemplify the viability and functionality of the ECCB’s ability to issue Digital Eastern Caribbean Dollars.

The ECCB is the fiscal authority for the Eastern Caribbean Currency Union (ECCU).

Speaking at the Electronic Cash Conference 2022, which was held on November 12 2022, Prime Minister of St Kitts and Nevis, Dr Terrance Drew, expressed that while Bitcoin Cash – another form of cryptocurrency – is used as a method of tender by some businesses in the country, due diligence checks are presently being prioritised by his government ahead of any major decision concerning that cryptocurrency’s official use.

Prime Minister Drew stated that the financial safety and security of citizens is a matter of high priority, and the government, with the guidance of the ECCB, is prepared to explore the possibility of Bitcoin Cash being introduced as legal tender in the local financial space.

The Prime Minister explained that once all the crucial financial safeguards were in place, Bitcoin Cash could become accepted legal tender in St Kitts and Nevis by March 2023.

Benefits of gaining second citizenship to St Kitts and Nevis

Citizenship by Investment is a legal process to grant individuals – and, in some cases, their families – dual citizenship in exchange for a financial contribution to the country’s economy. The initiative permits countries to channel generated funds into developing healthcare, education, infrastructure, and more.

Being a citizen of St Kitts and Nevis offers investors a myriad of benefits including family reunification, global mobility, enhanced security, and increased economic opportunities.

St Kitts and Nevis offers award-winning and internationally acclaimed education institutions like veterinary and medical universities, attracting global-minded professionals. People from all over the world come to St Kitts and Nevis, over a million a year to be exact, because of its booming tourism sector.

In recent years, the nation has seen growing numbers of American visitors. Around 1,000 US citizens currently reside on the islands. Now, with more work-from-home policies than ever, many see the Caribbean as the perfect destination to get away from the bustle of big cities while continuing to be connected when business calls.

In addition to citizenship and global mobility, St Kitts and Nevis offers its citizens who choose to become tax residents a wide variety of insurance services in a tax-friendly environment. For example, the country guarantees financial privacy by not making any information about offshore business owners and top managers public.

Portfolio diversification is the first step in dispersing your investments so that your exposure is not limited to just one type of asset. An investment in property in St Kitts and Nevis would allow you to diversify your investment portfolio and potentially make a return upon selling that your share in real estate after the end of the minimum hold period.

This will also ensure that you retain a certain amount of your wealth outside of your home country. In uncertain political and economic climates, knowing that a portion of your portfolio is free from the grips of a potentially corrupt government can give you tremendous peace of mind.

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Leclanché and Government of St. Kitts Agree to Build Largest Solar Generation Plus Storage Project in Caribbean

Fully Integrated Solar Photovoltaic and Lithium‐ion Battery Energy Storage System Will Provide Clean and Reliable Energy for Residents of St. Kitts and Nevis

BASSETERRE, St. Kitts and Nevis, DALLAS and YVERDON LES BAINS, Switzerland, Aug. 7, 2019 /PRNewswire-HISPANIC

PR WIRE/ — The largest solar generation plus energy storage project ever to be built in the Caribbean has been

announced by the Government of St. Kitts and Nevis, the state-owned St. Kitts Electric Company (SKELEC)

and Leclanché SA (SIX: LECN), one of the world’s leading energy storage companies.

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The Honorable Ian Patches Liburd, St. Kitts and Nevis Minister of Public Infrastructure, Post, Urban Development and Transport, said: “We are set to embark on this vital solar+storage project as a key part of our renewable energy thrust that is critical to the future development of our country.”

The 35.6 MW solar energy plant and 44.2 MWh battery storage facility will be built on government provided land in the Basseterre Valley, adjacent to the City of Basseterre and the current SKELEC PowerStation on the island of St. Kitts. It will provide the residents of this Caribbean twin-island Federation with a reliable and renewable clean energy source with fixed cost savings compared to the current diesel-generated power system. The system will provide between 25-30% of the nation’s current power generation needs, while displacing the same amount of diesel-generated capacity.

The solar storage project will help solidify the financial strength of SKELEC over the next 20+ years, while substantially reducing the islands’ fuel cost over that period,”said Liburd“The expected fuel avoidance cost from the installation of the solar farm will not only be beneficial to the energy demand of the Federation but represents that most viable option for securing SKELEC’s financial future.”

Leclanché will serve as the prime engineering, procurement and construction contractor for the installation of both the solar photovoltaic (PV) system and battery energy storage system (BESS).

“We want to thank Prime Minister Timothy Harris, Public Infrastructure Minister Liburd, the Government of St. Kitts-Nevis, and the SKELEC Board and Executive Team for their tremendous vision, cooperation and efforts in support of this exciting project,” said Anil Srivastava, CEO of Leclanché“This project marks the first time a megawatt-scale solar energy system, stabilized by a state-of-the art lithium battery energy storage system, can be utilized to provide true ‘base load’ power for a utility on a Caribbean island. It sends a strong signal to other Caribbean countries, and those around the world, that there is a cleaner, more cost-efficient and viable alternative to diesel power.”

Minister Liburd said“We are pleased to partner with Leclanché, one of the world’s leading energy storage solution providers, in this milestone project for the citizens of St. Kitts and Nevis. The solar and battery storage project represents a giant step forward in the government’s efforts to ensure a clean, safe and affordable energy future for our country. This project offers many benefits for our residents, businesses and the millions of tourists who visit St. Kitts and Nevis each year.”

The government recently approved an allocation of land for the project site which will be provided under a lease between the Government of St. Kitts and Nevis and the project company. SKELEC and Leclanché have already entered into a 20-year Power Purchase Agreement (PPA) which ensures the system will supply essential power capacity for St. Kitts for many years to come.

Leclanché has established a St. Kitts special purpose vehicle (SPV) along with local partner Solrid, to fund, own and operate the facility. Once the energy generation and storage project is completed and delivered, Leclanché will be responsible for the management of all project operations, maintenance and equipment warranties.

“SKELEC’s leadership in this solar generation and storage project is commendable on many levels,” said St. Kitts and Nevis Prime Minister Timothy Sylvester Harris“This project is an example of the bold thinking and actions being undertaken by our electric utility to ensure a reliable power supply and a cleaner, more sustainable environment for our citizens and tourists.”

“The cost of this project to St. Kitts and Nevis citizens is zero,” said Bryan Urban, Executive Vice President and Head of Leclanché Stationary Business Unit“It is being fully paid-for over 20 years through the savings created by the switch to clean and reliable solar energy.”

Ground-breaking for the solar and energy storage project is scheduled for mid-October 2019 with an anticipated completion date of September 2020.

For more information, write to [email protected] or visit www.leclanche.com.

About Leclanché
Headquartered in Switzerland, Leclanché SA is a leading provider of high-quality energy storage solutions designed to accelerate our progress towards a clean energy future. Leclanché’s history and heritage is rooted in over 100 years of battery and energy storage innovation and the Company is a trusted provider of energy storage solutions globally. This coupled with the Company’s culture of German engineering and Swiss precision and quality, continues to make Leclanché the partner of choice for both disruptors, established companies and governments who are pioneering positive changes in how energy is produced, distributed and consumed around the world. The energy transition is being driven primarily by changes in the management of our electricity networks and the electrification of transport, and these two end markets form the backbone of our strategy and business model. Leclanché is at the heart of the convergence of the electrification of transport and the changes in the distribution network. Leclanché is the only listed pure play energy storage company in the world, organised along three business units: stationary storage solutions, e-Transport solutions and specialty batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX: LECN).

SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9

Disclaimer
This press release contains certain forward-looking statements relating to Leclanché’s business, which can be identified by terminology such as “strategic”, “proposes”, “to introduce”, “will”, “planned”, “expected”, “commitment”, “expects”, “set”, “preparing”, “plans”, “estimates”, “aims”, “would”, “potential”, “awaiting”, “estimated”, “proposal”, or similar expressions, or by expressed or implied discussions regarding the ramp up of Leclanché’s production capacity, potential applications for existing products, or regarding potential future revenues from any such products, or potential future sales or earnings of Leclanché or any of its business units. You should not place undue reliance on these statements. Such forward-looking statements reflect the current views of Leclanché regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that Leclanché’s products will achieve any particular revenue levels. Nor can there be any guarantee that Leclanché, or any of the business units, will achieve any particular financial results.

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