Posts Tagged ‘#StKittsandNevis’

St Kitts and Nevis introduces raft of changes to its Citizenship by Investment Programme, benefits both locals and an intelligent investor

CARIBPR WIRE, London, England, Tues. Dec. 27, 2022: The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens while creating an enriching base for intelligent investors.

“Today, our progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.”

“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.

Watch the full video announcement here.

The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.

Since his election in August, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has hinted at upcoming changes to the country’s Citizenship by Investment programme – reiterating multiple times that the revamped programme needs to be mutually beneficial to both Kittians and Nevisians and international investors.

The Prime Minister said at a recent event “While we navigate the complexities of managing a small island developing state in this unpredictable and highly globalized world, we have made it a priority to craft a solution to ensure that the evolution of our citizenship programme will be a sustainable model filled with integrity, transparency and accountability.”

The Programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.

“We have crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity that will come through administrative improvements. We have also structured our programme to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful endeavour. Lastly, we have tailored our investment options to align with market realities while preserving the platinum brand our proud nation has developed and nurtured for four decades, operating the oldest Citizenship by Investment Programme in the world,” added the Prime Minister.

To achieve this, the most notable change to the programme will be the introduction of a Board of Governors and a Technical Committee.

Effective next year, a professional Citizenship by Investment Board of Governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.

To further the Programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly. This committee will also be tasked with making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

The Technical Committee will be comprised of a chairperson, this role will be filled by the recently appointed Head of the CBI Unit, Michael Martin; a senior officer and a secretary – who will be a civil servant assigned by the Prime Minister.

Applicants can gain second citizenship in 60 days, but only for a limited time

St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its Sustainable Growth Fund – the revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.

Under the Limited Time Offer, investment options are as follows:

  • Single applicant – US$ 125,000
  • Main applicant and a spouse – US$150,000
  • Main applicant, spouse and two dependants – US$170,000
  • Each additional dependant under 18 – US$10,000
  • Each additional dependant over 18 – US$25,000

From 1 July 2023 onwards, applicants investing through the Sustainable Growth Fund will be charged as follows and can expect approval in principle within 90 days of submission of application.

  • Main applicant – US$150,000
  • Main applicant and a spouse – US$175,000
  • Main applicant, spouse and two dependants – US$195,000
  • Each additional dependant under 18 – US$10,000
  • Each additional dependant over 18 – US$25,000

These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.

“This is an exciting time because these policies will continue our progressive course in the global investor immigration industry and cement St Kitts and Nevis’ place as a leader in the Citizenship by Investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” continued the Prime Minister.

It is important to note that these additional layers are not meant to hinder the application process but rather ensure multiple aspects including keeping processing to agreed timelines, all approved applicants are of the highest repute and most importantly, that projects meet the requirement of benefitting the local economy.

Another change is that the sustainable model of the Citizenship by Investment programme will now involve the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.

The evolved St Kitts and Nevis Citizenship by Investment Programme will invite bold and creative investors to facilitate the development of innovative industries in St Kitts and Nevis including construction of real estate developments pursuant to the new administration’s priority infrastructure list. “All projects must bring substantial benefit to the people of St Kitts and Nevis,” noted the Prime Minister.

The government will approve real estate projects to be developed and of these, a designated number of real estate units will be available to be sold to qualifying investors. Real estate projects will be constructed and completed according to a pre-defined schedule and a designated escrow drawdown process will also be implemented.

Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development”.

Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:

  • Fines of up to US$200,000 on summary conviction
  • Revocation/suspension of Approved Development status
  • Removal of Authorised Agent licence
  • Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application

A new Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.

Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.

A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.

Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.

St Kitts and Nevis has created a name for itself as a financial nexus with an attractive citizenship programme underpinned by a sound legal framework and robust multi-layered due diligence.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry.

Watch the full video announcement here.

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Michael Martin appointed as new CEO of St Kitts and Nevis Citizenship by Investment Unit

CARIBPR WIRE, Basseterre, St. Kitts, Dec. 14, 2022: Michael Martin has been appointed to take the helm at St Kitts and Nevis’ Citizenship by Investment Unit and lead the evolution of the country’s investment migration programme.

The twin-island nation is on a drive to enhance its Citizenship by Investment Programme, so it continues to be the benchmark of the global investor immigration industry.

The Prime Minister welcomed Martin at an event at the Citizenship by Investment Unit and expressed his excitement as Martin’s appointment, which comes at a time when the country is evolving its Citizenship by Investment Programme so that it not only attracts intelligent investors but benefits local citizens as well.

The Prime Minister also expressed his confidence in Martin who has been described as the perfect candidate to help the nation realise its goal of providing a programme that will uplift the Kittitian and Nevisian society through beneficial investment options that bring tangible value, while also offering an enriching base to international investors.

At the briefing, the new Head of the Citizenship by Investment Unit thanked the Prime Minister for trusting him with “this very important assignment” and expressed his excitement about taking on the new task.

Martin also stated that a situational analysis would be conducted to assess the status of the Unit and determine the best way forward to “maximize efficiency and effectiveness”.

“This is an operation that is very important to the development of the country, and to the people of the country. We will have to rebrand and refocus the programme, define our strategic goals, and create some new investment options that would be aligned to those strategic goals. ”

The Citizenship by Investment Programme is expected to undergo a complete evolution. Martin spoke of the strategic plans he has in store for the Unit and reiterated that the focus is on advancing the country. “We will be looking at emerging markets and redefining our target client. There must be some exclusivity to it,” he added.

St Kitts and Nevis welcomed a new administration in August that is working tirelessly to revamp the country’s citizenship by investment programme. Now, in the third iteration of its evolution, after four decades of erudition and development, St Kitts and Nevis administration is using creativity and boldness to ensure that the programme transcends to the modern age; and that the security infrastructure is enhanced and strengthened.

A local Kittian, Martin has strong financial acumen and brings a wealth of experience in strategic planning and compliance. He is touted as being the man to bring greater stability to the CBI Unit which will now have more legislative and administrative oversight.

Martin’s past experience as a service provider in the investment migration industry and his local roots make him the right candidate to understand what our external stakeholders require from us as well as knowing how we can use this programme to uplift our people.

Martin will lead a team of efficient and focused experts who will ensure that the programme increases processing efficiency and accuracy while also maintaining strong due diligence processes so that only investors of the highest calibre are accepted.

St Kitts and Nevis’ Citizenship by Investment Programme will be underpinned by three fundamental principles including sustainability, good governance and pragmatism.

The enhanced Citizenship by Investment Programme has been crafted under a sustainable model that will ensure that St Kitts and Nevis continues to be the envy of the international community by injecting high levels of integrity and administrative improvements.

The Programme is to be structured to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful Citizenship by Investment Programme.

Investment options are to be tailored to align with market realities while preserving the platinum brand St Kitts and Nevis has developed and nurtured for four decades, operating the oldest Citizenship by Investment programme in the world.

Martin has served in top management positions in several companies, including the National Caribbean Insurance Company, National Bank Trust Company, and Sagicor Life Inc. He was previously a director of the Insurance Association of the Caribbean, Honorary Secretary of the Brimstone Hill Fortress National Park Society Council of Management, and director for First Federal Cooperative Credit Union.

He holds a graduate diploma from the International Compliance Association and Manchester Business School, a certificate in International Trust Management from the Society of Trust and Estate Practitioners and a certificate in Managing Financial Services from the University of the West Indies.

St Kitts and Nevis Citizenship by Investment programme was founded in 1984 and remains one of the most sought-after programmes of its kind in the world. The programme continues to be one of the most awarded, having taken the top spot in the CBI Index, a comprehensive ranking system that evaluates operational citizenship by investment programmes around the world.

St Kitts and Nevis programme continues to be underpinned by a strong multi-layered due diligence process in partnership with top due diligence firms from the United Kingdom and the United States.

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St Kitts and Nevis Prime Minister takes lessons from Dubai to position twin-island federation as a business hub

CARIBPR WIRE, Basseterre, St. Kitts, Dec. 12, 2022: Prime Minister Terrance Drew of the island nation of St Kitts and Nevis was in Dubai recently for a state visit that not only aims to strengthen bilateral relations but also glean lessons from the United Arab Emirates that will pivot the island into a sought-after business and leisure hub in the Caribbean.

The new prime minister and his delegation had several meetings and engagements over the four-day trip which took place from 29 November to 3 December 2022.

The two regions have enjoyed years of fruitful relations that have resulted in several areas of cooperation in which both countries have achieved together. This includes the signing of a historic Air Services Agreement. The seminal move paved the way for air traffic between the Federation of St Kitts and Nevis and the UAE.

The UAE also expressed previous interest in assisting the twin island Federation in adapting stronger climate change resilient measures, particularly as it relates to infrastructure. As climate related weather patterns become more fierce, St Kitts and Nevis is looking to tap into Dubai’s knowledge and expertise in constructing durable and resilient structures.

Just as recently as the 1960s, Dubai’s economy was merely dependent on the revenues generated from trade and oil exploration concessions. A major chunk of revenue obtained from oil reserves started to flow in 1969 and the rapid development of Dubai began – including major infrastructure like schools and hos­pitals and, over the years, it trans­formed Dubai into the business hub we know today.

St Kitts and Nevis developed and instituted its citizenship by investment programme in 1984 as a way to increase and diversify revenue generation. For nearly 40 years the programme has been instrumental in catapulting the nation from just a small island in the Caribbean to a globally recognized investment destination.

Without this foreign direct investment into the nation, St Kitts and Nevis would have certainly progressed at a much slower pace than desired.

The government of St Kitts and Nevis has made considerable progress in reducing its public debt and is among other countries in the Caribbean that supplement their economic activity through CBI programmes which provide astute investors with the option to obtain citizenship by investing in the country. The new government administration of St Kitts and Nevis believes that residents of the United Arab Emirates (UAE) have a lot to benefit from its CBI programme.

The country is looking to build its reputation on the international stage and the CBI programme is one way to direct foreign direct investment to innovative projects across the spheres of education, health, agriculture and tourism.

For example, the travel and tourism sector accounted for one tenth of the gross domestic product (GPD) in St Kitts and Nevis in 2021, dropping for the second consecutive year. Part of the funds channeled the citizenship by investment programme will be used to revitalize the sector and re-establish St Kitts and Nevis as must-visit destination.

Attracting the right kind of developers who will inject cash into developing attractive real estate projects that will charm discerning investors, is one way to grow the tourism sector. Not only that but the upgrading and development of important infrastructure such as schools, hospitals, airports and hotel chains is another way the funds will be used to not only bring up tourist numbers but investors too.

The visit was 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 programme.

St Kitts and Nevis is the first country of the Caribbean Community to establish a formal diplomatic presence in the UAE, recently opening an embassy and consulate in the region.

The members of the delegation which included, Cabinet Secretary, Dr Natta, Attorney General, Mr. Wilkin, Minister of Tourism, Ms. Henderson, Mr. Anthony and Ms. Galloway, were positive following the visit and believe that there were many lessons learned from visit that they could take back home and implement.

The visit also signifies to the world St Kitts and Nevis is open for business. During the visit, business partners, investors and citizens were able to meet the Prime Minister and the accompanying delegation members at an exclusive cocktail event that was hosted by the High Commission of St Kitts and Nevis during the trip.

The visit provided an opportunity for St Kitts and Nevis to attract investors who seek mutually beneficial partnerships with the nation.

Saint Kitts and Nevis administers one of the most successful citizenship by investment programmes in the world. This government delegation was aimed at showing investors, entrepreneurs and families from the UAE that they are all welcome in Saint Kitts and Nevis.

The Prime Minister’s visit has come 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.

Prime Minister Drew is on a drive to find and implement solutions that will prosper St Kitts and Nevis and one of those actions included upgrading the country’s CBI programme – the government is taking measures to sustain and enhance the image of the twin-island federation’s CBI programme, so it is more transparent and follows the principles of integrity and good governance.

The St Kitts and Nevis government also recently launched its “Venture Deeper” campaign. This is a branding campaign aimed at highlighting the country’s famous and marked natural environment while introducing elements of introspective self-discovery and intention.

The campaign’s visual assets, showcased at a May 20 media premiere in New York, highlighted St Kitts and Nevis’ lush natural environment, including the territory’s rainforest, abundant historic landmarks and immersive cultural experiences.

St Kitts and Nevis’ revamped citizenship by investment programme is aimed at intelligent investors looking not only to prosper themselves, but those who are sustainability minded in their investment decisions.

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St Kitts and Nevis upgrades its citizenship by investment programme to boost its hospitality industry

CARIBPR WIRE, Basseterre, St. Kitts, Dec. 07, 2022: Saint Kitts and Nevis is boosting its local hospitality and tourism sector with investments received through its citizenship by investment programme.

This is according to the recently elected Prime Minister of the twin-island federation who concluded a four-day visit to Dubai, from 29 November to 3 December 2022.

Prime Minister Terrance Drew was in the state to engage with important stakeholders including high-level government officials, international investors, government-approved agents and promoters, who play a vital role in promoting and supporting the country’s recently upgraded citizenship by investment programme.

With the country’s citizenship by investment programme undergoing a facelift, Prime Minister Drew said the changes to the programme were not just superficial but would ensure that the programme achieved what it was designed for – strengthening St Kitts and Nevis’ economy.

Traditionally, the economy of the two-island state has depended on the growing and processing of sugar cane, but the impact of decreasing world prices on this commodity over the last few decades has moved the government’s attention to tourism, export-oriented manufacturing, and offshore banking.

Tourism is the mainstay of St Kitts and Nevis’ economy, with the United States, Canada and Trinidad and Tobago being some of its trop trade partners. The travel and tourism sector accounted for one-tenth of the gross domestic product (GPD) in St Kitts and Nevis in 2021 and it is estimated that roughly 200,000 tourists visited the islands in 2009.

With a revamped citizenship by investment programme that will be underpinned by better legislative and administrative oversight, Prime Minister Drew said he was confident that the programme would have even more impact on the country’s tourism sector.

The new cabinet aims to ensure that the destination continues to make strides towards the full resumption of tourism activity, including the return of airlift and cruise ship arrivals, with the ultimate goal of improving the quality of life of the people of the Federation.

St Kitts and Nevis is committed to enhancing its tourism presence and strengthening the economic impact of the tourism sector.

Recently during November this year, Wonder of the Seas, the world’s largest cruise ship, made its inaugural call to Port Zante in St Kitts and Nevis.  The ship from the Royal Caribbean Group brought along nearly 6,500 guests and over 2,000 crew members.  This cruise call has also been the fifth inaugural cruise call to St Kitts and Nevis since October 2022.

This year, on November 26, a superyacht named Evrima made its inaugural visit to the island sporting the finest amenities and affluent guests. Evrima accommodates 298 guests and is the first of the yachts to be introduced for the new Ritz-Carlton Yacht Collection line. This event maintained St Kitts and Nevis’ reputation as an exclusive destination.

According to the CIA World Factbook, tourists, mainly Americans, come to the island via cruise ships via Port Zante in Basseterre, air travel via Robert L Bradshaw International Airport, and the private airport and private dock for private yachts. St Kitts and Nevis is also home to Brimstone Hill Fortress, a UNESCO world heritage site.

The country’s citizenship by investment programme has been instrumental in bringing globally renowned brands such as the Park Hyatt Hotel that has recently been launched in Christophe Harbour in Banana Bay. The country will be looking to use its revamped citizenship by investment programme to develop its hospitality sector further which is a major drawcard not just for tourists, but investors looking for legitimate offshore real estate products to buy into.

Part of the change process has seen consultations with various stakeholders in the St Kitts and Nevis CBI unit who will closely now monitor and ensure that real estate projects funded by the CBI programme are completed.  To this end, the government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will further enhance St Kitts and Nevis citizenship by investment offering.

St Kitts and Nevis citizenship by investment programme stands as the oldest and one of the most trusted programmes of its kind. Since 1984, it has allowed investors and their families to legally obtain citizenship of one of the Caribbean’s most idyllic locations.

St Kitts and Nevis’ citizenship by investment programme has been pivotal in developing other important sectors such as healthcare, business, and education in the nation. With the help of the tourism industry and the citizenship by investment programme, the country has witnessed socio-economic development at a significant pace. Funds generated by the citizenship by investment programme will continue to aid the country in paving the path of development efficiently. Spending on infrastructure has made the country unrecognisable from only 20 years ago – for example there is a thriving cruise ship port complex, and new roads have been built to take pressure off traffic in Basseterre.

Prime Minister Drew was accompanied by a delegation including Marsha Henderson, Minister of Tourism, Attorney-General, Garth Wilkin; Cabinet Secretary Dr Marcus Natta; Sylvester Anthony and Veira Galloway.

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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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St Kitts and Nevis and Canada continue to implement initiatives that solidify the bilateral relationship

CARIBPR WIRE, Basseterre, St. Kitts, Mon. Nov. 21, 2022: The twin federation of St Kitts and Nevis has had a long and fruitful relationship with Canada and the two nations continue to develop initiatives that strengthen relations.

From 5 to 7 December 2022 the government of Canada will provide biometric processing of visa applications in St Kitts and Nevis. This comes as positive news as nationals of St Kitts and Nevis are normally required to travel abroad to centers in Barbados, Saint Lucia, St. Vincent, and the Grenadines, or even Trinidad and Tobago, to have their biometric information collected for Canadian visa applications.

The processing will be conducted by Canadian officials and this special arrangement is aimed at visa applicants that fall within one of the following categories:

  1. St Kitts and Nevis nationals who anticipate travel to Canada;
  2. Persons who have already applied online or by mail for a visa, work or study permit or for
    permanent residence for Canada and have received their Biometric Instruction Letter; and
  3. Nationals of other countries residing in St Kitts and Nevis are also required to provide their biometric information for planned travel to Canada.

When applying for a Canadian visa, whether for visitation, work, study, or for residence purposes, nationals of St Kitts and Nevis, as well as nationals from other countries, must provide biometric information such as fingerprints and an identity photograph.

Visa applicants are encouraged to complete an online visa application as soon as possible, in order to take advantage of this December opportunity. This could be of benefit to applicants planning to travel for educational purposes, business, tourism, family reunifications, and more.

Monday, November 28, 2022, is the last day to schedule an appointment for the available period in December. Appointment requests that are received after this date will not be accommodated unless appointments that have already been made are cancelled and a booking space becomes available.

Visa applicants must have a scheduled appointment and must bring along the required Biometrics Instruction Letter to their appointment. Officials will not collect applications or biometric information from applicants who have not received this letter.

The schedule for the collection of biometric information collection will take place from 08:30 to 17:30 on Monday to Wednesday, 5 to 7 December 2022, at the St Kitts Marriott Resort. Directions to the precise location within the hotel will be provided upon arrival.

In order to book an appointment for biometrics collection, please write to [email protected]

The governments of Canada and St Kitts and Nevis partner on a number of important issues, with an emphasis on matters of economic resilience and climate. St Kitts and Nevis has a High Commission in Ottawa and a consulate in Toronto, while Canada is represented in St Kitts and Nevis by the High Commission of Canada in Barbados, all of which help to strengthen bilateral ties between the two countries.

According to the government of Canada, Canada’s merchandise exports to St Kitts and Nevis totaled CA$5.2 million and merchandise imports from St Kitts and Nevis totaled CA$2.9 million in 2021. During this period, Canada’s main exports to St Kitts and Nevis included live animals and animal products, food products, and metals.

Even before the recent COP27, Canada announced the CA$100 million pledge for Caribbean Reconstruction and Economic and Climate Resilience to support St Kitts and Nevis and the region in reconstruction and climate resilience, following the disastrous 2017 hurricane season in the Caribbean. According to the Canadian government, this included strengthening natural disaster planning and response through organizations such as the Caribbean Disaster Emergency Management Agency.

At the CARICOM Intersessional Meeting in February 2020, Canada announced an additional CA$61.5 million in new commitments for resilience, technical assistance, and education exchanges for the Caribbean. This includes, for example, the Canada-CARICOM Expert Deployment Mechanism, which provides technical assistance to CARICOM governments, including St Kitts and Nevis, to help diversify and strengthen the economy, build climate-resilient communities, and reduce gender and economic inequalities.

Canada is the largest contributor to the International Monetary Fund’s Caribbean Regional Technical Assistance Centre, which has provided technical assistance to St Kitts and Nevis in internal audit, and tax and customs administration.

St Kitts and Nevis also works closely with Canada in multilateral domains such as the Commonwealth, the Inter-American Development Bank (IDB), the Organization of American States (OAS), the World Trade Organization (WTO), and the Organisation of Eastern Caribbean States (OECS).

St Kitts and Nevis also benefits from the Canada Fund for Local Initiatives, and Canada’s partnership with non-governmental organizations and regional institutions, such as St Kitts and Nevis-based Eastern Caribbean Central Bank and the Caribbean Development Bank. Canada represents St Kitts and Nevis and other Caribbean nations on the Board of Governors of the World Bank and the International Monetary Fund.

Many investors from Canada and other wealthy nations have participated in citizenship by investment programme offered by the government of St Kitts and Nevis. This programme is the oldest and one of the most trusted programmes of its kind in the world. Since 1984, it has allowed investors and their families to legally obtain citizenship in one of the Caribbean’s most idyllic places. Through this programme, foreign investors to St Kitts and Nevis can obtain citizenship for life, with the right to live and work in the island country, the ability to share citizenship with future generations, and taking advantage of having more global mobility. St Kitts and Nevis also offers investors a fair tax regime, with no worldwide income, inheritance, or gift tax for tax residents.

There are two main ways in which an applicant can apply for citizenship under St Kitts and Nevis citizenship by investment programme: by donating to the country’s Sustainable Growth Fund or by investing in pre-approved real estate.

The country’s CBI programme is also undergoing an upgrade under the leadership of the new St Kitts and Nevis prime minister, Dr. Terrance Drew. The new changes will ensure strengthened legislative and administrative oversight of the programme to ensure that it meets the needs of a changing investor whilst also being beneficial to the local citizens. Prime Minister Drew is determined to retain the country’s CBI status – which is one of the best in the world.

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New government of St Kitts and Nevis ready to usher in new sense of cooperation and good governance, hints at changes to the country’s CBI programme

CARIBPR WIRE, Basseterre, St. Kitts, Nov. 16, 2022:  St Kitts and Nevis welcomed a new government in August and the new administration, led by Dr Terrance Drew, is ready and determined to usher in a new sense of cooperation, good governance, and transparency – starting with steps to improve the country’s long-standing citizenship by investment (CBI) programme.

In his address on Tuesday, 15 November, marking his first 100 days in office, Prime Minister Dr Terrance Drew provided insight into the focus areas for the CBI changes, which he gave to the citizens of St Kitts and Nevis at an event held earlier today in the country’s capital Basseterre.

Since winning the snap election on 5 August, Prime Minister Dr Terrance Drew has been working tirelessly for the overall development of St Kitts and Nevis and has undertaken various initiatives including the formation of a committee to combat corruption.

The new administration has presented plans for the advancement of the twin-island nation, outlining steps that will pave the way to improving the lives of its people. A large part of these plans is funded by the CBI programme which has secured foreign direct investment into the nation for nearly 40 years since it is independence.

“Our government has been relentless in our pursuit to strengthen and improve our Citizenship by Investment programme, for enhanced sustainability within a framework of integrity. We have held productive discussions with local developers and international investors alike,” said Prime Minister Drew.

“There will be much stronger oversight and leadership in the CBI Unit by a new CBI Board and Technical Committee. I will announce the detailed changes at our upcoming press conference, but I want to be absolutely clear, that our evolved CBI programme will be run with the utmost transparency.”

To help progress the economy, Prime Minister Drew highlighted that more oversight would ensure that the people of St Kitts and Nevis would also benefit from the CBI programme as it was intended. Plans are in place to support women in sectors like construction, to provide more support to small businesses, and to review opportunities for the development of the renewable energy sector, the processing of fish, as well as packaging and exports.

With promises to improve health care, provide more affordable housing and access to better education – Prime Minister Drew understands that all this will be underpinned by a stronger economy.

Speaking at the event Prime Minister Drew said that while the nation has been the benchmark of citizenship by investment value proposition, the new administration understands that in order to remain one of the most sought-after economic citizenship programmes in the world, it needs to evolve and forge a new path for itself and the industry as it responds to a changing demographic.

Through ongoing consultations with all stakeholders during the exploratory phase, the new government aims to have regular engagement with local and international stakeholders in the programme to ensure it meets their salient needs.

Prime Minister Drew also emphasised how his government is on a journey to bring clarity to locals and international investors through constant transparency and integrity. “Our ongoing work to strengthen this programme and the system must result in prosperity for all.”

Consultations with stakeholders have led to the development of committees to supervise the process and implement strengthened legislative and administrative structures to prevent “underselling” and ensure that real estate projects funded by the CBI programme are completed.

The government’s plan is to maintain a progressive programme that cements St Kitts and Nevis’ place as a leader in the CBI Industry.

The government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will enhance St Kitts and Nevis’ CBI offering.

St Kitts and Nevis holds the oldest citizenship by investment programme in the world – established in 1984, the programme currently allows investors to gain second citizenship by donating to a government fund or by investing in real estate.

The government fund channels investment to projects that will uplift the country and has enabled, in part, sectors such as health, education, tourism, business, and agriculture to flourish.

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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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Owner of the longest standing CBI programme, St Kitts and Nevis, takes top spot at this year’s annual CBI Index

CARIBPR WIRE, Basseterre, Aug. 24, 2022: The Caribbean nation of St Kitts and Nevis tops this year’s CBI Index rankings for offering one of the best citizenship by investment (CBI) programmes in the world.

St Kitts and Nevis was rated against 12 other countries with operational CBI programmes, which, in 2022, include Antigua and Barbuda, Austria, Cambodia, Dominica, Egypt, Grenada, Jordan, Malta, Montenegro, St Lucia, Turkey and Vanuatu.

The CBI Index, published by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners, is a rating system designed to measure the performance and appeal of global CBI programmes across a diverse range of indicators and its purpose is to provide a rigorous and systematic mechanism for appraising programmes in order to facilitate the decision-making process for individuals considering them, and to bring value to the CBI industry

The primary methodological objective of the CBI Index is to isolate pillars that measure CBI programme features and jurisdictional desirability. The nine pillars that constitute this year’s CBI Index include: Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and, Certainty of Product.

The country received full marks – 10 out of 10 in the Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product pillars.

The Mandatory Travel or Residence pillar examines the travel or residence conditions imposed on applicants both before and after the granting of citizenship.

St Kitts and Nevis, along with the rest of the Caribbean countries, does not have any travel or residency requirements for CBI applicants. This makes it easy for busy entrepreneurs to continue running their businesses and still be eligible to get their second citizenship while not having to fulfil any minimum stay requirements.

St Kitts and Nevis scored top marks for the Citizenship Timeline pillar – which looks at the average time taken for citizenship to be secured by the applicant – due to the Accelerated Application Process where for an additional fee, an applicant can obtain their citizenship within a maximum of 60 days instead of the standard processing time of approximately three months.

Ease of Processing measures the end-to-end complexity of the CBI application process. St Kitts and Nevis makes the process of obtaining citizenship easy and straightforward, the country has an official government website and a dedicated CBI unit. It has also done away with burdensome application requirements such as interviews, language, culture or history tests, proof of minimum business experience and evidence of the purchase of tangible or intangible assets.

The overall effortlessness of the application process is a particularly important component, and the promise of a smooth, hassle-free process can generate readiness to engage with a programme.

One of the areas where Caribbean nations really differentiate their programmes, is the area of due diligence. St Kitts and Nevis’ due diligence process is multi-faceted and is undertaken by the country’s CBI unit, law enforcement and external third-party due-diligence agencies from the UK and USA. This ensures that the process is stringent and comprehensive, applicants are required to provide either fingerprints or a biometric passport, police certificates from both an applicant’s country of residence as well as their country of citizenship and comprehensive supporting information in respect of an applicant’s source of funds.

The CBI Index recognises that the rise of increasingly complex family relationships is driving investors to seek programmes that allow for a more diverse range of family members to be included under a primary application. St Kitts and Nevis retains a perfect score for their family friendliness as, in addition to a main applicant, they allow the applicant’s spouse, children under 18 and over 18 in certain circumstances, siblings, parents and grandparents of both the main applicant or their spouse to be included in an application.

St Kitts and Nevis’ CBI programme is one of the oldest in the industry, having been established in 1984, it assures investors of a certainty of product. The CBI Index measures certainty across five different dimensions: longevity, popularity and renown, stability, reputation, and adaptability – aspects which St Kitts and Nevis’ programme can tick off confidently.

In the 2022 CBI Index, the Freedom of Movement pillar measures the relative strength of each country’s citizenship based on three equally weighted factors: the number of destinations to which a country’s passport allows travel without restriction, the number of prime business hubs to which it provides access, and the degree to which a given citizenship provides settlement rights in other nations. St Kitts and Nevis scored a seven out of 10 in this area as it offers visa-free or visa-on-arrival access to 156 countries.

The Minimum Investment Outlay pillar measures one of the most practical and foremost considerations of CBI: how much capital is required for the investor to become an eligible applicant for the programme of their choosing.

St Kitts and Nevis offers one of the most affordable routes to alternative citizenship, and even though it ended its limited time offer of US$150,000 for a family of four at the end of December 2021, it did not impact its score, five out of 10, as the scores are based on minimum investments for a single applicant.

The St Kitts and Nevis CBI programme is a family-friendly route for those looking for a reputable and trusted programme that prioritises both applicants and its citizens – the stringent due diligence process upon application ensures that only honest hard-working families are approved. The citizenship can also be passed down to future generations, giving investors who want to leave a legacy, peace of mind.

Download the full CBI Index here, to get further insights into the CBI industry and a full evaluation of the CBI programmes of the 12 other jurisdictions in the rankings.

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Government of St. Kitts and Nevis, SKELEC and Leclanché Commence Construction of Caribbean’s Largest Solar Generation and Storage System

Innovative, fully integrated solar photovoltaic generation and lithium-ion battery energy storage system, will displace 30-35% of the islands’ diesel-generated baseload power

Sustainable microgrid system to reduce CO2 emissions by more than 740,000 metric tons over 20 years

BASSETERRE, Saint Kitts and Nevis and YVERDON-LES-BAINS, Switzerland, Dec. 10, 2020 /PRNewswire-HISPANIC PR WIRE/ – The Government of St. Kitts and Nevis, the state-owned St. Kitts Electric Company (SKELEC) and Leclanché SA (SIX: LECN) today broke ground on a landmark solar generation and storage project that will provide between 30-35% of St. Kitts baseload energy needs for the next 20-25 years while reducing carbon dioxide emissions by more than 740,000 metric tons.

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The $70 million microgrid project is being built by Leclanché, one of the world’s leading energy storage companies, which will serve as the prime engineering, procurement and construction (EPC) contractor.   Leclanché will provide a turnkey solar plus storage solution together with its main subcontractor Grupotec, headquartered in Valencia, Spain, an experienced engineering and construction firm and leader in the photovoltaic energy sector. Leclanché will own and operate the facility under its strategic build, own and operate model through its SOLEC Power Ltd subsidiary with partner Solrid Ltd.

Construction and start-up will take approximately 18 months. The project consists of a fully integrated 35.7 MW solar photovoltaic system (solar field) and a 14.8 MW / 45.7 MWh lithium-ion battery energy storage system (BESS) utilizing Leclanché’s proprietary energy management system software. Upon completion, the St. Kitts project will be the largest solar generation and energy storage system in the Caribbean and a model for other island nations worldwide. In its first year of operation, the system will generate approximately 61,300 MWh of electricity with a 41,500 metric ton reduction of CO2 emissions.

“Today’s groundbreaking marks a significant milestone for our citizens, tourist economy, our broader business community and indeed the entire Caribbean region, despite the delays caused by COVID-19,” said Dr. Honorable Timothy Harris, St. Kitts and Nevis Prime Minister.“This visionary project will help secure our energy independence, provide long-term price stability and reduce our reliance on diesel fuel.”

“The amount of carbon dioxide emissions we will reduce – nearly three quarters of a million metric tons over 20 years – is a significant demonstration of our strong policy for clean, renewable energy. We invite our Caribbean neighbors – and island communities around the world – to consider joining us in a commitment to a sustainable energy future for our children and generations to come,” said Harris.

Very Beneficial Use of Government-owned Land:
The project is being built in St. Kitts’ Basseterre Valley on a 102-acre plot of government-owned land adjacent to the current SKELEC power station and next to the thriving capital city of Basseterre, the heart of the country’s economic region.

The land, which was once used for sugar cane production but has been idle for years, was leased to Leclanché by the Government of St. Kitts and Nevis under a 20-year agreement with an automatic five-year renewal. Environmental Impact Assessment and geotechnical analysis were successfully completed in 2019, demonstrating the renewable energy project will bring a positive impact to the Basseterre Valley.

Novel “No Capital Outlay” Arrangement with St. Kitts
“SKELEC has been working closely with Leclanché for nearly two years now developing a state-of-the-art and highly sustainable energy production and storage system to serve our citizens,” said Honorable Shawn Richards, Deputy Prime Minister Public Infrastructure, Post and Urban Development. “St. Kitts residents will enjoy energy price stability for a generation while benefitting from cleaner air and water.”

“We set out to create a model solar energy production and storage system here for SKELEC that generates long-term financial and environmental benefits for the utility and its customers without SKELEC having to make a costly up-front investment,” said Anil Srivastava, CEO, Leclanché“Together, we have designed a system whose construction and ongoing energy production will be paid for over time from the sale of clean and reliable solar energy. We are pleased to have accomplished both objectives while developing a project financeable by well-established institutional investors.”

Clean, renewable energy produced from the solar + storage project will be sold to SKELEC under a 20-year power purchase agreement at flat rate over that entire period which is designed to provide a significant long-term savings to the projected diesel generation costs.

How the Solar Generation and Storage System Works
Currently, tankers deliver diesel fuel to St. Kitts on a weekly basis, and the fuel is then burned in generators to produce all the nation’s electricity. This expensive process contributes to local pollution and global warming (each gallon of diesel generates 22 pounds of CO2 when burned). The solar and storage project should reduce diesel use by 30-35%, saving money and the environment.

Leclanché’s fully integrated system consists of three core components: the solar field, battery storage system and energy management system software.

The solar panels collect sunlight that is converted into electricity. The solar project on St. Kitts will be oversized, allowing a portion of that electricity to meet current electric demand on the island, and the remainder to charge the large-scale battery storage system to meet island demand after the sun sets. The battery system will also improve grid stability and serve as a back-up in case one of the diesel generators fails.

The batteries will be housed in 14 custom-designed enclosures near the main SKELEC power station and adjacent to the solar field. Additional equipment such as inverters, transformers and protection devices will ensure that the electricity from the new project is reliable and safe.

Leclanché’s energy management system software integrates all the different components of the system and coordinates the delivery of electricity to the grid according to SKELEC’s requirements. Once completed in the first half of 2022, the solar and storage system will replace over four million gallons of diesel per year, and the battery system will enable the remaining diesel generators to operate more efficiently.

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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