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St Kitts and Nevis introduces raft of changes to its Citizenship by Investment Programme

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Black Immigrant Daily News

News Americas, 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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JAMAICA-TOURISM-Jamaica off to a good winter season

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CARIBBEAN-FINANCE-Greater collaboration needed to close green finance gap in Caribbean – PwC

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BELIZE-FINANCE-Government adamant that increase minimum wage will not hurt private sector

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UNITED STATES – ECONOMY – Caribbean American congresswoman votes for passage of massive US$1.7 trillion spending bill

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GUYANA-ENERGY- “Lions share” of oil production in 2023 to come from Guyana, Brazil

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BELIZE-SUGAR-Belize sugar crop likely to begin this week

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Guyana Rides The Tide Of Foreign Investment

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Black Immigrant Daily News

By Scott B. MacDonald

News Americas, MIAMI, Fl, Fri. Dec. 23, 2022: Foreign direct investment, (FDI), in the Caribbean has seen some lean years and some bountiful years. 2020 was a brutal year due to the COVID-19 pandemic; 2021 was much better, with FDI bouncing back throughout most of the region.

Significantly, Guyana, long one of the poorest countries in the Americas and for many decades starved for foreign investment, for the first time showed the largest growth in inflows, moving ahead of the multi-year leader, the Dominican Republic. Guyana’s new-found leadership for FDI in the Caribbean is of critical importance for the Caribbean, particularly in the ongoing development of the Southern Caribbean energy matrix.

In its annual report on FDI for 2021, the Economic Commission for Latin America and the Caribbean, (ECLAC), noted that the Caribbean attracted $8.957 billion, a 19.4 increase over 2020. Of that total, Guyana pulled in $4.4 billion, equal to almost 50 percent. Considering that ten years ago Guyana was one of the poorest countries in the Caribbean and Latin America and attracted little FDI, this is a major milestone in the country’s history.

A large part of that capital is earmarked for the oil sector, much of it from ExxonMobil and other major energy companies who have invested tens of billions of dollars over the last decade in exploration and production.  

Guyana’s attractiveness to foreign investors derives from the country’s oil boom, which started in 2015. The country also benefits from strong economic growth, a general openness to foreign investment, political stability, and efforts to upgrade the national infrastructure. As new oil revenues flood into Guyana, there are plenty of needs to be met.

There are four points to be taken from ECLAC’s FDI investment report pertaining to Guyana and the Caribbean. First and foremost, Guyana remains a “hot prospect” for FDI, driven by the oil sector and the ripple effect that sector is having on the rest of the economy. The dynamic nature of Guyana’s oil sector is having a knock-on effect into other parts of the economy. The development of the oil sector is pushing a badly needed overhaul of the country’s roads, bridges, harbors, airports, electricity grid, and boosting sea and flood defenses. According to the ECLAC report new non-hydrocarbon projects worth $180 million were announced in 2021, an increase of 397 percent over 2020.

Part of the ripple effect of oil revenues is the Guyanese government’s efforts to diversify the economy away from hydrocarbons by promoting other sectors, such as agriculture, business support services, healthcare, and technology. The Guyana Office for Investment (GOINVEST) is active in working with foreign companies. It is understood by the Guyanese government that the oil wealth is transitory as the global economy moves toward renewables. One of the government’s aspirations is to make Guyana a breadbasket for the rest of the Caribbean, which currently imports a large portion of its food.

The second point is that Guyana is demonstrating that it has the potential to pull along the rest of the Caribbean. This is evident in the largest major non-hydrocarbon related investment that came in the telecommunications sector due to an announcement by Jamaican company Digicel that it will lay a submarine cable to provide the country with high-technology internet and telephone services. The Digicel “Deep Blue” project has an estimated value of $137 million. Digicel has already signed a partnership agreement with Orange (a French company) to extend the system from Trinidad to French Guiana.

The third point is that large FDI inflows to Guyana are reinforcing the development of a Southern Caribbean energy matrix, which currently is defined by Guyana, Suriname and Trinidad and Tobago.

As Trinidadian energy expert Anthony Bryan has repeatedly asserted, Guyana and Suriname represent new provinces for global oil, Trinidad is a mature oil and mainly natural gas province (with considerable expertise to be tapped) and Colombia, Venezuela, Grenada, and French Guiana could be added. According to the ECLAC report the Digicel project “…is associated with oil and gas exploration in the area, as the intention is to connect oil platforms off the coast of Guyana with other territories and countries in the region, such as French Guiana, Suriname and Trinidad and Tobago.” Consequently, capital flows help bind the matrix together, a development that could benefit the rest of the Caribbean. 

The fourth point is that FDI investment in Guyana is led by the United States, which has both geopolitical and economic implications. Indeed, in the broader Caribbean region, U.S. and European investment was dominant in 2021. While ExxonMobil stands out in Guyana for the sheer size and scale of its investment, the U.S. in 2021 continued to be the main FDI source in the Dominican Republic, accounting for 44 percent of inflows according to ECLAC.  Moreover, following the Summit of the Americas in June 2022, the Biden administration agreed to promote Caribbean energy security, access to finance and food security.

U.S. engagement is important from the perspective that U.S. and European interest in the Caribbean declined for the better part of the first two decades of the 21st century, while China had stepped up. However, it appears that U.S. and European investment, led by private sector companies, is now more engaged in the Caribbean, especially in Guyana.

China’s investment in the Caribbean and Latin America began to taper in 2015. Although In 2020 for the first time in 15 years, the China Development Bank and China’s Export-Import Bank did not lend to any countries, China’s interest in Guyana has hardly diminished.

This is due to higher global energy costs related to the Russo-Ukrainian war that started in February 2022. China’s state-owned energy giant, CNOOC, shares the Stabroek block with ExxonMobil and Hess. At the same time, Guyana’s mining sector has a relatively new entrant, Zijin Mining, which acquired Guyana Goldfields in 2020 from its Canadian owners with an all-cash transaction. Zijin Mining is actively expanding its operations beyond gold mining; over the past two years it has entered the lithium mining sector and signaled an interest in rare earth metals, which its holdings in Guyana and Suriname could help.

While Guyana’s foreign investment climate has much to offer, there are challenges. According to the U.S. State Department’s 2022 Investment Climate Report, Guyana has a high crime rate, high electricity costs, lengthy delays for permits, and issues with access to land. Indeed, in its 2020 Ease of Doing Business report (the last edition), the World Bank ranked Guyana at 134 out of 190 countries, indicating that there is room for improvement (with some of the issues being addressed in 2021 and 2022).

Efforts are being made to deal with these issues and Guyana has recently signed an engineering procurement contract for the development of a natural gas plant for electricity generation that should reduce prices significantly. 

Oil wealth is changing Guyana and providing it with a rare opportunity to rapidly advance its economy, become a more equitable society, and provide a funding mechanism for a non-carbon-based economy. FDI is playing an important role in this process. The challenge ahead is to manage that process. For every United Arab Emirates and Qatar there is a Chad and a Venezuela.

Thus far, Guyana has taken heed of the words of American author H. Jackson Brown, Jr.,” “Nothing is more expensive than a missed opportunity.” The record amount of FDI shows that one of Latin America and the Caribbean’s past poorest states it is not missing the opportunity. 

EDITOR’S NOTE: Dr. Scott B. MacDonald is the Chief Economist for Smiths Research & Gradings, a Fellow with the Caribbean Policy Consortium and a Research Fellow with Global Americans. His most recent book is The New Cold War, China and the Caribbean (Palgrave Macmillan 2022).

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Oil And Gas Revenues, In Guyana, Suriname And Trinidad And Tobago And CARICOM Food Security

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Black Immigrant Daily News

By H. Arlington Chesney

News Americas, WASHINGTON, D.C., Thurs. Dec. 22, 2022:  Recent global activities have re-emphasized the importance of oil and gas revenues emanating in the Caribbean with the achievement of climate resilient activities and acceptable food security levels in CARICOM.    

Recent global activities have re-emphasized the exceedingly important relationship between regionally obtained oil and gas revenues and acceptable levels of food security in CARICOM. Indeed, the linkage between these two parameters is now existential. Supporting this reality is the contributory role of regional oil and gas to European energy security at least in the short term.

On October 27, 2022, The World Bank Food Security Update stated: (i) Food commodity prices declined from their all-time highs in April. However, grain supplies will be lower due to lower yields (weather related) in the USA and European Union, (ii) Fertilizer prices could remain historically high because of upside risks, (iii) The Black Sea Grain Initiative (BSGI) increased grain availability and reduced food prices since April.

However, further supply disruptions are possible if the BSGI is not renewed, and extreme weather, driven by climate change, puts pressure on food production and prices.

In December, Purdue University/CME Ag Economy reported that rising interest rates and high input and energy costs are creating uncertainty amongst US farmers with 80% responding that it was “bad time” for investments.

On November 20, an extended COP27 concluded in Egypt. A major achievement of Small Island and Low-Lying Developing States (SIDS), like CARICOM’s, was the eventual acceptance by developed nations to create a Fund to pay for Loss and Damage caused by Climate Change. However, details, such as, “who shall pay into the Fund, where the money will come from, and which countries will benefit” have not been agreed.   Recommendations will be made to COP28 in November/December 2023.

There were also no specific commitments from developed countries to meet the US$100 billion shortfall in funds promised for developing countries to implement adaptation measures required to minimize climate change effects.

“On COP27’s heels”, USA promised support to climate resilience and sustainable development in SIDS through a Local2030Islands Network and expanding access to risk-based insurance for most vulnerable countries. This may benefit CARICOM countries.

Notwithstanding and importantly for CARICOM’s oil producing countries, fossil fuel use was not rejected.

The results on immediate development funding at COP27 will disappoint CARICOM Heads who have identified development/debt financing as a priority for sustainable development. This is further magnified, as in November 2022,

(i) FAO’s Food and Agriculture Sustainable Development Initiative called for quantitative and qualitative improvement in Climate Change funding, and

(ii) the United Nations Development Programme’s Adaptation Gap Report, subtitled “Too little, too slow”, stated that US$160-340b annually will be required by 2030 for the 152 developing countries to implement a meaningful climate change adaptation Programme, “concentrated in agriculture, water, ecosystems and cross cutting sectors”. Extrapolating, CARICOM’s requirements will approximate US$21-45b annually.

Another instructive event is the Russia/Ukraine war with Russia menacingly threatening its oil and gas supply to the EU: supplying in 2021 40 and 34%, respectively. Although the situation appears very dynamic, the EU to (a) minimize or remove future threats, could from early 2023 cease purchasing Russian supplies, and/or (b) damage Russia’s economy, cap its purchase price at US$60/barrel.

A very likely outcome is the EU immediately requiring alternative supply sources. CARICOM, as a traditional geopolitical ally, can be a preferred option. Indeed, Guyana and Trinidad and Tobago have in 2022, on a year-to-date basis, increased their exports of oil and gas (LNG), respectively, to Europe.

Simultaneously, even with a very dynamic market, the prices for oil and natural gas are projected to remain relatively high in 2023 although not at the “heady heights” of $139/barrel in March 2022. The regional oil and natural gas suppliers, especially Guyana, are expected to accumulate healthy revenues in 2023/24.

In September 2022, the Visual Capitalist opined that: (a) high energy prices could increase food insecurity and social unrest and (b) utilizing World Bank data, high energy prices influence up to 64% of food price movements.

The major conclusions and/or actionable items from these recent and instructive happenings are:

CARICOM, with its small market, can’t depend on the EU and/or the USA, for adequate and reliable supplies of grains, its second most important food import group.

CARICOM, with estimated additional annual needs of US$21-45b, can’t immediately expect significant increased financial support from previous and newly identified funds to address its critical climate change issues that impact negatively on food security.

CARICOM oil and gas producing states are well positioned to be preferred oil and gas suppliers to the EU gaining substantial revenues as global prices are forecast to remain elevated in 2023/24.

CARICOM with projected high energy prices could experience high food prices and possibly social unrest.

Ultimately, CARICOM will have, in the short term, inadequate amounts of international finance to implement needed activities to address climate change and food security issues. With respect to the latter, this opinion concentrates on grain.

This reality places great responsibility on the oil and gas producing countries, with their substantial windfalls, to ensure that CARICOM, collectively, achieves acceptable levels of food security and implements minimally required climate change adaptation measures. Guyana’s Finance Minister, Ashni Singh, recognised this responsibility stating on November 29 that “Guyana intends to utilize its oil revenues to lay a path towards agriculture, transport infrastructure and other areas”. Guyana, in its continuing regional leadership for agriculture, must expand this outlook regionally. A paradigm recently exhorted by Prime Minister Mottley as “necessary to uplift Caribbean people”.

The Guyanese leadership must: (a) appreciate that the region is insecure if any member state remains with a food deficit: a distinct possibility without access to significant quantities of external development funds, (b) recognize that regionally obtained oil and gas revenues are now existential to achieve the 25×2025 Initiative, and (c) include Suriname and Trinidad and Tobago to partially utilize regional large oil windfalls directly and/or indirectly to assist other countries to achieve acceptable  levels of food security.

A geographical and organizational approach is recommended for the use of such funding to replace regional imports of soybeans, corn and rice, with approximate annual (2015-2022) values of US$73m, $65m and $22m, respectively.

Geographically, it’s recommended that Guyana accelerates its production of soybeans in the Intermediate Savannahs. Suriname, with similar soil types and topographies, using lessons learned in Guyana can initiate production in two/three years.

Similarly, corn production be rapidly expanded in Belize, taking advantage of decades of successful cultivation by Belizean farmers, particularly the Mennonites. Unlike Guyana, which is already drastically expanding and improving port facilities to enable oil services, Belizean facilities will most likely require modernization and upgrading to enable intra-regional trade.

Further, Guyana and Suriname have traditionally successfully produced rice commercially. These acreages, along with supporting infrastructure throughout the value chain, could be expanded rapidly. For Guyana, abandoned sugar lands, with existing basic drainage and irrigation infrastructure, are available for this expansion.

With the proposed expansion, appropriate quantities of quality seed of suitable, ecologically adapted and high yielding varieties, must be produced, preferably regionally. For rice, Guyana has traditionally produced both breeders and commercial seed.

For soybean and corn, commercial seed can be produced in Antigua and Barbuda, Belize and Trinidad and Tobago which have technical and environmental advantages and/or experience. The Caribbean Agricultural Research and Development Institute can coordinate this production.

Based on recent global events, food insecurity along with food and energy prices may remain high for CARICOM at least for 2023/24. With energy cost influencing 64% of food price movements, the realization of the existential relationship between regional oil and gas windfalls and its food security levels is now easily understood.

EDITOR’S NOTE: Dr. H. Arlington Chesney is a leading Caribbean Agricultural professional who has served his country, the Caribbean and the hemisphere. He is a Professional Emeritus of IICA and in 2011, was awarded Guyana’s Golden Arrow of Achievement for his contribution to agricultural development in Guyana and the Caribbean.

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Jamaica’s Honorary Consul In Philadelphia Elected CCAP President

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Black Immigrant Daily News

News Americas, PHILADELPHIA, PA, Mon. December 19, 2022: Jamaica’s Honorary Consul in Philadelphia, Christopher Chaplin, has been elected President of the Consular Corps Association of Philadelphia (CCAP).

Mr. Chaplin was elected at the CCAP meeting of consular representatives on December 14, 2022, in Philadelphia. He will officially take up the post on January 1, 2023.

Mr. Chaplin succeeds Mr. Peter Longstreth, Honorary Consul of Uruguay, who served the Association with distinction. In commenting on his election to the position, Mr. Chaplin said: “Peter has been a great mentor to me over the past two years and I look forward to serving my fellow diplomats with distinction.”

At the election, Ms. Susan Satkowski, Honorary Consul of the Kingdom of Norway was elected Vice President while Ms. Karen Lawson, Honorary Consul of the Republic of Fiji was elected secretary and Ms. Edith Schwartz, Honorary Consul of Hungary was elected treasurer.

Mr. Chaplin is a career banker and has worked at financial institutions in both Jamaica and the United States. He was appointed Jamaica’s Honorary Consul in Philadelphia by Jamaica’s Minister of Foreign Affairs and Foreign Trade, Senator The Hon Kamina Johnson Smith in April of 2019.

The Consular Corps Association of Philadelphia (CCAP) is the oldest consular organization in the United States and its members represent 63 countries around the world. As a 501(c)(3), non-profit corporation, CCAP is governed by a four-member Executive Committee elected each year by its members and is funded by dues, contributions and sponsorships. Like any association, CCAP’s fundamental responsibility is to assist its members in maximizing their individual effectiveness. More specific objectives include:

Improving CCAP Members’ access to Philadelphia’s business, non-profit and political leadership.

Facilitating communication, education and mutual support among CCAP Members.

Providing Philadelphia with a window on the diplomatic world – in Washington, D.C. and abroad.

Partnering with selected cultural, educational and charitable organizations which contribute to Philadelphia’s international agenda.

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