Rising
RISING CARIBBEAN SERIES
ST. KITTS & NEVIS
2015 6
INVESTMENT REPORT
Looking Ahead 2015
CELEBRATING “THOUGHT LEADERS IN ST. KITTS & NEVIS
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SHERRY TROSS EXECUTIVE SECRETARY FOR INTEGRAL DEVELOPMENT, ORGANIZATION OF AMERICAN STATES (OAS) LEADER INSIGHT WITH WENDELL LAWRENCE CHAIRMAN CGC INC RUDY LANGLAIS PRODUCER Telling Our Story Through Film
A LUXURIOUS WELCOME to
ST. KITTS AND NEVIS
T
he launch of YU Lounge, St. Kitts and Nevis’ exclusive private airport lounge is redefining luxury for VIP travelers and is aligned with the government’s vision of being a luxurious niche travel destination. Its first class, customer-centric service makes YU Lounge the country’s luxury gateway. With a dedicated open bar serving high-end liquors, an extensive wine list, delicious gourmet meals and hassle-free arrival and departure services, it’s no wonder the YU Lounge is gaining thumbs up accolades. For a unique, comfortable and hassle-free travel in style,
“YU Lounge is re-defining the experience of luxury,”
service so travelers can relax, sit back and enjoy the best the island has to offer without anxiety and stress. With its zen-like relaxing ambience, spectacular spacious surroundings, luxury dining services, boardroom and executive work facilities, including IMAC, plasma screens, Wi-Fi, complimentary newspapers and catering, travelers have a broad range of activities from business to leisure. YU Lounge’s services are open to commercial and private discerning travelers. Membership packages for commercial and private jet passengers are also available upon request.
according to Desigen Vythilingum, Deputy General Manager. The YU Lounge experience is all about “YU” where service begins once you land. A luxurious car picks you up and drives you to the lounge where you are greeted with a refreshing glass of champagne or the island’s local homegrown lemongrass drink according to your tastes. All arrival and departure details are taken care of, security, immigration, luggage and transportation to and from your destination. The YU Lounge also offers a complimentary personal concierge RISING ST. KITTS & NEVIS 2015
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LOOKING AHEAD 2015
O
n February 18, 2015, Dr. Timothy Harris was sworn in as the third Prime Minister of St. Kitts and Nevis (SKN). The new Prime Minister is a former senior cabinet minister in the government headed by his predecessor Dr. Denzil Douglas. While it is still early days for the new Prime Minister and his government as to what specific changes lie ahead for SKN, some insights into their agenda may lie in his Independence 31 Message to the Nation in September 2014. The then PM candidate stated that Team Unity would work to “fashion a St. Kitts and Nevis in which Kittitians and Nevisians are endeavoring and achieving. We will support local businesses, incentivize their start-up, expansion and development. We will use our citizenship monies to support local entrepreneurs and enterprises.
Since the swearing in ceremony, the new Prime Minister has already been working diligently to ensure a smooth and quick transition. In addition to being focused on serving all people of SKN, Prime Minister Harris has given assurances that he is committed to maintaining stability. In recent interviews, he has revealed that he has already met with several key investors to SKN, pledging that the new government would continue to promote a “business friendly” environment. Prime Minister Harris has also spoken with several heads of state including PMs Ralph Gonsalves of St. Vincent and the Grenadines, Roosevelt Skerrit of Dominica and Keith Mitchell of Grenada. He has reassured them that his government will continue to cooperate on both a regional and local level with its Caribbean neighbors.
We will restore the lands to the people for them to build their homes, set up their businesses, etc.” WALL STREET INVESTMENT GUIDE Editorial: Content Development Contributing Writer: Diana Heeb Bivona Copy Editor/Design: ParadigmNext Project Coordinator: Stelina Maltezou Project Assistant: Tsolmon Lkhagvasuren Director: Oni Aningo
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WSIG would like to thank St. Kitts Investment Promotion Agency (SKIPA), Kittitian Hill, Nisbett Beach Club for photos.
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RISING ST. KITTS & NEVIS 2015
“UPWARD TRAJECTORY” PILLARS OF THE ECONOMY
In the 1970s the country began investing in light manufacturing, with tourism and other offshore financial services gaining popularity as potential contributing sectors of the economy. Economic transition occurred in 2005, when the government took action after analyzing the sugar harvest yield of the entire year. The sugar industry was closed by order of the government and the country began exploring new avenues and possibilities of lucrative profits. Over the years, tourism has replaced sugar as the contributing foundational sector of the economy.
Economic Outlook
Tourism, agriculture, construction and light manufacturing are the main industries in the St. Kitts and Nevis economy. Due to its small size and reliance on tourism, St. Kitts and Nevis’ economy slumped into a recession following the 2009 global financial crisis, contracting 4.2 percent. Growth is expected to reach 3-3.5 percent moving forward in 2015 driven by a rebound in tourism revenues and an increase in construction. On June 24, 2014, St. Kitts and Nevis repaid, ahead of schedule, about one-fourth of the U.S. $73.1 million borrowed from the IMF under a Stand-by Arrangement, demonstrating its economic recovery and success under the program. Following its successful program implementation, debt stood at 104 percent of GDP in 2013 and is on-path to reach the Eastern Caribbean Currency Union (ECCU) target of 60 percent by 2020. St. Kitts and Nevis was removed from the Organization for Economic Cooperation & Development (OECD’s) “grey list” in October 2011 as the country has steadily improved legal and regulatory standards. St. Kitts and Nevis achieved fiscal sustainability, addressed the debt overhang, and placed debt on RISING ST. KITTS & NEVIS 2015
a sustainable downward trajectory while strengthening the financial sector. Despite a challenging economic environment, the country has implemented reforms to improve public finances from a deficit of 7.6 percent GDP in 2010 to a surplus of 12.3 percent in 2013. The government has reduced the debt burden through debt restructuring and fiscal consolidation from a debt-to-GDP ratio of 159.3 percent at end-2010 to 103.1 percent at end-2013. The economy is now in a better position to sustain the current rebound in economic activity over the medium term.
St. Kitts & Nevis Economic Infrastructure
The Geothermal Energy Project in Nevis has reached a milestone, with the completion of an Environmental Impact Assessment. Work has started on the design of the physical plant. Drilling commenced in the first quarter of 2011. Wind energy production officially started in June 2010 on the Maddens Windwatt Farm in Nevis; it is projected that 10 MWh will be received from the project annually. The government also procured four new generators to secure energy supply. Economic diversification will be the cornerstone in the pursuit of economic restructuring, with greater focus on tourism, financial services, and information technology as key sectors. Discussions are ongoing from the government’s side of agricultural diversification and land use management. The tourism industry, the major pillar of the economy, is likely to improve further during the medium term with the addition of significant room capacity. The financial services sector is identified as the second major pillar of the economy, and significant efforts are being made to promote St. Kitts and Nevis as a strong and 'clean' financial jurisdiction. 7
CROWN OF
JEWELS
St. Kitts and Nevis (SKN), an unspoiled paradise comprised of two islands, gained independence in 1983. Today, St. Kitts and Nevis is recognized as the youngest and smallest democracy in the Americas both in geographical size and population. St. Kitts and Nevis (SKN) have been self-governed since 1976. Although independence was gained in 1983, the islands have elected to remain a constitutional monarchy, recognizing Queen Elizabeth II as Head of State. An estimated 400-year-old tree is the only witness to the rich history of Wingfield Estate, the first English settlement in the Caribbean. In 1625, Wingfield Estate became the first land grant in the English West Indies, as well as the first working estate in the English-speaking Caribbean. The land produced tobacco and indigo until the mid-17th century when it switched to sugar and its by-product, rum. In 1834, the estate became the first to emancipate slaves in St. Kitts and Nevis. Visitors arrive from around the world to tour the Wingfield and Romney estates.
“A visit is a date with the past. It is visually stunning and a most memorable experience,” says Maurice Widdowson, the current owner of Wingfield and Romney Estates.
“St. Kitts and Nevis is the Mother Colony of the Caribbean, which is now re-emerging as the region’s leader.” 8
Brimstone Hill Fortress National Park, a UNESCO World Heritage Site of historical, cultural and architectural significance is another St. Kitts and Nevis jewel. In the 1790s, Brimstone Fortress, inspired by the design skills of British military engineers and built by the strength of African slaves, became one of the largest military communities of the 18th century. Alexander Hamilton, first Secretary of the United States Treasury is also linked to St. Kitts and Nevis. The Museum of Nevis, housed in a Caribbean-Georgian house was built on the foundation of the structure where Hamilton was born.
"St. Kitts and Nevis are maintaining its historic and cultural identity,” explains Widdowson.
“This recognition compliments the transformation we are experiencing. This strategy is what separates St. Kitts and Nevis from the rest of the Caribbean." RISING ST. KITTS & NEVIS 2015
SKN SOCIO-ECONOMIC
TRANSFORMATION AGENDA
Economic strengthening is being led by the construction of several large tourism projects, new tourism product development, and the redirection of foreign investment strategies towards short-term and low-risk opportunities in information technology areas. St. Kitts and Nevis has also realized investment benefits as a result of the legal/regulatory changes which led to the country’s removal from the OECD Financial Action Task Force (FATF) blacklist. The major policy focus will revolve around strengthening public finances to generate savings to fund infrastructural investment, promote economic diversification, accelerate the transition away from sugar production and enhance sustained economic expansion. The focus is on attaining the Millennium Development Goals (MDGs) by selecting a limited number of priority areas for action. In this context, the agenda will be primarily active in the following nine areas: (1) trade and regional integration, (2) the environment and the sustainable management of natural resources, (3) infrastructure and transport, (4) energy, (5) rural development and territorial planning, (6) agriculture and food security, (7) support for economic and institutional reforms, (8) human development, and (9) social cohesion and employment. One of the government’s commitments for a reliable and sustainable economy is to reduce its dependence on fossil fuel energy. An increasing dependence on renewable energy is creating the first entirely green country in the Caribbean region. This is one way to facilitate investments RISING ST. KITTS & NEVIS 2015
since the high cost of electricity is a constraint for doing business in the country. The Federation has succeeded in creating an attractive investment climate through legislative reform, sound policies, and careful planning. Overall, St. Kitts and Nevis is becoming an important economic player in the region. The Federation is a member of a number of international and regional organizations, as well as regional integration schemes including the Organization of Eastern Caribbean States (OECS), the Eastern Caribbean Currency Union (ECCU) and the Caribbean Community (CARICOM). The Federation maintains a stable democracy. It is known for its commitment to protecting its investors. In economic terms, it has a stable regional currency and relatively low inflation. Its proximity to regional and international markets is a plus for foreign direct investment. Regarding the social aspect of the Federations Transformation Agenda, the country has made tremendous strides in achieving the first MDG, eradication of extreme poverty. The Government provides subsidized health care for children and the elderly and assists vulnerable families with the resources to pursue education and provide food.
People’s Empowerment Programme
(PEP)
In collaboration with the National Skills Training Programme (NSTP), the People’s Empowerment Programme (PEP) was launched as a strategic investment program to strengthen the labor force of the region. The aim of the PEP program is to empower participants by providing training and assistance in human resource skills and entrepreneurial capabilities in the region. The program seeks to increase household disposable incomes through the provision of micro-financing or payment of a weekly stipend to the entrepreneurs. 9
INTRODUCTION TO
THE THOUGHT LEADERS SERIES A celebration of St. Kitts and Nevis’ thought leaders, innovators and thinkers, problem solvers, and drivers of St. Kitts and Nevis’ growth and development.
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INVESTING TODAY FOR TOMORROW Sugar Industry Diversification Foundation (SIDF)
The utilization of Citizenship-by-Investment programs have proven instrumental for many countries interested in boosting investment levels. One of the oldest and most respected programs is the St. Kitts and Nevis program established in 1984. The program requires that interested applicants invest at least U.S. $400,000 in governmentally-designated real estate, or make a minimum U.S. $250,000 contribution (based on a single person) to the Sugar Industry Diversification Foundation (SIDF), a public charity. For over 400 years, St. Kitts and Nevis’ economy was reliant on the sugar industry. That industry was closed in 2005 due to increased competition in the global economy. The dismantling of the industry meant that workers who had lost their jobs needed to be retrained, retooled and re-skilled, which led to the creation of the Foundation.
The SIDF was set up by the founder, the National Bank Trust Company in 2006, and is one of three approved options to real estate investment as a pathway to economic citizenship. The primary intent of the SIDF is to assist the government in transitioning the economy from its product dependency on sugar to one that is more diversified and stable. This is accomplished through researching, supporting and financing the development of new and existing industries, and various special projects or enterprises. Grants, loans, equity capital, budget support, debt forgiveness and assistance are the resources provided by SIDF. The SIDF aligns its financing priorities with national development strategy and tourism, the primary catalyst of economic growth for St. Kitts and Nevis. Organizational leadership is provided by an independent Board of Councillors. RISING ST. KITTS & NEVIS 2015
SIDF self-reported that as of 2011, it had disbursed over U.S. $162 million in the economic development of St. Kitts and Nevis. Fund disbursement has been diverse with regard to sector. The government sector, through direct financial support, has received over 20 percent, resort development 16 percent, tourism 13 percent and electricity 13 percent. In addition to direct government assistance, SIDF has funded several large projects including the Kittitian Hill Resort Development, reconfiguration of the RLB Airport, the upgrading of the Frigate Bay Electricity Infrastructure and the Small Entrepreneur and Enterprise Development (SEED) program.
To qualify for economic citizenship via the SIDF option, an investor can expect to make a charitable donation of U.S. $250,000 for a single person, U.S. $300,000 for a family of four, U.S. $350,000 for a family of five, or U.S. $450,000 for six or more persons. Prior to transferring funds, applications must be submitted with due diligence fees of U.S. $7,500 for the primary applicant and U.S. $4,000 for each dependent over the age of sixteen. Upon the completion of due diligence, instructions for transferring the fund contributions into an escrow account are given, and citizenship granted. On average, the complete process usually takes anywhere from three to six months. Potential applicants interested in the economic citizenship path are drawn to the SIDF option. No long-term commitment to the islands or real estate ownership requirement is necessary. However, it is important to note that contributions to the fund are non-refundable. On February 19, according to the St. Kitts-Nevis Observer, Dr. Harris instructed “all transactions involving the SIDF should be halted until further notice.” How, if at all, this impacts the economic citizenship via the SIDF option, is unclear. 11
ST. KITTS & NEVIS Sherry Tross, Executive Secretary for Integral Development, Organization of American States (OAS) What are your short and long term visions from OAS development programs, and what is your modus operandi for operating and maintaining these visions? Part of the immediate focus is to position the development pillar as the action arm of the OAS by delivering on real initiatives in renewable energy, education, innovation and competitiveness. Recently, we helped the Government of Honduras build the country’s first ever ethanol plant in a rural community where small sugarcane farmers are now providing the input for the plant. We also provided advisory services for policy reform and worked with partners to provide training for engineers and technicians so that when the plant became fully operational, the legislative framework and technical capacity were in place. This is in line with the long-term plan to be a solution multiplier, helping to connect the dots between policy, dialogue, and concrete action as well as ensuring that inclusion and sustainability are integrated into all development programs. We are creating new spaces for inter-sectorial dialogue to facilitate more informed policy making; cultivating public-private partnerships to support economic growth; and building cooperation networks in the 34 member states to propel generational leaps in learning and ensuring greater social inclusion. Our work is also reflective of the organization’s vision to integrate development, governance and social inclusion, particularly in light of global discussions to define a post-2015 sustainable development agenda.
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In addition to your role as Head of the OAS Development Secretariat, you also serve as Director General of the Inter-American Agency for Cooperation and Development (IACD). Could you describe to us the dynamics of serving in two key leadership roles? The roles are complementary. The Cooperation Agency, however, has a more corporate structure and approach. In this capacity, I work closely with a nine-member board to coordinate and facilitate targeted development programs. One of the things I’ve been able to achieve as Director General is the establishment of a section that is tasked specifically with expanding public-private partnerships, mobilizing resources and coordinating South-South and triangular cooperation activities. Significant growth in this area has also led to more multi-country projects. As the Head of Integral Development, I work with all member states and coordinate a dozen meetings of ministers – labor, education, social development, science and technology, etc. This gives me a bird’s eye view of member state priorities. That knowledge is invaluable in helping to determine the best ways to utilize the Development Cooperation Fund to provide the most value to countries. Both roles have given me an even greater appreciation for political leadership, stakeholder buy-in and clear articulation of policy as key elements for ensuring sustainability. OAS’s four main pillars are democracy, human rights, security, and development. How important is entrepreneurship and how do you maintain these principles while investing in aspiring entrepreneurs?
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Investing in entrepreneurship is supportive of all four pillars. Innovation and entrepreneurship create jobs and accelerate development. They also have the power to transform economies and societies as well as open new frontiers for growth and competitiveness. The additional economic dividends that countries can reap by enacting innovative policies and, in turn, attracting investors is significant. Given that inequality continues to be one of the greatest challenges facing countries in the Americas, one of the most effective tools is to provide citizens with the wherewithal to create their own businesses thereby opening up opportunities for larger segments of the population. Moreover, a new generation of young entrepreneurs are approaching business creation with a clear-eyed sense of creating value and profit without compromising the ability of future generations to meet their own needs. By creating innovative business solutions, sustainable entrepreneurship encourages the adoption of win-win business practices that support business profitability, social responsibility and environmental sustainability. Focusing on a country such as St. Kitts and Nevis, which needs to reposition itself for the 21st century, what will it take for the country to accomplish this? Based on my vantage point, I would pinpoint the following areas:
Invest in quality education, including language training to build talent and improve competitiveness Move forward with investing in renewable energy to achieve a level of energy security Create new opportunities for employment and income generation Position the country as an innovation hub with a legislative and regulatory frame-work that will attract domestic as well as foreign investors and innovators
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Establish an attractive diaspora incentive plan to motivate nationals living abroad to leverage their talent, develop resources and networks to support homeland initiatives Manage external debt Incorporate climate change adaptation and mitigation into development planning Maintain its reputation for being a stable democracy – investors prize stability What goals do you want to accomplish for educational programs with regard to ensuring quality education and fostering entrepreneurship for young people in St. Kitts and Nevis? My first job was teaching high school in St. Kitts and Nevis so I have some familiarity with the system. The country has always made education a priority. I am very invested in seeing the Federation participate more in our teacher training network where teachers across the Americas share experiences, research and good practices to ensure that curricula and teaching methods adapt to the changing needs of an interconnected marketplace. I also want to see students benefit from opportunities for academic and vocational training. Last year, 1,800 scholarships were offered, primarily in science, technology, engineering and math (STEM) for study in the United States, Brazil, Colombia, Mexico and other countries. Students thus develop bilingual skills even as they earn academic credentials in their chosen field. We are also trying to ensure that young entrepreneurs in St. Kitts and Nevis become more involved in regional innovation competitions to benefit from business advice, mentorship, networking, promotion and market exposure. Essentially, the aim is to support education programs that advance competitiveness, address talent gaps, and provide youth with the skill set to not only be job seekers but innovators and job creators.
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LEADER INSIGHT WENDELL E. LAWRENCE
CHAIRMAN CARRIBEAN GOVERNANCE CONSULTANTS, INC. The resources generated by the Citizenship-by -Investment Program (CBI) have been put to good use in the Federation of St. Kitts and Nevis. St. Kitts and Nevis, which had been struck by a series of hurricanes and storms in the 1990s and the early 2000s successfully erased the scar of these natural disasters by dramatically reducing its debt-to-GDP ratio by over 40 percent to its current level of 95 percent in approximately five years. The government projects that this ratio will be reduced even further to 85 percent by the end of 2014. The Federation has returned to the path of economic growth by achieving a growth rate of 3.8 percent in 2013, which exceeded every other country of the Organization of Eastern Caribbean States (OECS). In recent years, St. Kitts and Nevis has brought its fiscal accounts into balance by achieving significant surpluses with its current account, primary balance and the overall fiscal balance through debt restructuring, enhanced fiscal discipline, the assistance of the International Monetary Fund and the very significant impact of the resources generated by the CBI. The improved fiscal position of the government, the substantial investments of the SIDF, the numerous real estate projects being implemented under the CBI and the continued expansion of the economy of St. Kitts and Nevis have enhanced the confidence of local and foreign investors in the economy and have created an
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economic climate that is conducive to business development to provide a wide range of investment opportunities. The economic climate is further enhanced by the absence of personal income tax, the availability of generous fiscal incentives and import duty exemption for enterprises contributing to national development in key sectors of the economy, modern infrastructure, and legal provisions for the establishment of a range of entities, including trusts, foundations, exempt companies, limited partnerships, and captive insurance companies, which facilitates effective tax planning and wealth management. The recent change in government in St. Kitts provides evidence of the longstanding democratic tradition of St. Kitts and Nevis which will help to preserve the progress achieved over the years and keep the federation on a path of growth and development. Caribbean Governance Consultants, Inc. (CGCI) is a leading corporate services provider in the financial services sector of St. Kitts and Nevis which, along with affiliated companies, offers a range of services to regional and international clients in Citizenship-by-Investment services, real estate services, corporate governance consultancy and training, company incorporations, public sector management, concierge services, and investment facilitation. Its international orientation and intimate knowledge of the local environment of St. Kitts and Nevis gives CGCI a broad perspective that allows it to provide exceptional professional guidance and assistance to clients interested in investing in St. Kitts and Nevis through its CBI program or otherwise.
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ECONOM IC CITIZENSHIP IN ST.KITTS & NEVIS
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he Citizenship-by-Investment programs, also known as economic citizenship, have been operating since 1984. These Government-sponsored programs grant citizenship to applicants the Government deems as having good character and, more importantly, believes to be able to make a significant contribution to the economic development of the country. For countries struggling to cut public debt and attract foreign direct investment to its borders, economic citizenship has become a successful tool for improving overall economic health. The St. Kitts and Nevis program, established in 1984, is the oldest and most respected of the CBI programs. Its passport has a good reputation and is widely accepted internationally. Since 9/11, the popularity and acceptance of this program has grown, and the benefits to individuals seeking citizenship through investment have become more appealing. Successful applicants may obtain dual citizenship without having a residence or personal visit requirement. If they apply for and receive a passport from St. Kitts and Nevis, they are free to travel to over 130 countries, visa-free throughout the world. Confidentiality throughout the application is another touted benefit, and while somewhat controversial, those achieving this unique dual citizenship status may enjoy tax-free status as well. The CBI program has allowed the Government to tackle unemployment and economic problems in the country. It has also served as a platform for global financial investment in the region with investors from all corners of the world in St. Kitts and Nevis. Some of the benefits of the program include greater investment options, saving on taxes, and visa-free travel to the Schengen states and Caribbean countries amongst a long list of 16
other countries. The biggest contribution of the CBI is in the real estate market, which has grown considerably in the past three years. The goal is to utilize the Citizenship-by-Investment Program as a stimulus to drive in FDI for the short to medium term to create a real and diversified economy that is built on development and value. Investment in Real Estate - $400,000 Cost of obtaining citizenship per person - $50,000 Cost of obtaining citizenship per family - $125,000 (Based on family of four – spouse, and two children under 18. An additional $25,000 for each dependent under 18.) Additional cost per dependent between the ages of 18 and 25 - $50,000 Application and other professional fees $15,000 / $25,000 * Or a contribution to the SIDF of at least $250,000. Note: for a family of four the contribution is $300,000; a family of five is $350,000; six is $450,000; and seven is $50,000 for each dependent.)
Economic citizenship applications in St. Kitts and Nevis typically take four to six months to process. The process includes a required Interpol background report required for each application and meticulous scrutiny to ensure that the application has adhered to all of the procedural rules governing the application process. Final approval of economic citizenship applications is solely at the discretion of the Government, but once an application has been approved, individuals may then apply for and receive a St. Kitts and Nevis passport. Economic citizenship programs like this have become a lucrative business for law firms, financial intermediaries, and banks, which offer investors an array of immigration services. While most services are reputable, there is often the unscrupulous individual looking to cut corners. Therefore, it is recommended that if you are interested in such a program, do your due diligence and consult with a reputable advisory firm that specializes in economic citizenship applications. RISING ST. KITTS & NEVIS 2015
ST.A PARADISE KITTS & NEVIS OF CITIZENSHIP By Christopher Willis, Managing Partner, Henley & Partners Caribbean Ltd., St Kitts St. Kitts and Nevis is an exclusive Caribbean destination with impressive natural beauty. The islands offer twelve hours of sunshine almost year-round. With its tropical climate and cooling trade winds, it is an ideal place for relaxation. The two islands offer diverse vegetation from the many fine beaches to the attractive dense mountainous landscape. Differences in altitude and corresponding differences in soil types make it a paradise for tropical plants. The truly appropriate slogan of the local tourism authority, “Two islands – one paradise�, is befitting of the place. The official language is English and the country is very proactive in promoting and attracting investment into the country. St. Kitts and Nevis has a well-regulated financial services sector and no restrictions on repatriation of profits or imported capital. The country has a modern infrastructure with an international airport. There are direct daily flights from Miami and bi-weekly direct flights from New York and London. St. Kitts and Nevis has a democratically elected government with the Prime Minister as Head of Government and the Queen of England as Head of State. The Federation is a member of the United Nations (UN), the Organization of American States (OAS), the British Commonwealth, the Caribbean Community (CARICOM) and many other international organizations. It uses the Eastern Caribbean Dollar (EC$), the national currency of most Eastern Caribbean countries, which is pegged to the U.S. dollar.
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For over 400 years, St. Kitts and Nevis operated as mainly a sugar producing country until 2005 when the government closed down the industry due to decreasing profitability. Today, the main economic drivers are tourism, real estate and financial services. Since 1984, the St. Kitts and Nevis Citizenship Act has allowed foreign investors to acquire citizenship, making it the oldest existing Citizenship-By-Investment program. In 2007, Henley & Partners was mandated by the government to completely reform the program, and it has since become the most successful program of its kind in the world. The St. Kitts and Nevis government has signed a visa-waiver agreement with the Schengen member countries which allows a St. Kitts and Nevis citizen to visit the Schengen countries without a visa for a period of three months within a six month period following the date of first entry into any EU country. Generally, the St. Kitts and Nevis passport is an excellent travel document to have. With a St. Kitts and Nevis passport, a citizen can travel to over 130 countries and territories around the world including Europe, Hong Kong, Singapore and the UK. Understandably, the Government of St. Kitts and Nevis attaches great importance to this program, which we believe provides the basis for an integrated and strategic partnership between government and investors. This partnership assists the government in pursuing its national development agenda and secures for individual investors an opportunity to become a citizen of St. Kitts and Nevis. The program has high relevance and value to the development agenda of St. Kitts and Nevis, so government places priority on and will protect the integrity and security of the program. 17
TELLING OUR STORY
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FILM PRODUCER RUDY LANGLAIS
he art of film-making in the 21st century is one of the most dynamic means by which a modern state can showcase itself worldwide while simultaneously enhancing its human capital. The film industry provides high-paying employment, utilizes services and resources and attracts outside investment in a host of related enterprises. Countries like the U.S., France, Germany, Italy, Canada, Russia and China, have become powerful film production centers. More recently, smaller nations such as New Zealand have been successful in building entire film production industries as well using local talents to produce some of the world’s biggest films (Lord of the Rings, The Hobbit, Avatar, District 9 and King Kong). The Government of St. Kitts and Nevis recognizes that there is a unique opportunity to develop a thriving, world-class film industry in the Federation. This led the government to an agreement with my company, Frigate Bay Filmworks Ltd., to develop a sustainable film industry as part of the country’s efforts in diversifying the economy. To facilitate this project, the government now approves investment projects in the film-making industry to qualify for the Citizenship-by-Investment Program. St. Kitts and Nevis offer a perfect picturesque and safe environment for filming. Additional benefits include easy airline access through an international airport with a brand new VIP portal, a well-maintained infrastructure, a stable
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currency tied to the U.S. dollar, and a collaborative government and private-sector that have energetically “bought-in” to the vision of film production in St. Kitts and Nevis. There is also a cadre of young and well-educated citizens enthusiastically interested in filmmaking in the country. Our key partner is Kittitian Hill, which has committed to the development of a state-of-the-art post-production facility, designed and operated by an international provider. My company, Frigate Bay Filmworks Ltd., a St. Kitts Limited Liability Company (LLC), is assisting in the establishment of the film industry in St. Kitts and Nevis. With our Hollywood and international networks, we are providing technical expertise for the creation of a Film Committee, which will set the rules and regulations for film production. Over the next five years, Frigate Bay will produce a slate of films that will include movies about Bob Marley’s rise to stardom; Killmaster espionage films; the dramatic early life of Alexander Hamilton, one of America’s Founding Fathers, that took place in Nevis; and the story of the epic clash between two brothers, the leader of the native Carib Indian revolt against colonial rule. What follows our landmark agreement with the Government of St. Kitts and Nevis is the beginning of an exciting new page in the history of the nation and the Caribbean region as a whole. We will be bringing renowned international actors and directors such as Denzel Washington, Kevin Costner, Oliver Stone, Naomi Harris, Andy Davis (Director of The Fugitive),
RISING ST. KITTS & NEVIS 2015
Kenny Leon (winner of Best Director Award on Broadway 2014) and many other leading Hollywood producers and professionals. Our vision is to produce highly entertaining films that
compete with the U.S. and the U.K. in the international film arena. Our plan is to present this thrilling diversity that has produced Bob Marley, Derek Walcott, the Mighty Sparrow,
will highlight St. Kitts and Nevis as a place to make films and promote its history, its people and their stories.
Rihanna, Caryl Phillips, and many, others in the entertainment industry. The richness of the fascinating Caribbean culture will be exposed to
My goal is to see St. Kitts and Nevis become to the Caribbean what Wellington is to New Zealand,
the rest of the world through the stories of our up and coming gifted artists.
the hub and center for some of the most exciting filmmaking productions worldwide. Out of that tiny village in New Zealand, a great array of
As an investment attraction mechanism, film is one of the most exciting and rewarding tools for both investors and the host countries, offering a
engaging storytelling has come to life. Now, the time has come for the rich Caribbean culture to pursue the same path and show the world its
strong, sustainable return on investment. Film production will attract a broader array of investors looking to be part of something new and
stories.
exciting while investing in the social and cultural development of the two-island Federation and the wider Caribbean as a whole.
I envision the day when the films made in St. Kitts and Nevis will be among those earning top honors in Hollywood and young Kittitians and Nevisians being distinguished and earning recognition for their work and dedication to this industry. Perhaps we will find the next Oliver Stone or Steve McQueen or Peter Jackson in St. Kitts, the next Academy Award-winning writer, director, actor and cinematographer. Storytelling through filmmaking has powerful social and economic impact. American, British, French, Italian, German, Russian and Chinese filmmakers have shown that by imbuing their nations with national pride for their history and culture, they can also attract enormous financial investment in their economies. This spurs more production, more stories and thus even greater pride for the host countries. The Caribbean is not one homogenous place, nor one island, or a single nation, but a diverse cultural blend that when put together, can
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MANUFACTURING 10% OF ST. KITTS & NEVIS GDP Manufacturing contributed 5.53 percent to the country’s total GDP (World Bank, 2012) that has now grown to about 10 percent in 2014. St. Kitts and Nevis is estimated to have the largest electronics assembly industry in the Eastern Caribbean, with electrical produce making up the majority of the country’s exports (U.S. $20 million in the first four months of 2014). Sixty-three percent of all goods exported from St. Kitts and Nevis are bound for the U.S., Canada, Denmark, Germany, and Turkey, which are the major trade partners of the country (Observatory of Economic Complexity, 2010). In 2011, approximately 2,150 people were employed in the manufacturing sector with the majority of positions held by women. It is the largest exporter of manufactured goods to the U.S., out of all the Organization of Eastern Caribbean States and Barbados. Since 2005, the Government has attempted to stimulate other sectors of the economy, outlined in the St. Kitts and Nevis National Adaptation Strategy 2006-2013. An important sector for uplifting the economy of the region includes export-oriented manufacturing. The Ministry of International Trade, Industry and Commerce support the manufacturing sector in St. Kitts & Nevis. In 2014, the ministry launched the National Manufacturing Strategy. This has been an important step in developing the sector further and increasing its contribution to the economy. The National Manufacturing Strategy outlines the roadmap for strengthening the manufacturing sector and making it competitive. Important areas identified in the plan include fiscal constraints, energy costs, raw material procurement, human resource development and financing. Some of the goals of the national manufacturing strategy include: creating 500 additional jobs by 2020; increasing the manufacturing sector’s GDP above 10 percent by 2020; promoting environmentally sustainable manufacturing to St. Kitts and Nevis; and promoting best practices and cutting-edge manufacturing industry standards in the region.
LEADING THE MANUFACTURING SECTOR IN ST. KITTS & NEVIS Kajola -Kristada Limited, a division of PPC Broadband, Inc., is part of the Belden Brand family, a company that has evolved with the cable television industry since its establishment. The parent company Production Products Company (PPC) was founded with an emphasis on innovation. PPC perpetuates the basic philosophy with a heavy focus on research and design, yielding more patents annually in the marketplace than any other company. Kajola-Kristada Limited was founded in 1998 as a subsidiary of PPC Broadband, Inc. and is located on the beautiful island of St. Kitts. Kajola-Kristada Ltd. produces some of the many patented products created by PPC, which include, Tier Traps, AK Cable Assemblies, Super Traps, Surface Mount Filters, MoCA Filters, and AquaTightTM EX11 Connectors. Kajola-Kristada Ltd. is the number one provider of Cable TV traps to some of the biggest players in the cable/communications industry in the United States, Canada, Central and South America, Europe and other parts of the world with clients like Time Warner Cable, Comcast, Videotron, Rogers Communications and Cable Vision. Kajola-Kristada Ltd. has been ISO 9001 certified since 2007 maintaining high productivity and meeting the highest standards of Safety and Quality. Kajola-Kristada Ltd. is committed to Lean Manufacturing practices using tools like kaizen, kanbans, 5S, visual workstation signs and lean daily management boards throughout the entire manufacturing process. With a strong commitment to Environmental Health and Safety (EHS), quality, employee development, training and continuous improvement, Kajola- Kristada Ltd. prides itself on being an ethical corporate citizen and a leading player in the St. Kitts Nevis Chamber of Industry and Commerce. Kajola-Kristada Ltd. was instrumental in the recently launched National Manufacturing Strategy and is part of the Government-Private Sector Committee that is currently working on the Partial Scope Trade Agreement with Brazil. Kajola-Kristada Ltd. produces only some of the many patented products created by PPC. These include: Tier Traps, AK Cable Assemblies, Super Traps, Surface Mount Filters, MoCA Filters and AquaTightTM EX11 Connectors.
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INFRASTRUCTURE
OPPORTUNITY & NEED INTERSECTING
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country’s underpinning infrastructure is the back bone of economic growth. Opportunities for investment abound and infrastructure development is a priority for the two islands. There is a need to develop infrastructure to prevent or mitigate the effects of natural disasters, information and communication technology to update, and water and sanitation to improve. High energy costs plague many island nations and St. Kitts and Nevis is no exception. To end dependency on imported fossil fuels, government authorities are making it a priority to develop alternative sources of energy. This includes exploring a variety of alternatives such as solar, wind and biomass options. According to the Ministry of Finance’s St. Kitts and Nevis Estimates (2015) report, the government will spend $32 million annually between 2015 and 2017 on maintaining and developing infrastructure. Another $13 million per year will be spent on supplying and managing the islands’ water supply. To encourage greater investment in global infrastructure development, initiatives such as the G20 Global Infrastructure Initiative was rolled out in September 2014. This initiative supports the sharing of information between potential investors and infrastructure projects worldwide through a central hub location. Other organizations are undertaking similar initiatives. There is a World Bank initiative to provide public finance and public guarantees to facilitate the start of infrastructure projects. Furthermore, multilateral development banks provide over US $130 billion of financing for infrastructure annually and are also working to develop new platforms to mobilize private finance on a larger scale.
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FINANCIAL REFORM
IN NEVIS
offshore banking on the island. NIBO allows international banking to be carried on from a physical location on Nevis. The law sets out very clearly how these international banks will be operating; how they will be set up; how they will be regulated.
he offshore financial services sector often comes under heavy scrutiny from members of the international community. Nevis is, however, confident that its offshore financial sector is being properly regulated and compliant with international standards. Over the past few years, Nevis has worked to amend, replace or enact several international financial services laws. One in particular is being hailed as a major step forward for the Island nation.
At the time of passage, the Premier of Nevis and Minister of Finance in the Nevis Island Administration (NIA) Hon. Vance Amory explained the intent of the new law. “It was to enable us to have that diversification so that the companies which were established here under the Nevis Business Corporation Ordinance had the possibility of having their accounts held in a bank here in Nevis.�
T
On June 12, 2014, the Nevis International Banking Ordinance (NIBO) repealed and replaced the Nevis Offshore Banking Ordinance. This ordinance strengthens the governing of
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The Nevis government also hopes that the enactment of NIBO will represent the first step towards making the Island a viable and attractive commercial banking center for the Caribbean region and the world.
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ELEGANCE & COMFORT
AT THE HAMILTON BEACH VILLAS & SPA, ST. KITTS & NEVIS THE HAMILTON BEACH VILLAS & SPA OVERVIEW The Hamilton Beach Villas and Spa is a beautiful and peaceful beachfront resort located on over six acres of prime beachfront land on the western coastline of Nevis. It is comprised of ten elegantly structured buildings, housing 70 luxurious residences. Visitors are greeted by the scenic luxury that permeates all areas of the property. WORLD CLASS AMENITIES AND FACILITIES Guest comfort is a priority for the Hamilton Beach Villas & Spa, which boasts world-class facilities and amenities. Condos at the complex reflect the area's surrounding beauty and elegance. Units are thoughtfully furnished with quality amenities such as plush beds, HDTV, Wi-Fi, granite countertops in the kitchen, and travertine tiles in the bathroom. The exterior of the complex showcases the designs of award-winning landscape architect, Julie Toll. Visitors to the complex also enjoy the use of two large infinity swimming pools, tennis courts, and a state of the art spa and fitness facility. The addition of housekeeping services and 24-hour security ensure a worry free vacation. CONDO PURCHASES AT THE HAMILTON BEACH VILLAS & SPA ARE QUALIFIED UNDER THE ECONOMIC CITIZENSHIP PROGRAM The Hamilton Beach Villas & Spa is an approved project of the Citizen by Investment program in St. Kitts and Nevis. Condominium purchases at The Hamilton Beach Villas & Spa are qualified under Economic Citizenship Program, where owners of a condominium can enjoy their beautiful island residences, which also represent a great investment opportunity. Condo owners have access to a state-of-the-art business center located in the sales office. Whether you need to scan, copy, fax, conference call or have a meeting; the business center is the perfect place for entrepreneurs and business owners. A visit to Nevis’ most envied therapeutic hot bath springs, golfing, scuba diving, horseback riding, mountain climbing, water sports, fishing, snorkeling, cycling, water skiing or a number of other activities can also be arranged at the beachside resort. The Hamilton Beach Villas & Spa is no doubt a perfect place to experience the warm waters of the Caribbean Sea, along with the tropical sun and the soft sands of a beautiful Nevisian beach.
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NEVIS - THE QUEEN OF THE CARIBBEAN FORWARD MESSAGE FROM HON. PREMIER VANCE AMORY
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lessed with white sandy beaches, warm waters, sunny skies, and an intoxicating natural beauty, Nevis is an unspoiled paradise.
As we reflect over the 31 years of independence, we feel a sense of accomplishment on the economic and physical development of our country. The competent and careful management of our economy must be applauded. Our fiscal prudence and the reduction of the country's debt demonstrates that we are capable of taking care of the affairs of our little island home – Nevis. The economy of Nevis rests on five pillars: tourism, financial services, agriculture, manufacturing and construction sectors. Tourism is the major pillar and the biggest contributor to the economy. In 2013, travel and tourism generated 1,500 jobs directly (6.1 percent of total employment), and this forecast remained the same in 2014 at 1,500 filled positions. The unique culture of Nevis attracts millions of tourists from all around the globe every year. Last year alone about 25 million tourists experienced the beautiful island of Nevis. Travel and tourism are expected to have attracted capital investments of U.S. $37 million in 2013. This is expected to rise by 7.6 percent by the end of 2014, and rise by 5.1 percent per year over the next ten years to 65 million in 2024. The Government of Nevis is committed to protecting the natural environment of the island. We have initiated a number of programs to
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maintain and enhance our cultural integrity. Nevis is the leading eco-tourism destination in the world. The land boasts of fragile, pristine, and unspoiled areas of natural beauty serving as an alternative to standard commercial tourism. Eco-tourism has been an important factor in attracting worldwide tourists to the region. We are promoting the potential of a sustainable green energy on the island. Plans have been put in place to install wind farms, solar panels, and other renewable sources of power. In 2010, the first wind farm in the region was established in Nevis with the goal to deliver several benefits for the island’s ecosystem and communities. These benefits range from a reduction in the use of imported oils to a reduction in surcharge, availability of cheaper and green energy, and an increase in job opportunities. Green infrastructure projects will result in the provision of cheaper energy for businesses enabling them to continue their contribution in uplifting the economy in the region. We are also making the required regulatory changes to industrialize and diversify agriculture and farming to promote local traders. We hope that these changes will help Nevis to become one of the leading economies of the Caribbean and an attractive investment destination.
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NEVIS - A GREENER AND MORE SUSTAINABLE FUTURE HON. MARK ANTHONY G. BRANTLEY MINISTER OF FOREIGN AFFAIRS & AVIATION
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evis is not only an unspoiled paradise, but a realm full of potential for sustainability and growth.
Our government is focusing on building awareness about energy conservation and efficiency and developing renewable energy. Currently, we depend on imported petroleum products that take away a major part of our precious foreign reserves. A different approach is needed for the sustainable development of our economy. In Nevis, our goal for a greener economy contributes to sustained growth, poverty reduction, social cohesion and employment without compromising the ecosystem’s function. Development processes need to be followed by the ethos of the island’s nation. There is an increased need to focus on waste management as one of the Millennium Development Goals 2020 (MDGs 2020). In addition, it is important to highlight the robust financial system and its contribution to uplifting the economy of the country. The ability of the local industries to build the necessary capacity and to compete with international firms lies on the foundation of a solid financial system. Our government plays a major role in ensuring that companies can cope with economic shocks. The financial institutions in the country need to take a proactive approach in keeping the financial
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system adaptable to changes. The sector is not as robust as it was in the past, but it is very well regulated. The quality of business has increased through effective fiscal planning to create an investor-friendly climate in the region. The government has a significant role to play in promoting social and economic development by providing high-quality financial services solutions and products for both local and international interests. The introduction of innovative financial products and tax incentive and breaks is an important step in protecting assets and preserving wealth. Nevis is not a tax-haven. It is a tax neutral destination. Companies operating here can keep most of the revenues earned as they are charged minimum tax on profit.
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MARKET WATCH
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he Caribbean Development Bank announced that St. Kitts and Nevis (SKN) was one of the fastest grow ing small economies in the Caribbean reporting four percent economic growth last year. The news is a welcomed sign that SKN is emerging from a four-year contraction of economic output. With a stable microenvironment, a government committed to economic development and opportunities for investment; SKN appears to have a promising future on tap. A STABLE MICROENVIRONMENT The microenvironment of SKN is relatively stable. Inflation has remained low. No restrictions on capital flows exist and exchange-rate uncertainty is limited. SKN’s banking system is one of the strongest in the region and is relatively well-capitalized. SKN’s Capital Adequacy Ratio (CAR) remains one of the highest in the region at 22.6 percent at end-March 2014, according to an IMF report. This is well above the recommended benchmark of eight percent. Banks are enjoying a high level of liquidity thanks in part to strong deposits from Citizenship by Investment (CBI) inflows. However, private sector credit has trended lower. There is likely a two-fold explanation for this. Banks may be taking a ‘wait and see’ attitude about the longevity of the economic recovery. Secondly, it may be a result of the limited investment opportunities currently existing within SKN’s domestic economy. High public debt levels remain a threat to SKN’s microenvironment, but debt levels are improving. According to a September 2014 IMF review, in
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the three years between July 2011 and July 2014, SKN turned a fiscal deficit of 7.6 percent of GDP into a fiscal surplus of 12.3 percent. It also decreased its debt-to-GDP ratio from 159.3 percent to 103 percent. MAJOR ECONOMIC CONTRIBUTORS Since the closure of the state-sponsored sugar industry in 2005, the government has worked to diversify its agricultural sector and stimulate other sectors of the economy. The expansion of the CBI and Sugar Industry Diversification Fund (SDIF) programs have assisted in meeting these goals. CBI inflows have grown substantially. Inflows to the SKN government and SIDF from the CBI initiative increased from about seven percent of GDP in 2010 to roughly 25 percent in 2013. According to Alejandro Werner, Director of the Western Hemisphere Department of the IMF, the Citizenship-by-Investment inflows “have already led to a robust recovery in St. Kitts and Nevis.” About 80 percent of SKN’s private sector economy is related to the service industry. While tourism is the main driver of the service sector representing approximately 70 percent of GDP, real estate, transport, manufacturing and construction have assumed larger roles in SKN’s economy in recent years. Construction activities have picked up, thanks to larger CBI inflows, various FDI projects, and stronger activity in the tourism industry. SKN has been working to develop a comprehensive tourism strategy to build on existing capacity. New resorts and hotels are being built to increase the number of hotel rooms, opportunities to diversify tourism sourcing markets are being sought, and new target markets
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such as yachting are being explored. FDI & GROWTH OPPORTUNITIES According to ECCB and World Bank Development Indicators, FDI inflows reached U.S. $110 million in 2013. In SKN, the tourism industry has received the greatest inflow of FDI, receiving the equivalent of almost 20 percent of its GDP – one of the highest portions among similar small-island states. Given the current opportunities in the local economy, tourism will remain the likely recipient of a large percentage of FDI.
education, which may in turn, benefit other segments of the private sector such as housing. STILL MUCH TO DO SKN has made many notable improvements in its private sector development but acknowledges there is still much to do to improve its environment and make it easier and safer for investment. However, given SKN’s stable economy and a government committed to undertaking key structural reforms and enacting legislation to ensure that this environment exists, such an investment-friendly environment is likely to become a reality in the short to mid-term.
Given the ongoing challenge of energy costs, the development of alternative energy sources represents a potential investment opportunity. Solar, geothermal, wind and waste energy projects are the most promising. The government offers tax concessions for the production of solar energy and custom duties exemptions for the importation of renewable energy and energy efficient technologies. SKN’s manufacturing sector was among the top three sectors in 2012 in terms of growth in gross value added. Strong growth in the exportation of telecommunications and electrical machinery contributed to the growth in this sector. U.S.-based Boeing assembles electrical and electronic equipment in St. Kitts. And, considering a 2012 agreement on trade with Brazil and Guyana, manufacturers of electrical components will likely increase their output of higher-value-added electronic communication equipment. Thus, suggesting this sector may become a lucrative sector for SKN. Another sector identified for development is offshore education services. This sector has grown rapidly, currently boasting over 2,000 offshore university student residents living in SKN. There is potential for further development of offshore
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MONTPELIER PLANTATION
gardens and enjoy drinks and canapés in the Great Room before dinner.
OFFERS PREMIUM
AMENITIES FOR NOBILITY In Montpelier, you will find contemporary art by acclaimed Canadian painter Kirk Mechar, who paints in Nevis.
&BEACH HOTEL
HILL SIDE LUXURY NEVIS
Montpelier Plantation and Beach Hotel is a romantic and idyllic four-star boutique hideaway resort that offers breathtaking views of the Caribbean Sea and Nevis’ green landscapes. A 300-year-old sugar plantation now happily embraces luxury. There is a total of 19 rooms, suites and villas located at the resort. The resort boasts a two-mile stretch of pure white sandy beach. Guests can also cool down from the heat of the day in the large swimming pool located in the resort. HIGH QUALITY FACILITIES Hotel rooms are elegantly decorated with world-class facilities and amenities offering maximum comfort. Some of the amenities included in the rooms are mini-bars, iPod docks, Espresso machines, large bathrooms with a shower and a bathtub, in-room safes and much more. Guests can enjoy a walk through tropical
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Like Nevis itself, Montpelier seems too suave and urbane to seek the glare of publicity, although it is still feeling the ripples of the visit of Diana, Princess of Wales, who came here in December 1992 with the young princes. Montpelier hotel resort at Nevis is the perfect choice of the aristocrat and nobility to enjoy their winter break. The hotel offers Relais & Chateaux hospitality including fine wine and food. The Montpelier cuisine offers a blend of French and Caribbean cuisine with an emphasis on fresh, fusion food. Drinks and canapés are served in relaxing comfort, before dining on the terrace with captivating views of Charlestown and nearby St. Kitts. For a memorable experience, enjoy an intimate candlelit dinner in Mill Privée. The 300-year-old sugar mill converted into the only restaurant of its kind in the world. For casual lunches and dinners, Indigo embodies easygoing island dining with wines, rum, cigars and unique fusion cocktails.
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TOP PROJECTS IN ST. KITTS & NEVIS
KITTITIAN HILL RESORT Kittitian Hill is a new luxury resort development on the beautiful island of St. Kitts, in the Caribbean. Kittitian Hill Resort offers a wide variety of luxury properties and amenities, including an Ian Woosnam designed 18-hole Championship golf course and a day spa. Kittitian Hill, a U.S. $600 million hospitality and real estate destination, set on a 400-acre hillside site on St. Kitts' north coast, officially opened December 12, 2014 with 84 guesthouses at Belle Mont Farm. As part of Kittitian Hill's development, the Golden Lemon Hotel on the beach at Dieppe Bay, 10 minutes from Kittitian Hill, will be renovated to bring the property back to life. When completed in 2015, it will feature, a restaurant, the Beach House Bar and pool. Belle Mont Farm, which will be a member of Preferred Hotels & Resorts, is the brainchild of Trinidad-born Val Kempadoo. Kittitian Hill's designer is Bill Bensley, known for his work with Four Seasons, Oberoi and Leela hotels in Asia. CHRISTOPHE HARBOUR DEVELOPMENT Backed by renowned developer Buddy Darby, Christophe Harbour is a private island community that melds a relaxed Caribbean sensibility with luxury real estate, exclusive amenities and a world-class super yacht harbour. The Marina: Created by internationally acclaimed developers, The Marina at Christophe Harbour is being built with the discerning yachtsman in mind. It features 300 state-of-the-art berths - 60 of which will be able to accommodate the world’s largest super yachts.
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PARK HYATT, RANGE DEVELOPMENT A 2,500-acre resort community on the island's southeast peninsula. The hotel, the first Park Hyatt in the Caribbean, is scheduled for completion by the end of 2015. It is partly financed by St. Kitts’s Citizenship-by-Investment program. Range Developments is developing Park Hyatt St. Kitts, an ultra-luxurious five-star resort hotel located on the beautiful Caribbean island of St. Kitts & Nevis. Set within the breathtaking
landscape
of
the
Christophe
Harbour resort community and surrounded by world class amenities including a super yacht marina, Tom Fazio golf course, and an exclusive beach club, Park Hyatt St. Kitts promises an unrivaled experience. The resort expects to open 134 rooms during the winter season of 2015/2016. TAMARIND COVE MARINA DEVELOPMENT This marina development is billed as a new elite yachting and luxury lifestyle destination. The first of its kind in Nevis, Tamarind Cove Marina and Village features up to 100 boat slips for yachts of all sizes. This high-end, full service marina includes a small boutique, hotel and spa, shops and a yacht club with a lounge and restaurants. The local investor is Mr. Gregory Hardtman. Tamarind Cove Marina Development will be constructed in three phases and ready for limited business in early 2015.
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BUTLER’S ESTATE RESORT & RESIDENCES This is set on majestic gently sloping coastal terrain, capturing stunning ocean views and the frolicking surf as it caresses the shoreline reefs. Butler’s Resort & Residences is a prestigious environmentally-sensitive residential resort of exceptional Contemporary architecture
accommodation clean and
lines
will
construction
quality. mark
the
of
this
development, which will comprise exclusive condominium suites, townhomes and villas couched in a serviced setting.
CADES BAY DEVELOPMENT LTD./ ZENITH NEVIS Zenith Nevis is a new luxury beachfront villa enclave for the discriminating property buyer. Direct
beach
access,
concierge
service,
a
provisioning option, private boat pick up in St. Kitts or by car at Nevis Airport, driver service for special occasions are just a few of the amenities available. Everyday services also available include cleaning, ironing, babysitting, room spa and meal preparation by a private chef.
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