Hon. Dr. Terrance Drew, the Prime Minister of St. Kitts and Nevis, announced in a speech to the nation on Monday, December 12, 2022, that residents and citizens will receive a Citizenship by Investment COVID-19 Relief Payment (Dividend) for the first time from the money made from the Citizenship by Investment (CBI) Program.
The CBI COVID-19 Relief Payment (Dividend), the Government’s fifth (5th) COVID-19 relief effort since entering power in August 2022, was funded with twenty-three (23) million dollars.
Although the CBI Programme was initially implemented in St. Kitts and Nevis in 1984, or close to four (4) decades ago, this is the first time a government administration has formulated such a strategy.
“The payment of a dividend on any governmental asset to regular people and residents is actually a first for the Caribbean. This makes it a noteworthy action by your thoughtful government, acknowledging that locals and citizens significantly contribute to the development of any asset of St. Kitts and Nevis “said Prime Minister and Minister of Finance, National Security, Citizenship and Immigration, Health, and Social Security, Hon. Dr. Terrance Drew.
As the leader of the St. Kitts-Nevis Labour Party, he made a promise to the people of St. Kitts and Nevis during the election campaign in August 2022 that if his party won, every person would get a dividend from the earnings of the CBI.
“By December 15th, 2022, every Kittitian, Nevisian, and other residents who pay social security in this nation SHALL get a check from the CBI Program that will, overall, reflect a portion of net income from the programme for the six months before. We will all become CBI shareholders if you elect an SKNLP government “.
A payment of EC$500.00 will be provided to citizens and residents who are Pensioners and Pensionable, that is, those who have made five hundred (500) or more payments to the Social Security Fund.
Those who have paid payments to the Social Security Fund totaling 499 or less but have not yet reached pensionable age will get EC$250.00.
The Prime Minister, Hon. Dr. Terrance Drew, said in his speech yesterday night that the CBI Program had been “abused by the previous administration” and that this had a bad impact on the profits. He then went on to notify the public of the subsequent allocation of CBI funds.
“The profit margin that might have been made is substantially smaller due to the previous administration’s misuse of hundreds of millions of the Citizenship by Investment money.
The creation of a Sovereign Wealth Fund has received funding from some of that earnings. Additionally, a portion of the proceeds is set aside for capital expenditures that will benefit all of the residents of St. Kitts and Nevis.”
The objective is to have all payments finished by December 31st, 2022, thus the payment process is expected to start by Thursday, December 15th, 2022.
