Published 17 February 2018
Buckie Got It, St. Kitts and Nevis News Source
by: Media Source
Dr. Martin and Labour were right, Timothy
Harris’ Hurricane Relief Fund hurt Real Estate option
Basseterre, St. Kitts, February 17, 2018 – St. Kitts and Nevis’ Prime Minister Dr. the Hon. Timothy Harris failed to heed the advice of the St. Kitts-Nevis Labour Party (SKNLP) that his ill-timed introduction of the Hurricane Relief Fund option as part of the Citizenship by Investment Programme, will cripple the Real Estate component.
For several weeks after the Fund was introduced, the Labour Party pointed out to Dr. Harris, that persons seeking a second citizenship will instead opt for getting a passport for as little as US$37,500 than buying a condominium at US$400,000.
Dr. Harris did not heed the advice from the Labour Party that the introduction of the HRF had serious social and economic implications for St. Kitts and Nevis.
The short-sighted Dr. Harris waited until ‘Rome was burning’ when little or no revenue was coming from the Hurricane Relief Fund and the real estate developers who were feeling the squeeze demanded Harris take action.
Last Tuesday Dr. Harris unashamedly told the National Assembly that the reasoning behind the reduction in the fees was “a group of real estate developers had lobbied his Cabinet for a downward adjustment of the fees” which were slashed by 50 percent. It means the government will collect less money from the crumbling Citizenship by Investment Programme.
Hours after Dr. Harris introduced the HRF, Deputy Political Leader of the SKNLP and former deputy Prime Minister Dr. Earl Asim Martin said the introduction of the HRF signals the death knell for the Real Estate option of the St. Kitts and Nevis Citizenship by Investment Programme.
He said the real estate option stands to suffer tremendously because persons seeking St. Kitts and Nevis Citizenship will prefer to spend US$150,000 under the Hurricane Relief Fund option to get four passports instead of investing US$400,000 to buy property under the Real Estate option.
“On September 23rd when the Hurricane Relief Fund option was introduced, it has serious implications for the Real Estate option. Serious implications for the livelihood of those who make a living from a robust construction industry of this federation,” Dr. Martin said at the time.
Photo 1: Dr. Earl Asim Martin
Photo 2 – Dr. Harris (right) and Les Khan -killing the St. Kitts and Nevis Citizenship by Investment Programme.
