LONDON--(BUSINESS WIRE)--St Kitts and Nevis, a Commonwealth member, recently signed an agreement with the United Kingdom to ensure that the existing trade deal remains in place following the UK’s departure from the EU. The signing took place on March 22nd, during the 25th CARIFORUM Council of Ministers in Castries, St Lucia. Another eight Caribbean countries have signed this agreement, which is said to cover approximately USD 3.3bn in annual trade.
St Kitts and Nevis’ Minister of International Trade, Industry, Commerce and Consumer Affairs, Lindsay Grant, clarified that the agreement had come after several months of negotiations with senior government trade officials and the UK Trade Team. The deal “roll[s] over the terms of the CARIFORUM/EU Economic Partnership Agreement (EPA)”, clarifies Minister Grant, guaranteeing that trade in services, goods and others will continue to be protected.
This is particularly good news for the dual-island nation which has enjoyed a steady growth trajectory and thriving entrepreneurial and tourism sectors. 2018 was a record year for the islands, with business expanding and various socio-economic developments either announced, in progress or completed. Prime Minister Timothy Harris reiterated his confidence in the country’s prospects during his 2019 Budget Address: “with respect to the outlook for economic growth, the most recent data indicate that the economy of St Kitts and Nevis is expected to remain positive in 2018 and forecasts show an average expansion of 4.9% over the medium term of 2019-2021.”
This continued growth in St Kitts and Nevis is strengthened by its successful Citizenship by Investment (CBI) Programme – an initiative that has been in operation since 1984. In exchange for its citizenship, St Kitts and Nevis welcomes global investors and their families to invest in its economy, after they pass all due diligence checks. The Sustainable Growth Fund (SGF) is the newest investment channel and has been hailed as the most straightforward route to second citizenship. The generated funds are concentrated on the socio-economic advancement of the islands, aiding sectors like healthcare, education, tourism, infrastructural developments and more. As the longest-serving programme of its kind, St Kitts and Nevis is recognised as the Platinum Standard of economic citizenship.
CS Global Partners is the international legal advisory mandated by the Government to promote the Citizenship by Investment Programme worldwide.