The agreement was signed on Tuesday between Range Developments, an affiliate of Hyatt Hotels Corporation, and Kiawah Partners to build and operate, contingent upon final financing, a project that will be financed under the St. Kitts and Nevis Citizenship by Investment Program, through the sale of individual investment shares for US$400,000.
The resort will include world class amenities such as a super-yacht marina, Tom Fazio golf course, and private beach club. The Park Hyatt St. Kitts will encompass 200 hotel rooms and 50 branded residential condominiums, and will will be constructed in three phases. The first phase will be comprised of 125 rooms and all the amenities and support facilities to service the resort at full build-out. The amenities planned for the hotel include multiple dining venues, private beach access, pool, spa and meeting facilities.
Under the unique arrangements of the St. Kitts and Nevis Citizenship by Investment Program, anyone purchasing an investment share (limited partnership interest) in the hotel project will become eligible for citizenship of St. Kitts and Nevis, a member of the Commonwealth of Nations. The key advantages of St Kitts and Nevis citizenship include visa-free travel access to 139 countries across the world, including United Kingdom, Schengen European countries, and most British Commonwealth member countries. Also included are Canada, France, Germany and Switzerland. Citizens of St Kitts and Nevis enjoy tax-free income and an exemption from paying taxes on capital gains, gifts, wealth and inheritance. Other benefits include dual citizenship for all nationalities without renouncing the citizenship of one’s home country, citizenship for life with an unlimited number of eligible dependents passed down through generations, and ability to obtain citizenship within 90 days without a residency requirement.
During the launch, St Kitts and Nevis Prime Minister Dr Denzil Douglas said, “We are extremely pleased to welcome the prestigious Park Hyatt brand and Range Developments to the island of St Kitts. This project will further advance our government’s economic transformation of St Kitts following the closure of the sugar industry in 2005. When completed, I am sure that guests of Park Hyatt St Kitts will find the very best in amenities and the highest standards in service, support facilities and island activities.”
Established in 1984, the St Kitts and Nevis Citizenship by Investment Program is the oldest and most respected economic citizenship program of its kind. Individuals may become eligible for citizenship of St Kitts and Nevis by making a qualifying investment in the country. The program allows dual citizenship and is strictly governed by state laws and regulations.