New Dubai deal gives hotel share owners St Kitts citizenship
BASSETERRE, St Kitts, Thursday July 12, 2012 – A Dubai developer is using St Kitts and Nevis’s economic citizenship programme to finance its new ultra-luxury hotel development.
Range Developments, an affiliate of Hyatt Hotels Corporation and Kiawah Partners, have signed an agreement with the St Kitts and Nevis government to build and operate a Park Hyatt hotel at Christophe Harbour.
The deal is contingent upon final financing and the project is expected to be financed under the St Kitts and Nevis Citizenship by Investment Program, whereby investors who purchase US$ 400,000 in the hotel could find themselves the recipients of a new St Kitts and Nevis passports.
The deal was announced earlier this week during a press conference held at Park Hyatt in Dubai and where Kittitian officials including prime minister Dr Denzil Douglas and minister of tourism Ricky Skerritt, were in attendance.
In outlining the deal, developers explained that ownership of an investment share (limited partnership interest) in the hotel project would grant investors the right to become eligible for citizenship of St Kitts and Nevis. The key advantages of this, as outlined by the developers, would be visa-free travel access to 139 countries across the world, including United Kingdom, Schengen European countries, and most British Commonwealth member countries, especially Canada, France, Germany and Switzerland; tax-free income and an exemption from paying taxes on capital gains, gifts, wealth and inheritance; 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 the ability to obtain citizenship within 90 days without a residency requirement.
During the launch, Prime Minister 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.”
Set within the residential resort community of Christophe Harbour, which calls already includes 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, that 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.
Also present at the launch, Pat McCudden, Senior Vice President, Hyatt Hotels & Resorts, remarked: “Park Hyatt St Kitts will continue our company’s tradition of delivering an unprecedented level of luxury and unrivalled hospitality experience. Park Hyatt St Kitts will be designed to provide an intimate, contemporary resort environment, with touches of the local culture – a perfect sanctuary for our discerning guests.”
Munaf Ali, Chief Executive Officer Range Developments, also said: “We are pleased to launch a major development project on the beautiful island of St Kitts where investors are offered a unique opportunity of citizenship through investment. St Kitts is one of the most tranquil locations in the Caribbean and investing in the Park Hyatt hotel project will entitle you and your family to apply for citizenship of St Kitts & Nevis. This opportunity provides second citizenship to eligible individuals in 90 days and opens visa-free travel to more than 139 countries across the world.”