Thanks to its citizenship-by-investment program, the federation of Saint Kitts and Nevis is attracting an increasing number of wealthy foreign investors. The high-end property market is doing so well, in fact, that St Kitts recently opened a new private jet terminal at its international airport to cater to these wealthy buyers. The boom has even allowed the government to make improvements to housing conditions for its own poor.
“After the closure of the sugar industry in 2006, we made a strategic decision to shift our visitor demographic towards the higher end of the market,” said Minister of Tourism Richard Skerritt.
In St. Kitts, especially, the real estate development scene has been booming, spurred by the arrival of the Marriott Hotel in Frigate Bay, as well as by the increased number of flights into the islands. “Since the Marriott opened, property sales and prices have increased dramatically,” local real estate agent Brian Kassab was quoted as saying.
Partially financed by the government’s citizenship-by-investment program, the five-star Park Hyatt hotel is the latest development to hit St. Kitts.