Bank of Nevis opens in St. Kitts heralding a historic new era of indigenous banking
LONDON, April 8, 2021 / PRNewswire / – In a historic move, the Bank of Nevis opened a branch in Lowland, St Kitts, following a recent acquisition of assets and liabilities belonging to Royal Bank of Canada (RBC). The inauguration ceremony took place on April 6e at the former location of the RBC, in the presence of several senior officials, including the Prime Minister Timothy harris and dr Timothy antoine, Governor of the Eastern Caribbean Monetary Union (ECCU).
The opening of the Bank of Nevis promotes the nation’s integration into two islands while stimulating the developmental footprint and strengthening its economy. This achievement also certifies that the bank can be a local business rather than a dependency on an international institution. While commercial banks are important to the region, indigenous banks empower the locals.
The acquisition marked the end of RBC’s presence within the ECCU, establishing the Bank of Nevis as a “first division” bank, recognized by Governor Antoine. “As far as I am concerned, any bank in the Eastern Caribbean Monetary Union (ECCU) with assets exceeding a billion dollars is in the Premier League of Banks in the ECCU “, said Dr Antoine.” But there is more, with this acquisition, the Bank of Nevis has more than tripled the size of its assets from a little more $ 500 million a little more $ 1.7 billion,” he added.
Despite the economic fallout from the COVID-19 pandemic, St Kitts and Nevis continues to commit to its economic growth. The islands expected to register an increase of more than 5% this year. Before the pandemic, the country enjoyed continuous economic growth for a consecutive five-year period. Although one of the smallest sovereign states in the Western Hemisphere, St Kitts and Nevis also became the first independent ECCU country to align its debt-to-GDP ratio with international standards, twelve years ahead of the deadline.
One of the main contributors to St Kitts and Nevis’ economy is its popular Citizenship by Investment (CBI) program, which has been in existence for over thirty years. Founded in 1984, one year after the independence of the islands UK, the CBI program has sought to attract foreign direct investment in exchange for the offer of a second citizenship. To be eligible, an applicant must make an economic contribution to the Sustainable Growth Fund. The income generated by the fund is then funneled into national development, including tourism, health, education, etc.
Successful applicants have access to second citizenship and can apply for a second passport, allowing them to travel visa-free or visa-on-arrival to nearly 160 destinations, including leading business centers. In addition, economic citizens acquire the right to live, work and study in the country with the added benefit of passing on citizenship and establishing a future family inheritance. As the oldest program on the market, St Kitts and Nevis’ CBI is considered a “Platinum Standard” brand in the industry and has been recognized internationally for its due diligence, efficiency and affordability.
Families of up to four people can now enjoy St Kitts and Nevis’ limited-time offer, which extends citizenship for $ 150,000 rather than the previous one $ 195,000.
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SOURCE CS Global Partners