st. KITTS AND NEVIS IS THE FINANCIAL HUB of the Eastern Caribbean, being home to the region’s major financial institutions and enjoys full membership in the OECS, CARICOM, the OAS, the British Commonwealth and the United Nations. It is here that law firm Grant, Powell & Co. has evolved through a succession of firms dating back to 1990. Establishing itself as one of the leading general practice law firms in the country, with a client base of local, regional, international and multinational individuals and entities.Providing the services of both Barristers and Solicitors. These services are not limited to but primarily focused in the practice areas of commercial, company formation and management, estate planning and probate, immigration and citizenship, conveyance, banking, debt collection, insurance and trusts.
With particular emphasis placed on the specialty areas of economic citizenship (citizenship by investment), with wealthy investors increasingly gaining a second passport and basing their buying decisions on which country offers the most attractive residency or citizenship package for investing in a property, or by making a one-off donation to a national development fund such as the Sugar Industry Diversification Foundation (SIDF). With a growing number of countries now vying to attract international property investors, with Caribbean islands such as St Kitts – who were the initiator of the original citizenship investment programme (CIP) in 1984.
St Kitts & Nevis has been a test-case in showing you can make a success of such schemes, in its case finding a new source of income after its 400-year-old sugar industry, which was at the heart of its economy, closed down. The creation of such citizenship by investment (CBI) programmes having been mainly driven by the Caribbean governments’ concerted need to find new ways to raise revenue because of an otherwise limited capacity to compete globally.
However, IMF division of the Caribbean figures suggests that taken together, the contribution made to GDP by Caribbean CBI programmes peaked in 2014. When, for example, St Kitts earned 14% of its GDP from citizenship, enabling it to substantially offset what otherwise would have been negative growth. However, since then its programme earnings has gone into a slow decline.
In a probable reflection of this and the need to stimulate renewed interest, its government recently announced a new route to citizenship at a basic rate of US$150,000, ‘a proportion of which’, it said, would be paid into a hurricane relief fund. The decision appears to make redundant a part of its existing programme, which offers citizenship for a minimum contribution of US$250,000 to the country’s National Development Fund. In sum, Caribbean CBI programmes may not have as bright a revenue earning future as they have had in the past.
While many high net worth people continue to seek second or third citizenships, it appears likely that the numbers of applicants per Caribbean country may decrease as global competition grows, at worst accelerating the sector’s decline. However, the citizenship by investment process remains straightforward and there is strict due diligence on applicants, which reassures people that it’s a legitimate programme.
Grant, Powell & Co also offer their expertise for real estate and property development, corporate services, intellectual property and investment and wealth management. Spearheaded by the Managing Partner Jonel Powell who in May 2015 was also appointed by Prime Minister Timothy Harris as Ambassador at Large of the Government of St. Kitts and Nevis and is a Special Envoy to the Ministries of Sport and Culture. Ambassador Powell also represents and advises the Government on matters specific to Citizenship by Investment.
The firm also offers international business companies (IBCs), limited liability companies (LLCs) and international trusts through its wholly owned subsidiary, Gibraltar Trust Company based on Nevis and offering an array of offshore facilities that are excellent tools for asset protection and estate planning.
Grant, Powell & Co is a registered service provider who can take care of the registration of your Nevis Company or international trust and are expert in making the maintenance of your Nevis entity hassle free. Besides providing registered agent services which include a local address for service, they are also available should you require any legal support for any transactions involving your Nevis entity
“with wealthy investors increasingly gaining a second passport and basing their buying decisions on which country offers the most attractive residency or citizenship package”
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