LONDON, March 13, 2019 /PRNewswire/-- On Monday, a delegation from the regional Caribbean Airline LIAT attended a Cabinet meeting with the Government of St Kitts and Nevis to discuss several proposals to salvage the cash-strapped Antigua-based company. The Government confirmed that it is seriously considering LIAT's propositions and that it has established a special committee that would analyse the best way to move forward.
St Kitts and Nevis is a known advocate for increased international mobility. Ever since it established its pioneering Citizenship by Investment (CBI) Programme in 1984, it has been investing consistently in expanding its diplomatic relations. The country's passport holders can access approximately 150 countries and territories on a visa-free or visa-on-arrival basis.
Initiatives like the Sustainable Growth Fund (SGF) under the country's Platinum Standard CBI Programme aim to support and promote the islands' prosperous tourist industry. Foreign investors who seek to acquire second citizenship can do so by contributing to the SGF and passing all due diligence checks required under the Programme. Since it is the most straightforward and secure way to St Kitts and Nevis' citizenship, SGF is often perceived as the reliable choice for global individuals and their families looking to secure their future in a country that is ranked highly for rule of law, as scored in the latest World Justice Project index.
As tourism in St Kitts and Nevis is well established, better interconnectivity between the islands is key to the development and diversification of the sector. According to a press release issued by the Office of the Prime Minister, "Dr. the Honourable Timothy Harris-led Team Unity Cabinet of St Kitts and Nevis has established a high-level advisory committee to thoroughly consider a number of proposals put forward by regional airline, LIAT, and to advise it on the possible way forward."
Four regional governments already hold shares in LIAT and, last week, news emerged of another four governments being encouraged to further invest in it. LIAT operates 491 weekly flights and is crucial for regional mobility, thus countries in the Caribbean have a vested interest to find a non-disruptive, sensible solution. As St Kitts and Nevis confirms looking into how it can support LIAT, other neighbouring countries that are not currently shareholders have been fast to respond, some of them holding dedicated Cabinet meetings this week.
SOURCE CS Global Partners