Hyatt agrees to build luxury project on the Caribbean island of St Kitts

The firm affiliate of Hyatt Hotels Corporation, Range Developments, and the company Kiawah Partners, have signed an agreement to build and operate, still awaiting final funding, a Park Hyatt hotel ultra-luxury Christophe Harbour on the Caribbean island of St Kitts, as reported in Dubai.

According to sources in the hotel industry on the island, the project will have its source of funding for the Citizenship by Investment Program (Citizenship by Investment Program) St. Kitts and Nevis, through the sale of individual stocks by $ 400 thousand.

Conceived within the residential resort community of Christophe Harbour, with amenities including a marina for super yachts, a Tom Fazio golf course and private beach club, St Kitts Park Hyatt hotel will comprise 200 rooms and 50 residential condominiums, which will be built in three phases.

The first phase will consist of 125 rooms and all facilities and support facilities to serve the resort. These facilities are planned for restoration sites, private beach access, pool, spa and meeting space.

Ownership of equity securities in the hotel project gives investors the right to be eligible for citizenship of St Kitts and Nevis, a member of the Commonwealth of Nations, through the program Citizenship by Investment Program, established in 1984.

Among the advantages of that status is visa-free access to 139 countries including the UK, countries of the European Schengen and most member nations of the British Commonwealth as well as Canada, France, Germany and Switzerland.

Responsible for St Kitts and Nevis recalled that the citizens of that state in the Eastern Caribbean, among other benefits, offer tax-free income and a tax exemption on capital gains, gifts, property and inheritance.

Add to this dual citizenship for all nationalities, without giving up the country of origin, citizenship for life with unlimited transfers across generations, and the ability to obtain within 90 days without residency requirements.

Launching the project in Dubai, the first minsitro Denzil Douglas said the project «will be a new step in the country’s economic transformation after the closure of the sugar industry in 2005.»

Douglas told reporters that the Caribbean country has embarked on an ambitious program of infrastructure expansion, which are included in ports and airports, telecommunications, roads, air transport and other key areas for tourism development.