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Caribbean territory Saint Kitts and Nevis has announced that new construction projects, to build a mega-yacht marina, and a world-class private jet terminal, will be concluded during 2012 alongside other projects to market the islands to high-net-worth visitors and holidaymakers.
The territory's Prime Minister and Finance Minister, Denzil Douglas said work is ongoing towards the federation's mega yacht marina at the South East Peninsula, which is expected to host its first vessels in 2012.
“Development is also now progressing at Kittitian Hill, with construction underway on the golf course and 36 resort cottages and ten villas. It is anticipated that Phase One, which is the opening of a ninety-room hotel, spa and golf resort will take place in December 2012,” Douglas said. Phase Two of the Silver Reef luxury apartment complex is also to be completed by June of 2012.
Explaining the investment, Douglas commented: “We are [already] seeing the positive impact from the completion of the final 22 units of the 88-unit Marriott Vacation Club International (MVCI) which has timeshare owners that visit year-round therefore providing a balance between the seasonal lows and highs of leisure travel.”
In addition, construction of a world-class private jet terminal, to begin in January 2012, will be completed by October 2012. Douglas explained the decision is synergistic with other premium facilities being developed and in place, 'to serve a more upscale clientele'.
He said the private jet terminal will target clients from a number of ongoing developments such as Christophe Harbour which recently opened The Pavilion at Sandy Bank Bay, on the south east peninsula.
St Kitts has been under financial pressure in recent years. On presenting his assessment of progress made by the territory under the Stand-By Arrangement (SBA), Alfred Shipke, head of the IMF mission, said earlier in the month that revenue enhancement measures implemented last year, including the introduction of a value-added tax regime, continue to yield increased tax receipts in line with program expectations at the time of the SBA approval.
On managing the territory's significant debt, Shipke reported that: “Progress has been made in discussions with both external and domestic creditors over the terms on which the public debt, which remains unsustainable, will be restructured. Possible scenarios for the restructuring of the external debt have been discussed with creditors and discussions on a framework for the dealing with domestic creditors are advancing. As the government has previously indicated, Treasury Bills will be excluded from the debt restructuring exercise.”
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