Dubai-based Range Developments plans to build a luxury Park Hyatt hotel in St Kitts & Nevis and offer investors spending more than $400,000 to apply for citizenship of the Caribbean island.
Range Developments said citizenship will grant investors visa-free travel access to 139 countries, including the UK, Europe and most British Commonwealth member countries. They will also receive tax exemptions on their income, capital gains and inheritance and will not be required to give up their existing passport or citizenships.
The firm signed an agreement with the Hyatt Hotels Corporation and Kiawah Partners to build and operate the $200m hotel in an official ceremony in Dubai, overseen by the prime minister of the Federation of St Kitts & Nevis.
“Investing in the Park Hyatt hotel project will entitle you and your family to apply for citizenship of St Kitts & Nevis. This opportunity provides second citizenship to eligible individuals in 90 days and opens visa-free travel to more than 139 countries across the world,” said Munaf Ali, CEO of Range Developments.
The Park Hyatt St. Kitts will comprise 200 hotel rooms and 50 branded residential condominiums. It will be built in three phases, with the first phase of 125 rooms due to be completed in December 2014.
The hotel will be part of the residential resort community of Christophe Harbour, which includes a super yacht marina, a Tom Fazio golf course and a private beach club.
“We are extremely pleased to welcome the prestigious Park Hyatt brand and Range Developments to the island of St Kitts. This project will further advance our government’s economic transformation of St. Kitts following the closure of the sugar industry in 2005, “ Dr. Denzil L. Douglas, Prime Minister of the Federation of St Kitts & Nevis, said at the launch in Dubai.