Posted on: Wednesday 19 September, 2012 9:53
|Park Hyatt St Kitts, Citizenship by Investment Program Launched in Pakistan
Range Developments, a Dubai-based real estate developer, introduced the multi-million Park Hyatt St Kitts resort to over 250 guests at the Sheraton Hotel in Karachi. The resort is to be built on the Eastern Caribbean island of St Kitts, a member of the Commonwealth of Nations and will be financed under the St Kitts & Nevis Citizenship by Investment Program through the sale of individual investment shares for USD $400,000.
The project was introduced to dignitaries and respected guests by Mr. Mohammed Asaria, Vice Chairman of Range Developments and Mr. Mir Farouk Mahmood, Sales Director, Pakistan Range Developments.
During the launch, Mr. Mohammed Asaria, Vice Chairman of Range Developments, said: “Range Developments is offering investment shares in Park Hyatt St Kitts which are deemed as qualifying investments under the Citizenship by Investment Program of St Kitts and Nevis. The proceeds of sale of these investment shares will be used to fund the development of Park Hyatt St Kitts. St Kitts after careful due diligence on an individual’s background and economic contribution of a minimum of USD 400k to the country (and the payment of governmental fees – approximately USD150,000) awards an individual and his near and dear citizenship. Acquiring an investment share in Park Hyatt St. Kitts will not only provide you with a yielding investment but also eligibility for citizenship of St Kitts. The key benefits of citizenship of St Kitts are the expediency of the process – citizenship can be granted in 120 days, without a residence or visitation requirement and the ability to travel to 139 countries around the world (EU, UK Canada, Africa and Asia) without the need for a visa.”
Mr. Mir Farouk Mahmood, Sales Director, Pakistan, Range Developments added: “The Citizenship by Investment program which is under the patronage of the St. Kitts government offers freedom, safety, travel and security as the key benefits.”
Established in 1984, the St Kitts Citizenship by Investment Program is the oldest and most respected economic citizenship program of its kind. Citizens of St Kitts enjoy tax-free income and an exemption from paying taxes on capital gains, gifts, wealth and inheritance. Other benefits include dual citizenship for all nationalities without renouncing the citizenship of one’s home country, citizenship for life with an unlimited number of eligible dependents passed down through generations, and ability to obtain citizenship within 120 days without a residency requirement.
Park Hyatt St Kitts will be built on the lush landscape of the Christopher Harbour resort community and will be surrounded by world-class recreational facilities such as a super yacht marina, Tom Fazio golf club and beach club. It will encompass 200 hotel rooms and 50 branded residential condominiums, which will be constructed in three phases. The first phase will be comprised of 125 rooms and all the amenities and support facilities to service the resort at full build-out. The amenities planned for the hotel include multiple dining venues, pool, spa and meeting facilities.
Range Developments will develop the project along with Kiawah Partners (Master Developers), Dewan (Architects & Lead Engineers), FEBC (Project Managers) and Standard Chartered (Escrow Account Bank).