St Kitts and Nevis has announced that its citizens and residents will receive a second Citizenship by Investment COVID-19 Relief Payment (Dividend). This payment is a portion of the profits and retained earnings generated by the country’s CBI Program. The move is expected to provide much-needed relief to those affected by the ongoing pandemic.
According to sources, the payment process has been confirmed to commence on Wednesday, June 21st, 2023. In a move aimed at providing relief to citizens and residents affected by the COVID-19 pandemic, the St. Kitts-Nevis Labor Party Administration introduced the CBI Dividend in December 2022. This marks the fifth COVID-19 relief initiative undertaken by the administration since assuming office in August 2022. Notably, the CBI Dividend is the first instance in the Caribbean where everyday citizens and residents have been paid a dividend on any state asset.
The distribution of the CBI dividend will be carried out by the Saint Christopher and Nevis Social Security Board in two separate categories, according to recent reports. In a recent announcement, it was revealed that there are two distinct categories of individuals in regards to pensions. The first category consists of those who are currently receiving a pension or are eligible to receive one. The second category is comprised of individuals who are not yet eligible for a pension.
Pensioners and those who have made 500 or more contributions to the Social Security Fund are set to receive a payment of EC$500.00, according to recent reports. The payment is aimed at providing financial support to those who have contributed significantly to the fund.
Individuals who have made less than 499 contributions to the Social Security Fund and are not yet eligible for pension will receive a sum of EC$250.00.
In a recent statement, the Prime Minister of Saint Kitts and Nevis, Honorable Dr. Terrance Drew, urged all citizens and residents to prioritize financial literacy and contribute to the development of a wealth-conscious society. The government is currently working towards creating more avenues and opportunities for wealth accumulation, and the Prime Minister believes that a financially savvy population will greatly benefit from these efforts.