St Kitts Prime Minister, Dr Denzil Douglas recently visited India, and invited Indians to invest in the renewable energy sector, information and technology, and the hotel industry in St Kitts and Nevis.
Douglas is also hoping more Indian tourists will visit the Caribbean island. He pointed out that an investment of US$400,000 could secure citizenship in St Kitts, and would allow investors to benefit from a tax holiday for 10 years for corporate tax, to be free from income tax, and duty-free import.
This investment can be into one of the recognised property developments in the country such as Oceans Edge, and successful applicants are able to benefit from a second passport, enabling visa free travel to many countries.
Douglas is particularly interested in attracting investors into renewable energy, as St Kitts has no natural energy resources and has to rely on importing costly diesel. There is considerable scope for wind energy on St Kitts and Nevis, as well as geothermal, solar and biomass energy.
There's already a wind farm on Nevis which has saved the state $2 million in electricity, and the construction of a geothermal plant should help the federation save around $30 million in energy costs. The government of St Kitts and Nevis is hoping to achieve 60% of its energy generation through renewable energy sources by 2015, and the government headquarters is already partially powered through solar energy.
Douglas is hoping to encourage Indian companies to invest in the power sector, but he's also looking to gain expert help from India for the livestock industry, and for food processing.
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