SKN to pay citizens dividends from CIB funds
Residents of St Kitts and Nevis will have a little extra money this Christmas as the government announced that it would pay citizens dividends from the Citizenship by an Investment fund.
Dubbed the Citizenship by Investment COVID-19 Relief Payment, Prime Minister Dr Terrance Drew said this is the first time in St Kitts and Nevis and Caribbean history that ordinary citizens are being paid a dividend on any state asset.
Approximately EC$23 million has been allocated to pay the dividend.
“The 23 million dollars is a cash injection into the economy intending to stimulate growth and economic activity and to encourage our ordinary citizens and residents to become shareholders in private companies, understanding that it is also a form of savings,” the prime minister said.
“I invite all of you to become financially savvy and join our Administration in creating a wealth-conscious society as your Government moves forward in creating avenues and opportunities for wealth accumulation.”
The money will be distributed in two categories.
Persons receiving Social Security benefits will receive EC$500, and anyone outside of those programs will receive EC$250.
The payment process is scheduled to begin by December 15th, and the government hopes to pay everyone by the month’s end.
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