Simplifying aircraft parts’ procurement – how Locatory.com runs a well-oiled online marketplace

VILNIUS, Lithuania, Nov. 21, 2022 (GLOBE NEWSWIRE) — With 12 years of market experience under its belt already, Locatory.com is not slowing down. The aviation marketplace for aircraft spare parts and repair capabilities and a family member of Avia Solutions Group, leaders in end-to-end capacity solutions for passenger and cargo airlines worldwide, is talking about its place in the aviation industry and growth plans.

Since its development in 2010, Locatory.com has become one of the leading premium aircraft parts marketplaces in the world, with the userbase growing 20% each month. “We have been seeing steady growth for a few years now,” shared Toma Matutyte, CEO of Locatory.com. “This increase in clientele interest has been driven by the continuous expansion of our spare parts database. Each month it grows by 15% allowing for a wider variety of parts available. And with cost optimization and sustainability on everyone’s mind, the secondary aviation parts market is becoming an increasingly attractive opportunity. In 2022, we have received 5 times more RFQs (Request for Quotes) when compared to last year and are expecting this trend to continue into the next year.”

As a tool for simplified procurement of spare parts, Locatory.com is deeply invested in the digitalisation of the process. “Our mission is to connect aircraft parts’ buyers and sellers, through seamless transactions via an innovative platform that enables our customers to find, buy, and sell aircraft parts or repair services in commercial, OEM, MRO, military, and general aviation segments across the globe,” she explained. “We are focusing on innovation and efficiency therefore we have already successfully introduced a range of innovative features to our marketplace. Amber, the A.I.-based assistant, being one of them.”

Running a well-oiled online marketplace is not an easy task, thus having a strong team behind you is a must. “We have a truly global team, with people from over 10 countries sharing ideas and expertise in improving the company. We have been steadily expanding by around 15 % each month and there are no plans of slowing down,” she said.

By keeping innovation and optimisation as the main driving factors, Locatory.com is constantly working on keeping up and surpassing the ever-changing aviation industry needs. “Improving spare aircraft parts procurement processes can positively impact the whole aviation industry thus we will continue creating tools to do so,” said Toma Matutyte.

Vilma Vaitiekunaite
Chief Communications Officer
Cell: +37061112789
E-mail: Vilma.Vaitiekunaite@aviasg.com


GlobeNewswire Distribution ID 1000768118

GUINNESS WORLD RECORDS™ TITLE SET BY JETEX

The world’s favourite private aviation brand achieves a Guinness World Records™ title in celebration of football’s greatest show on Earth.

Dubai, United Arab Emirates, Nov. 18, 2022 (GLOBE NEWSWIRE) — Jetex, an award-winning global leader in executive aviation, sets a new Guinness World Records™ title at its private terminal in Dubai, where it unveiled the world’s largest fiberglass sculpture of a sphere (supported) which resembles a giant football.

The flagship Jetex VIP Terminal is buzzing with fans from all over the globe who use match day private jet shuttle service between Dubai and Doha. Seen from afar, the iconic 10-meter-high football structure welcomes international travelers as they drive up to the terminal.

“Together with fans from all over the world, we share the excitement and thrill of football. Over the past months, we witnessed tremendous demand for private jet travel between Dubai and Doha, which prompted us to go above and beyond to ensure that all fans enjoy a spectacular football-themed travel experience, which starts well in advance of the actual game,” said Adel Mardini, Founder & CEO of Jetex.

 Jetex VIP Terminal also houses the world’s most fascinating pop-up football field right in the heart of the terminal, where all travelers can practice their skills and create unique memories with their families and friends. Customer experience has also been adjusted with football fans in mind, with Jetex brand ambassadors wearing distinctive football uniforms and surprising travelers with football-inspired souvenirs.

The record was validated by Guinness World Records officials at Jetex VIP Terminal, Dubai.

The giant football installation will remain at Jetex VIP Terminal until late December. After that, it will be either presented to one of the local football clubs or sustainably recycled.

About Jetex:

An award-winning global leader in executive aviation, Jetex is recognized for delivering flexible, best-in-class trip support solutions to customers worldwide. Jetex provides exceptional private terminals (FBOs), aircraft fueling, ground handling and global trip planning. The company caters to both owners and operators of business jets for corporate, commercial and personal air travel. To find out more about Jetex, visit www.jetex.com and follow us on Instagram, Twitter, Facebook, and LinkedIn.

Press Enquiries:
Oleg Kafarov
Director of Portfolio Development & Corporate Communications
T: +971 4 212 4900   Email: teamorange@jetex.com

Attachment

Oleg Kafarov - Director of Portfolio Development & Corporate Communications
Jetex
+971 4 212 4900
teamorange@jetex.com

GlobeNewswire Distribution ID 8700252

Impulse Dynamics Announces 100th Implant Milestone in China for CCM® Therapy

Experience Continues to Show CCM Therapy Addresses Clinical Need in Treating Heart Failure

MARLTON, N.J., Nov. 16, 2022 (GLOBE NEWSWIRE) — Impulse Dynamics, a global medical device company dedicated to improving the lives of people with heart failure, announced the 100th implant in China, signifying the opportunity for its innovative Optimizer® system delivering CCM® therapy in markets around the world. Cardiologist Prof. Guo Tao, Executive Director of Internal Medicine, Fuwai Cardiovascular Hospital, Yunnan Province, performed the 100th procedure and emphasized the role of this therapy in providing an option and hope to patients living with the debilitating reality of heart failure.

“It is quite a coincidental milestone for us that the 10th patient implanted in our center also happened to be the 100th patient treated in China. I have paid very close attention to CCM therapy for more than 20 years now, but it wasn’t until recently we could clinically apply this technology. Under close clinical observation, our 10 CCM patients have improved even more than we anticipated. All the CCM patients in our center improved both symptomatically and on various objective indicators, which made both us and our patients very happy. Therefore, it seems from our experience that CCM is performing exactly as described in the foreign research — specifically, by modulating the exchange of calcium ions and thereby enhancing contractility of the myocardium in the acute period, then normalizing the expression of contraction-related proteins, which leads to reverse remodeling of the heart. Based on these results, we are now planning to expand the application of CCM normatively and actively while continuing to closely follow our implanted patients to obtain more clinical evidence of CCM to optimize its application so more Chinese patients can benefit from this latest innovative treatment.”

Prof. Zhang Shu, Chief Physician of Fuwai Hospital of the National Center for Cardiovascular Diseases and the Chinese Academy of Medical Sciences, Honorary Chairman of the Electrocardiology and Pacing Branch of the Chinese Medical Association, Director of the Cardiology Committee of the Chinese Medical Doctor Association, and former President of the Asia-Pacific Heart Rhythm Society further commented “Currently there are almost nine million patients with heart failure in China, and many of them have not been optimally treated. Heart failure has also become the leading cause of death among cardiovascular and other major chronic diseases in China. I believe CCM will bring good news to Chinese patients. These successful initial experiences provide our doctors with good prospects of bringing hope to the patients they care for.”

“We are proud to see the growing acceptance of this technology in markets around the world,” said Mateusz Zelewski, MD, Impulse Dynamics´ VP International. “In reaching this milestone, we have connected with physicians, patients, and their families. We are inspired by the benefits of this therapy to our patients and continue to reinforce our commitment to address the immense need for advanced heart failure options for patients around the world.”

CCM therapy was approved in China late last year, and the first implant in the country was announced on November 1, 2021. The Optimizer system delivers CCM therapy, which consists of electric pulses applied to the heart between heartbeats and serves to enhance the performance of cardiac muscular contraction, making the heart work more efficiently without increasing the heart rate or the oxygen consumption of the cardiac muscle.

To date, CCM therapy has been used to treat heart failure in more than 7,000 patients worldwide and is available in 44 countries across the globe. The therapy has been studied in almost 2,000 patients and has appeared in more than 100 peer-reviewed journal articles. Ongoing studies are also underway to examine the safety and efficacy of CCM for patients suffering from heart failure with a left ventricular ejection fraction between 40 – 60 percent.

About Impulse Dynamics

Impulse Dynamics is dedicated to helping healthcare providers enhance the lives of people with heart failure by transforming how the condition is treated. The company is focused on delivering its proprietary CCM therapy, which is delivered by the company’s Optimizer device, the CE-marked, and FDA-approved treatment verified to improve the quality of life for heart failure patients. CCM therapy is a safe, effective, and minimally invasive treatment option for many heart failure patients who otherwise have few effective options available to them.[1] To learn more, visit www.ImpulseDynamics.com, or follow the company on LinkedIn, Twitter, and Facebook.

Forward-looking Statements

This press release contains forward-looking statements. All statements other than statements of historical facts contained in this press release are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘could,’’ ‘‘intend,’’ ‘‘target,’’ ‘‘project,’’ ‘‘contemplate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘potential’’ or ‘‘continue’’ or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements include, but are not limited to, statements concerning potential benefits of CCM therapy, and the absence of risks associated therewith; the ability for CCM therapy and our products to fill a significant unmet medical need for patients with heart failure; and the short-term and long-term benefits of the Optimizer and CCM therapy in patients with heart failure, as well as to the physicians treating those patients. These forward-looking statements are based on management’s current expectations and involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Other important factors that could cause actual results, performance or achievements to differ materially from those contemplated in this press release include, without limitation: the company’s future research and development costs, capital requirements and the company’s needs for additional financing; commercial success and market acceptance of CCM therapy; the company’s ability to achieve and maintain adequate levels of coverage or reimbursement for Optimizer systems or any future products the company may seek to commercialize; competitive companies and technologies in the industry; the company’s ability to expand its indications and develop and commercialize additional products and enhancements to its current products; the company’s business model and strategic plans for its products, technologies and business, including its implementation thereof; the company’s ability to expand, manage and maintain its direct sales and marketing organization; the company’s ability to commercialize or obtain regulatory approvals for CCM therapy and its products, or the effect of delays in commercializing or obtaining regulatory approvals; FDA or other U.S. or foreign regulatory actions affecting us or the healthcare industry generally, including healthcare reform measures in the United States and international markets; the timing or likelihood of regulatory filings and approvals; and the company’s ability to establish and maintain intellectual property protection for CCM therapy and products or avoid claims of infringement. The company does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date of this press release.

[1] https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5494150/

Attachments

Rohan More, Global VP of Marketing
Impulse Dynamics
856-642-9933
rmore@impulsedynamics.com

Harris Currie, Chief Financial Officer (Investor Relations)
Impulse Dynamics
856-642-9933
hcurrie@impulsedynamics.com

Ian Ségal, Public Relations
Impulse Dynamics
856-642-9933
isegal@impulsedynamics.com

GlobeNewswire Distribution ID 8698682

New government of St Kitts and Nevis ready to usher in new sense of cooperation and good governance, hints at changes to the country’s CBI programme

Basseterre, Nov. 16, 2022 (GLOBE NEWSWIRE) — St Kitts and Nevis welcomed a new government in August and the new administration, led by Dr Terrance Drew, is ready and determined to usher in a new sense of cooperation, good governance, and transparency – starting with steps to improve the country’s long-standing citizenship by investment (CBI) programme.

In his address on Tuesday, 15 November, marking his first 100 days in office, Prime Minister Dr Terrance Drew provided insight into the focus areas for the CBI changes, which he gave to the citizens of St Kitts and Nevis at an event held earlier today in the country’s capital Basseterre.

Since winning the snap election on 5 August, Prime Minister Dr Terrance Drew has been working tirelessly for the overall development of St Kitts and Nevis and has undertaken various initiatives including the formation of a committee to combat corruption.

The new administration has presented plans for the advancement of the twin-island nation, outlining steps that will pave the way to improving the lives of its people. A large part of these plans is funded by the CBI programme which has secured foreign direct investment into the nation for nearly 40 years since it is independence.

“Our government has been relentless in our pursuit to strengthen and improve our Citizenship by Investment programme, for enhanced sustainability within a framework of integrity. We have held productive discussions with local developers and international investors alike,” said Prime Minister Drew.

“There will be much stronger oversight and leadership in the CBI Unit by a new CBI Board and Technical Committee. I will announce the detailed changes at our upcoming press conference, but I want to be absolutely clear, that our evolved CBI programme will be run with the utmost transparency.”

To help progress the economy, Prime Minister Drew highlighted that more oversight would ensure that the people of St Kitts and Nevis would also benefit from the CBI programme as it was intended. Plans are in place to support women in sectors like construction, to provide more support to small businesses, and to review opportunities for the development of the renewable energy sector, the processing of fish, as well as packaging and exports.

With promises to improve health care, provide more affordable housing and access to better education – Prime Minister Drew understands that all this will be underpinned by a stronger economy.

Speaking at the event Prime Minister Drew said that while the nation has been the benchmark of citizenship by investment value proposition, the new administration understands that in order to remain one of the most sought-after economic citizenship programmes in the world, it needs to evolve and forge a new path for itself and the industry as it responds to a changing demographic.

Through ongoing consultations with all stakeholders during the exploratory phase, the new government aims to have regular engagement with local and international stakeholders in the programme to ensure it meets their salient needs.

Prime Minister Drew also emphasised how his government is on a journey to bring clarity to locals and international investors through constant transparency and integrity. “Our ongoing work to strengthen this programme and the system must result in prosperity for all.”

Consultations with stakeholders have led to the development of committees to supervise the process and implement strengthened legislative and administrative structures to prevent “underselling” and ensure that real estate projects funded by the CBI programme are completed.

The government’s plan is to maintain a progressive programme that cements St Kitts and Nevis’ place as a leader in the CBI Industry.

The government is also seeking out reliable and trustworthy developers who are ready to put capital behind creative and strong projects that will enhance St Kitts and Nevis’ CBI offering.

St Kitts and Nevis holds the oldest citizenship by investment programme in the world – established in 1984, the programme currently allows investors to gain second citizenship by donating to a government fund or by investing in real estate.

The government fund channels investment to projects that will uplift the country and has enabled, in part, sectors such as health, education, tourism, business, and agriculture to flourish.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8698419

New High-Yielding Perennial Rice Sees Sustainability Success Catalyzed by Global Collaboration and Knowledge Sharing Approach

Salina, Kansas, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) — Over 70% of the food calories that feed humanity come from annual grain crops, which occupy 60–80% of global croplands. But annual grain dominance may be changing. A study in the journal Nature Sustainability reports that a new high-yielding, long-lived perennial rice with significant environmental, economic, and social sustainability impacts is now being grown in Southeast Asia and parts of Africa.

Researchers in China’s Yunnan Province developed perennial rice in a relatively short two-decade timeframe, achieving comparable yields to annual rice varieties. They were supported with scientific expertise and seed funding from Kansas-based nonprofit The Land Institute and a global network of researchers.

“I congratulate the authors for delivering one of the most important reports in modern agriculture,” says National Geographic Society Explorer Jerry Glover, whose work has focused on developing and using perennial crops. “I believe this report will catalyze a generation of new discoveries by scientists who have not yet been involved in pursuing perennial traits in staple grain crops. This research marks a distinct new line of possibilities for global food production from the nearly 10,000-year single-track reliance on annual grain crops.”

Rice feeds 4 billion people and is the grain most consumed by humans, and is the third largest cereal grain crop after corn and wheat worldwide in metric tons. But annual grain agriculture comes at an ecological and economic cost, compromising ecosystems and forcing ever-higher inputs of chemical fertilizers, pesticides, fossil fuel energy, and labor to maintain yields. The growing perennial grain agriculture movement is shifting this paradigm to address some of the food system’s most pressing challenges.

“Since perennial rice can produce yields over eight consecutive harvests similar to annual rice, this is direct evidence that developing perennial versions of grain crops is feasible,” says Lee DeHaan, Director of Crop Improvement and Lead Scientist of the Kernza® Domestication Program at The Land Institute. “This evidence provides a clear reason to vastly increase research investment in ongoing work to develop perennial versions of crops like wheat and sorghum.”

Senior author Fengyi Hu and Dayun Tao began working with co-author Erik Sacks to develop perennial rice in 1999 in a collaboration between the Yunnan Academy of Agricultural Sciences (YAAS) and the International Rice Research Institute (IRRI). Hearing of the IRRI project, The Land Institute invited Sacks to present his research in 2005. This connection eventually led to Hu and the YAAS team partnering with the perennial grain breeding experts at The Land Institute in 2007 to help jumpstart the development of a promising wide hybrid cross between annual, cultivated rice and a perennial rice cousin from Africa. Inspired by the potential for Hu’s research to develop upland perennial rice, given the catastrophic soil erosion in the hilly regions of Southeast Asia, The Land Institute provided critical funding, technical support, and mentoring and helped expand a network of global peer researchers. The University of Illinois, Yunnan University, and the University of Queensland soon joined the effort.

“The success of Dr. Hu’s group is a wonderful example of how an international network of researchers can help support, advise and advance an amazing and important achievement,” says co-author Tim Crews, The Land Institute’s Chief Scientist and International Program Director. “At The Land Institute, we are intent on working with more research groups worldwide to build on the successes of Hu and others in the perennialization of grain agriculture.”

“Almost yearly since 2009, we’ve held workshops in Yunnan, China, on perennial rice and perennial grain crops, inviting international experts, including African and U.S. rice breeders, sustainable ag researchers, international ag development leaders, and more. This sharing of ideas and building an international network of collaborators has proven invaluable for accelerating progress and achieving success on perennial grains,” says Sacks, professor in the Department of Crop Sciences, part of the College of Agricultural, Consumer and Environmental Sciences at the University of Illinois.

The research shows that perennial rice crops have advantages over annual rice crops:

  • Long-Lived Production: Perennial rice produced grain for eight consecutive harvests over four years from a single planting
  • Comparable High Yields: Average perennial rice yields were equivalent to annual rice, with 6.8 Mg ha-1 harvest-1 of perennial rice versus 6.7 Mg ha-1 harvest-1 of replanted annual rice for each perennial rice regrowth cycle
  • Significant Carbon Sequestration: By switching from annual to perennial rice, soils accumulated almost a ton of organic carbon per hectare per year, 0.81 Mg organic carbon ha-1 yr-1
  • Labor and Inputs Savings: Farmers used nearly 60% less labor and spent almost 50% less on seed, fertilizer, and other inputs for perennial rice than annual rice
  • Improved Farmer Livelihoods: Farmer profits from perennial rice ranged from 17% to 161% above annual rice

“Interest in developing and testing perennial grain cultivars has grown exponentially over the last ten years,” says Rachel Stroer, President of The Land Institute. “Besides perennial rice, our work on wide hybrid crosses of annual wheat and sorghum with their perennial relatives show promise. With intensified investment in perennial grain agriculture research from global funders and partners, we’re confident that these grains and more will reach high yields with robust ecological and social benefits and move onto the landscape in the coming decades.”

ABOUT THE LAND INSTITUTE

The Land Institute co-leads the global movement for perennial, diverse, regenerative grain agriculture at a scale that matches the enormity of the intertwined climate, water, and food security crises. An independent 501c3 nonprofit founded in 1976, the organization seeks to reconcile the human economy with nature’s economy, starting with food. Its transdisciplinary team of scientists and global partners are developing new perennial grain crops, like Kernza®, and diverse cropping systems that function within nature’s limits and researching the social transformation required for a just, perennial human future.

Attachments

Tammy Kimbler
The Land Institute
612-991-4747
kimbler@landinstitute.org

GlobeNewswire Distribution ID 8697794

FreedomPay Announces Integration with Castles Technology to Expand Commerce Offering Globally

The partnership brings a unique consumer experience powered by loyalty and value-added services to millions of merchants globally.

PHILADELPHIA, Nov. 16, 2022 (GLOBE NEWSWIRE) — FreedomPay, the commerce technology partner of choice for global leaders across hospitality, retail, restaurants and sports and entertainment, announce today a partnership with Castles Technology, a globally recognized and industry-leading manufacturer of payment hardware solutions.

“FreedomPay creates a world-class experience for consumers through optimized speed, security, and personalization,” said Chris Kronenthal, President of FreedomPay. “By partnering with Castles, merchants can provide a best-in-class commerce experience for consumers globally.”

Available beginning Q1 2023, FreedomPay will offer Castles’ all-in-one Android SmartPOS terminal to create a secure, frictionless and unified shopping experience for consumers while also supporting merchants with robust loyalty and data analytics capabilities. The move furthers its commitment towards an open and accessible ecosystem for FreedomPay’s merchants and industry partners alike. “Ultimately, FreedomPay’s proposition to the market is innovation based around choice and flexibility – we take another step forward with this announcement,” said Kronenthal.

“This partnership with FreedomPay brings together world-class commerce technology with industry-leading payment acceptance hardware solutions that drive global commerce by serving consumers and businesses to securely pay and get paid. Delivering innovation and trust is part of our DNA, and we are thrilled to be working with FreedomPay, who shares our ambitions to keep pushing our industry forward for our clients,” said Ben Love, President & CTO of Castles Technology North America.

Castles devices offer merchants many benefits including:

  • FreedomPay’s PCI-Validated P2PE solution and PCI PTS v6 firmware
  • Front and rear cameras for QR code payment acceptance and loyalty programs
  • Laser scanner for fast product scanning
  • 5” touchscreen with PIN on glass

Supported by Castles, FreedomPay continues its global expansion across 130+ countries, more than one hundred currencies and thousands of commerce partners.

About FreedomPay
FreedomPay’s Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay’s technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce. The company maintains a world-class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point-to-Point Encryption (P2PE/EMV) standard in North America. FreedomPay’s robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

About Castles Technology
With thirty years of worldwide market experience, Castles Technology has established itself as a top global manufacturer of next-generation payment acceptance hardware. Our goal is to create simple, innovative, and secure payment solutions that provide mobility and flexibility for a diverse range of attended and unattended payment environments such as retail, vending, micro markets, restaurants, transportation, finance, lodging, and hospitality. We pride ourselves on crafting accessible payment solutions, reducing the lifetime cost of payment acceptance hardware, and providing robust integration options. Our North American headquarters are in Atlanta, GA, and Castles Technology has 11 regional offices across Asia, Europe, and North and South America.

Jennifer Tayebi
Hill+Knowlton Strategies
Jennifer.tayebi@hkstrategies.com
(734) 395-0780

GlobeNewswire Distribution ID 8697871

Government of St Kitts and Nevis does NOT accept cryptocurrency as a form of payment for its Citizenship by Investment programme

Basseterre, Nov. 14, 2022 (GLOBE NEWSWIRE) — The government of St Kitts and Nevis, along with the Citizenship by Investment Unit of the country, have refuted claims that investors interested in gaining citizenship to the country can pay using cryptocurrencies such as Bitcoin.

The St Kitts and Nevis citizenship by investment programme is the oldest in the world, having been established in 1984 – it has been providing investors from across the globe with one of the quickest, easiest, and most affordable routes to second citizenship.

Underpinned by a robust multi-layered due diligence process undertaken by international security firms from the USA and the UK, investors need to go through a formal application process consisting of eight main steps, which include:

  • Step 1: Pre-approval by a verified St Kitts and Nevis government agent and preparation of the application
  • Step 2: Submission of the citizenship application
  • Step 3: Application processing by the Citizenship by Investment Unit and internal and external due diligence checks
  • Step 4: Approval in principle letter issued
  • Step 5: Contribution to either the Sustainable Growth Fund or pre-approved real estate
  • Step 6: Bank clearance of source of funds
  • Step 7: Certificate of Registration issued
  • Step 8: Citizen can apply for a St Kitts and Nevis passport

Throughout the whole process, an investor will engage with an approved government agent who will facilitate the application and any payments will be made via registered banks using fiat money – a government-issued currency that is not backed by a commodity such as gold. An example would be the United States Dollar, Euro or Chinese Yuan.

Investors cannot make payments to a government-approved agent or the Citizenship by Investment Unit by using cryptocurrencies directly. These would need to be liquidated into fiat currency first and an applicant would need to provide a supporting affidavit regarding their source of funds as part of the application process.

St Kitts and Nevis has not yet passed any legislation regarding cryptocurrency. The country is participating in the Eastern Caribbean Central Bank (ECCB) pilot program, which aims to study the utilisation of cryptocurrency as a fiat currency.

The program’s purpose is to provide a safe and secure digital financial system by utilising the advantages of blockchain and is designed to exemplify the viability and functionality of the ECCB’s ability to issue Digital Eastern Caribbean Dollars.

The ECCB is the fiscal authority for the Eastern Caribbean Currency Union (ECCU).

Speaking at the Electronic Cash Conference 2022, which was held on November 12 2022, Prime Minister of St Kitts and Nevis, Dr Terrance Drew, expressed that while Bitcoin Cash – another form of cryptocurrency – is used as a method of tender by some businesses in the country, due diligence checks are presently being prioritised by his government ahead of any major decision concerning that cryptocurrency’s official use.

Prime Minister Drew stated that the financial safety and security of citizens is a matter of high priority, and the government, with the guidance of the ECCB, is prepared to explore the possibility of Bitcoin Cash being introduced as legal tender in the local financial space.

The Prime Minister explained that once all the crucial financial safeguards were in place, Bitcoin Cash could become accepted legal tender in St Kitts and Nevis by March 2023.

Benefits of gaining second citizenship to St Kitts and Nevis

Citizenship by Investment is a legal process to grant individuals – and, in some cases, their families – dual citizenship in exchange for a financial contribution to the country’s economy. The initiative permits countries to channel generated funds into developing healthcare, education, infrastructure, and more.

Being a citizen of St Kitts and Nevis offers investors a myriad of benefits including family reunification, global mobility, enhanced security, and increased economic opportunities.

St Kitts and Nevis offers award-winning and internationally acclaimed education institutions like veterinary and medical universities, attracting global-minded professionals. People from all over the world come to St Kitts and Nevis, over a million a year to be exact, because of its booming tourism sector.

In recent years, the nation has seen growing numbers of American visitors. Around 1,000 US citizens currently reside on the islands. Now, with more work-from-home policies than ever, many see the Caribbean as the perfect destination to get away from the bustle of big cities while continuing to be connected when business calls.

In addition to citizenship and global mobility, St Kitts and Nevis offers its citizens who choose to become tax residents a wide variety of insurance services in a tax-friendly environment. For example, the country guarantees financial privacy by not making any information about offshore business owners and top managers public.

Portfolio diversification is the first step in dispersing your investments so that your exposure is not limited to just one type of asset. An investment in property in St Kitts and Nevis would allow you to diversify your investment portfolio and potentially make a return upon selling that your share in real estate after the end of the minimum hold period.

This will also ensure that you retain a certain amount of your wealth outside of your home country. In uncertain political and economic climates, knowing that a portion of your portfolio is free from the grips of a potentially corrupt government can give you tremendous peace of mind.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8696223