By NAN Business Editor
Americas, BRIDGETOWN, Barbados, Fri. Oct. 11, 2019: Here
are the top business stories making news from the Caribbean for this week of Oct.
Caribbean Citizenship By
Investment Programs By Cost
St. Kitts and Nevis – The
government requires investment of either a minimum donation of US $150,000 to
the Sustainable Growth Fund (SGF) or investment of US $400,000 in real estate
plus related government and due diligence fees.
– There is the option of National Economic Fund donation of US $100,000 for a
single applicant, US $190,000 for a family of 4 and real estate investment
option starting at US $300,000.
Grenada – A donation
to the government fund of US $200,000 for a family of 4 to the National
Transformation Fund, in Grenada’s case), or purchase of real estate at the starting
price of US $350,000.
Antigua & Barbuda – The
options include a contribution to the National Development Fund (NDF) of a
minimum non-refundable amount of US$200,000; an investment of at least
US$400,000 into one of the approved real estate projects or an investment of a
minimum of US$1,500,000 directly into an eligible business as a sole investor
or a joint investment involving at least 2 persons in an eligible business
totaling at least US$5,000,000 and each of those persons individually invests at
– A single applicant may become a citizen by exchanging for the passport a
non-refundable US $100,000 donation to the Government Fund, or investing at
least Us $200,000 in real estate, which then must be held for at least 3 years.
Jamaica has been given
the green light to list the first ever Caribbean Green Bond on the stock
That’s according to the
country’s Prime Minister, Andrew Holness. He said this week that the Green
Climate Fund approved the listing, which will place Jamaica as the Caribbean
country of choice to conduct climate smart and sustainable business.
The Cayman Islands government is promising to publish
the identities of everyone who owns a company there by 2023. That would bring the
island nation in line with a law passed last year by the United Kingdom, and
with EU directives. “We will advance legislation to introduce public registers
of beneficial ownership information,” the islands’ government said in a
Meanwhile, the company
that launched the world’s largest initial coin offering from the Cayman Islands
has been fined by the SEC. Block.one has been ordered to pay a civil penalty of
US$24 million to settle charges with the Securities and Exchange Commission
that the token sale was not registered in the United States.
Block.one did not
register its ICO as a securities’ offering pursuant to the federal securities
laws, nor did it qualify for or seek an exemption from the registration
requirements, the SEC said.
Block.one, which is
registered in Cayman and has operations in Virginia and Hong Kong, conducted
the ICO between June 2017 and June 2018 and raised the equivalent of US$4.1
billion dollars from the sale of 900 million tokens globally.
Health City Cayman
company of Health City Cayman Islands, Narayana Health (NH), has been
recognized as one of the world’s most innovative health care providers by
Fortune magazine’s annual “Change The World” list of companies.
The World” honors companies that recognize public health, environmental,
economic, and social problems as major challenges – but also as opportunities
to initiate a so-called virtuous circle.
A total of 52 companies
from around the globe were listed and lauded by Fortune for “using the
creative tools of business to meet society’s unmet needs.” Narayana Health
placed at number 33.
Guyana, as a soon to be
oil producing nation, cannot afford bureaucratic delays in doing business.
That’s the word from Inter-national Monetary Fund (IMF) Mission Chief to Guyana,
Dr. Arnold McIntyre.
“To ensure that the
no-oil economy continues to expand, one cannot sit on one’s laurels. You have
to pursue the improvement to infrastructure, improve the ease of doing business,”
McIntyre said during a recent interview with Trinidadian economist Marla
Dukharan. His comments come as Guyana ranks at 134 out of 190 countries on the
Latest Ease Of Doing Business rankings.
oil firm has signed a production-sharing agreement for the onshore Weg Naar Zee
(WNZ) block with Britain-based oil and gas exploration company Columbus Energy
Suriname, said the two firms had signed a 30-year agreement which would carry
out a “minimum exploration program” in the 90,100-hectare block during the
first seven years. Oil discoveries in neighboring Guyana have led to optimism
in Suriname that the same formations continue across the border into the former
Dutch colony, which has a population under 600,000.
The Dominica Geothermal
Development Company said testing on the site of the new geothermal plant
commence on October 8th. The project will drive the country’s energy mix to 51%
Puerto Rico, USVI
Liberty Latin America (LLA). has entered into an agreement to acquire AT&T
Inc.’s wireless and wireline operations in Puerto Rico and the U.S. Virgin
Islands for $1.95 billion, plus fees and expenses.
The all-cash transaction
is expected to close in the second quarter next year, but the transaction is subject
to customary closing conditions, including reviews by the Federal
Communications Commission and the Department of Justice.
A Caribbean Development
Bank-funded technical study presented in Belize says that white sugar can be
used to replace refined sugar and, in fact, is being used in manufacturing
processes within CARICOM and elsewhere in the world, a finding that has changed
the tone of a trade dispute among Caricom producers.
Producers and users of
white sugar in the region have agreed to meet to discuss issues pertaining to
the supply and price of the product as the region readies itself for a policy
shift that is likely to see the greater purchase and use of plantation white
sugar to make products including sodas, flavored water, other drinks, as well
as a wide range of baked products and other foods. The two sides are fighting
over the high volumes of refined sugar being imported into the region to the
disadvantage of regional producers of plantation white. Liquid sugar, which is
more desirable for drink manufacturing, could soon be produced by Jamaica,
Belize and Guyana and will receive the same policy treatment as other forms of
sugar. This decision is likely to encourage the reopening of some liquid sugar
operations which were shuttered because of the lack of market protection.
Roberts Construction, reportedly
the largest construction company in Antigua and Barbuda, is expected to be
awarded the contract for the Barbuda Housing Recovery Project, funded by the
European Union and facilitated by the United Nations Development Programme
Roberts has been awarded
the contracts for the Hanna Thomas Hospital and the construction of 150 homes
through a financing agreement with the European Union (EU).