The government of St. Kitts and Nevis announced an agreement with Dubai-based development company Range Hospitality and its affiliates, Hyatt Hotels Corporation and Kiawah Partners, to build a Park Hyatt hotel and resort development in the Christophe Harbour district of St Kitts. The agreement, which is contingent upon final financing, will be funded under the St. Kitts and Nevis Citizenship by Investment Program, which will sell shares in the project for $400,000 each, said Dr. Denzil Douglas, the country’s prime minister.

The Park Hyatt St. Kitts development will include a 200-room hotel with multiple dining venues, private beach access, pool, spa and meeting facilities, and 50 branded residential condominiums. The development will be located within the Christophe Harbour residential community and constructed in three phases, with the first featuring 125 rooms and amenities and facilities to service the project fully upon completion.

In addition, the St. Kitts government has created several incentives to attract potential investors. Share owners will be eligible for citizenship of St. Kitts and Nevis, which features visa-free travel access to 139 countries, including the United Kingdom and Schengen visa European and British Commonwealth countries. Citizens of St Kitts and Nevis also enjoy tax-free income and exemptions from taxes on capital gains, gifts, wealth and inheritance. The program also offers shareholders dual citizenship without renouncing the citizenship of the investor’s home country, citizenship for life with an unlimited number of eligible dependents, and citizenship approval within 90 days, with no residency requirement.

“We are extremely pleased to welcome the prestigious Park Hyatt brand and Range Developments to the island of St. Kitts,” said Douglas at a press conference held Tuesday in Dubai. “This project will further advance our government’s economic transformation of St. Kitts following the closure of the sugar industry in 2005.”

“Park Hyatt St. Kitts will be designed to provide an intimate, contemporary resort environment, with touches of the local culture,” said Pat McCudden, senior vice president, Hyatt Hotels and Resorts,

For more information on Hyatt Hotels, visit Hyatt Hotels.