Taryn Simon

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Agreement to develop Park Hyatt St. Kitts under the St. Kitts & Nevis Citizenship by Investment Program

Dubai, United Arab Emirates, July 16, 2012

Range Developments, an affiliate of Hyatt Hotels Corporation based in the United Arab Emirates, and Kiawah Partners, an international residential resort developer, signed an agreement to build and operate a luxury hotel on the Caribbean island of St. Kitts financed under the St. Kitts & Nevis Citizenship by Investment Program.

The Caribbean island of St. Kitts sold citizenship to investors in a Hyatt luxury hotel under its St. Kitts & Nevis Citizenship by Investment Program (CIP). Citizenship rights under the CIP include: tax-free income and no taxes on capital gains, gifts, and inheritance; unlimited eligible dependents; dual citizenship; and visa-free travel to many locations throughout the world, including the U.K., Germany, France, Switzerland, and Canada. Concerns have been raised within the international community regarding the CIP’s increasing popularity among citizens from the Middle East and North Africa, as the program allows those who hold dual citizenship under the CIP to circumvent various travel restrictions and economic sanctions. As of 2015, the total cost for a family of four to obtain citizenship through an investment in Park Hyatt St. Kitts was USD 596,000. Investments must be held for a minimum of five years to maintain citizenship, after which time the shares can be sold to subsequent investors, who may also apply for citizenship through the same investment structure. The original investor will still be entitled to maintain citizenship in St. Kitts & Nevis. There is no physical residency requirement for citizenship.

Hydrangea macrophylla, Big Leaf Hydrangea, Netherlands