Basseterre, St. Kitts:--- A Dubai-based lawyer has raised concerns about where the CBI funds in St. Kitts and Nevis are being allocated.
Canadian Sam Bayat, owner of the Bayat Legal Group has also urged the St. Kitts and Nevis government to “properly manage” its CBI programme to curb fraudulent developer and agent activity.
“There are 80 government-approved real estate projects and there are not 80 projects completed. That is exactly the problem. There are empty shells around the island and they do not look good to tourists,” said Bayat, a guest on a recent edition of WINNFM’s “Inside the News.”
In his comments, reported by the Texas-based Caribbean News Now, Bayat reportedly suggested that the government should create an independent escrow fund, and control the construction stages to ensure all approved projects are actually built.
“The government may be happy that it gets its fees but what about jobs and the wider benefits for the economy from real estate investment?”
The Dubai-based lawyer added: “CBI is a noble concept and many countries have followed St. Kitts and Nevis’ footsteps, such as Dominica and St. Lucia and Malta, Cyprus and Bulgaria. Sometimes it can be so successful, but like any other concept, it needs to be managed properly.
Bayat is a Quebec (Canada) licensed attorney with background in international law and is specialized in corporate migration. He has over twenty years experience in business immigration and citizenship consultancy.
He pointed to the success of the Park Hyatt St. Kitts, attracted to the Federation by the Denzil Douglas Labour administration.
“For example, the Park Hyatt in St. Kitts and Nevis was extremely successful – it created jobs during the construction phase, permanent jobs and a lot of tourists.”
Bayat said the St. Kitts and Nevis government needs to be more diligent about how it runs the CBI programme.
“There are billions of dollars that are coming to the island. The public sees the applicants as the danger but the government is the biggest problem – if they managed the programme properly there would be no problem,” he said.
Bayat is a former president and vice president of Canadian Bar, International Section in Quebec. He had lectured in the International law at the Concordia University in Montreal.
He is the senior resident lawyer of the law firm, Bayat Legal Services (BLS) in Dubai.