Incentives For Investing In
Accommodation For
Cricket World Cup 2007

ST. KITTS AND NEVIS MOVES TO ENSURE SUFFICIENT
ACCOMMODATION FOR CRICKET WORLD CUP 2007

BASSETERRE, ST. KITTS, MARCH 28, 2005 (CUOPM) - St. Kitts and Nevis takes legislative action to ensure that the twin-island Federation has sufficient rooms available to accommodate the thousands of visitors expected for Cricket World Cup 2007.

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Lawmakers will meet on Thursday to debate the Cricket Cup Tourism Accommodation Incentives Act, 2005, which encourages the construction of suitable accommodation in anticipation of the demand for housing for the matches to be staged in St. Kitts.

Minister of Industry and Commerce, Dr. the Hon. Timothy Harris is expected to get the green light from all sides of the National Assembly for the draft legislation.

It provides for the construction of an accommodation project which shall comprise a hotel, a villa resort, a condominium, or an upscale residential complex or the conversion of an existing building by reconstruction or renovation into a hotel, a villa resort, a condominium or an upscale residential complex of at least 8 bed rooms.

The owner or operator of an accommodation project who wishes to own or operate the accommodation project as a Cricket World Cup accommodation project, shall apply to the Cabinet for approval of the grant of one or more of the tax reliefs and exemptions.

Applications must be made prior to 28th February 2006. Cabinet approval shall specify the tax reliefs and exemptions granted, the termination dates for the tax reliefs and exemptions granted, the time frames for completion of the accommodation project and implementation of the cricket world cup accommodation project and the condition that it must be used as accommodation for visitors to St. Kitts and Nevis during Cricket World Cup 2007.

Draft legislation also provides for the Cabinet by an Order published in the gazette to revoke or suspend the first mentioned Order, the suspension of all reliefs or exemptions and the payment to Government of the amount of any relief or exemption already received.

Provision is also made in the draft legislation for the exemption of a percentage of the quantum of the investment of the financial institution if the funds for the cricket world cup accommodation project are sourced from a local or CARICOM financial institution.

A 10 year income tax holiday will be enjoyed for accommodations from 10 to 29 rooms and 15 years for accommodations of 30 rooms and above.

Construction of the redevelopment of Warner Park is being financed by the Republic of China on Taiwan.

St. Kitts & Nevis will host the Australian cricket team and teams from three other nations in the first round of the 2007 Cricket World Cup.

Warner Park is said to be the only cricket ground in the region ahead of schedule.

Photo: Artist's impression of new Warner Park.

Related St Kitts Cricket World Cup 2007 Information

St. Kitts and Nevis named as 2007 Cricket World Cup Venue

World Cup St Kitts-Nevis Ltd July 5, 2004 Press Release

SKNIS Press Release on Successful St Kitts Nevis Cricket World Cup Bid

One Day International and Test Match slated for St. Kitts and Nevis in 2006

Video and Photos of Warner Park Cricket Grounds

Photos of Warner Park before redevelopment

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