Basseterre, St. Kitts (SKNSOURCE) – Aimed at economic empowerment, the government of St. Kitts and Nevis has recently announced the Land Reset for Independence 40 program. This initiative seeks to provide relief and assistance to landowners burdened by high interest rates. The program includes several measures geared at mitigating the financial burdens of the masses, such as reducing interest rates and eliminating accumulated interest from 1998 to 2022. Additionally, it extends various timelines to accommodate the needs of new landowners. This article explores the impact and opinions surrounding this initiative.
“As a strategy for alleviating the pains and delays in home ownership, mortgage access, and registration challenges, we have devised as a government a strategic pathway to land ownership and empowerment” Hon. Dr. Terrance Drew stated before announcing the initiatives.
One of the key highlights of the Land Reset for Independence 40 is the reduction of interest rates. Previously, landowners were subjected to interest rates as high as 12 percent. However, with the implementation of this initiative, these rates will be significantly reduced to six percent.
Another aspect of the Land Reset is the removal of accumulated interest from 1998 to 2022. This means that landowners will no longer be accountable for the interest that has built up over these years.
The Land Reset also extends the period from which interest is applied from two (2) years to three (3) years after land allotment.
“The new reduction would therefore mean that all residential land applicants with outstanding balances will now have a grace period of three years, beginning October 1st, 2023, to September 30th, 2026, to settle their outstanding balances without added interest to their principal”, explained Prime Minister Drew during a recent sitting of the National Assembly.
Recognizing the challenges faced by new landowners, the government has extended the period to make a deposit from three (3) months to six (6) months. This adjustment provides new landowners with a more reasonable timeframe to gather their finances and meet the deposit requirements. By offering this extension, the government enables individuals to pursue land ownership and contribute to the growth of their communities without undue financial stress.
To gauge the sentiments of the community, SKNSOURCE conducted a series of interviews with individuals about the Land Reset for Independence 40 program.
Sara, a young entrepreneur, said, “The extension of the deposit period gives me the opportunity to carefully plan my finances.”
Laura, a young graduate, highlighted the significance of the accumulated interest removal, saying, “This initiative shows that the government acknowledges the challenges we face. Removing accumulated interest is a huge relief and will help me start fresh and build a brighter future for my family.”
John, a farmer said “This initiative stands out for me because due to the Covid I was not working so I could not pay for my land…. so, interest was just going on. I can now go in and talk to somebody about taking off the interests and start fresh… so big up the Government. The community views this timely initiative as a positive step towards economic independence and growth. The Land Reset for Independence 40 program will undoubtedly have a transformative impact on individuals’ lives.
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