April 8, 2021
Bank of Nevis International Trust Services Inc. (BONITS), a leading provider of migration investment, trust, and company formation services, is expanding beyond its Caribbean HQ on the beautiful island of Nevis to open its first international outpost in Dubai.
BONITS offers bespoke Migration Investment packages to support clients achieve their global ambitions and secure the future they want for their families, themselves and their businesses alike. Amongst the services offered, clients can obtain a St. Kitts & Nevis passport through a range of investment options with packages starting from US$150,000 for a family of four.
As a global financial centre and the preeminent hub for the Middle East and Africa region, Dubai is a unique and an ideal location from which BONITS can service existing clients and grow its geographic footprint and customer service outreach. BONITS is currently supporting clients across the Middle East, Africa, South and South East Asia, China, Australasia and elsewhere.
Over the coming 12 months, BONITS will be launching a pipeline of impact investment initiatives that focus on the needs of a new generation of clients for whom positive social and economic development impact is as an important a consideration as the hunt for yield. This is particularly true of the United Arab Emirates and Gulf region, which has a fast-growing number of HNWIs under 40 looking for new experiences and more positive outcomes from their investments.
Specifically, BONITS is looking to launch products that support sustainable and affordable access to solar and other renewable energy solutions in small island states, such as Nevis, and other island nations and developing countries around the world. These initiatives will help to end the practice of importing and over reliance on fossil fuels, which is expensive, logistically challenging and bad for the environment, while delivering reliable and affordable energy which will ultimately bring greater economic advantages and higher disposable household incomes for local communities.
Michael J. Prest, Chief Executive Officer, BONITS, said:
“Dubai is the ideal location for BONITS as we put together new investment products that meet the needs of a new and growing type of wealth management client. In the United States and Europe millennials are beginning to inherit assets from baby boomer parents in what is set to become the biggest wealth transfer in history. In the United Arab Emirates, the average age of an individual with over US$1 million investible assets is in the 30s.
“This younger group cares about the environment, they care about their legacy and they want to build a better world for the generations that follow. They feel that responsibility and it will both determine and drive the next generational investment cycle. This means their sweet-spot will be a search for investments that will deliver a sustainable high yield return, and it means a search for investment opportunities that seek to work to the benefit of the planet and all its people. This is the challenge we have set out to solve.
“We are firmly in an energy transition cycle. Over the medium term a greater amount, and then a majority, of global energy will be produced by renewables. Whether this will be five or ten years in future, we can’t be sure. But this is inevitably what our future holds. At BONITS, we see renewables and renewables technologies as the investment opportunity for those with a robust and secure medium-term return in mind, and with family and long-term legacy close to heart.”
Rachel R. Ritfeld, Global Business Development, BONITS, said:
“Dubai has held a prominent position in global trade and exchange for over a millennium. The ancient Silk Road trading routes set this city on the trajectory that it is on today as one of the world’s leading places for business. BONITS believes firmly in the vision Sheikh Mohammed bin Rashid al Maktoum, the Ruler of Dubai, has for the Emirate, and see it as the epicentre of this global exchange of business and the ideal market for our first overseas office.
“The opening of our Dubai office will not only bring us closer to new clients in emerging wealth centres, but it will also bring Nevis and everything it has to offer to the rest of the world.”
Michael J. Prest will be representing BONITS and sharing details of the new office launch at Sir Anthony Ritossa’s 14th Global Family Office Investment Summit in Dubai between 28 – 30 March 2021.
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