St Lucia Government has published its latest annual report on the citizenship by investment programme.
The CIP programme generated total revenue of EC$ 14,371,074 ($5.3m) with the main contributor being that of the investments made towards the National Economic Fund, according to report. Revenue received from contributions made to the National Economic Fund accounts for 50% of total revenue whilst in the prior year this was 73%.
St Lucia welcomed the 188 new citizens that chose to invest in Saint Lucia and invite them to come and explore the opportunities that exist for further integration and investment in our beautiful Helen of the West.
Contributions to the National Economic Fund continues being the primary route selected by applicants for the grant of citizenship. From 143 applications granted citizenship for this financial year, 126 were to the National Economic Fund.
A total of 193 applications were received in this financial year. This represents a percentage increase of 26.97% as compared to prior year. However, 143 applications were granted reflecting a 31.9% decrease from prior year. Of the applications presented to the Board for a decision, a total of 13 applications were denied.
Applications Received (by Region)
- Asia – 91
- MENA – 47
- RUSSIA – 13
- Rest of World – 42
Applications Received (by country)
- China – 73
- Nigeria – 31
- Russia – 14
- Turkey – 8
- UAE – 5
We have remained resolute in ensuring strong governance, accountability, transparency and a focus on very high levels of compliance and due diligence and in that regard, we continue to demonstrate leadership within our region.
– Ryan Devaux, Chairperson, CIP Board
The Board met a total of 23 times during the year and all Directors had an attendance record of 83% or higher. We have also made significant changes to the CIP legislation in response to feedback from our stakeholders to make the programmme more attractive.
CIP Saint Lucia programme will continue to being globally respected leading with the highest standards and ethics
We are ensuring our processing times continue to decrease (now 63 days on average) while always ensuring all due diligence requirements
– Ryan Devaux
St Lucia CIP Board has also introduced Covid relief bonds issued by government for citizenship by investment as a limited time discount offer. It is the only caribbean nation to offer citizenship bonds. Families and single investors who invest $250,000 are eligible for St Lucia passport after thorough background checks. The bond sum paid back by government after 5,6,7 years depending on how many family members apply
We do not offer a commodity, we offer high value proposition, high value investment…and we ensure that return on that investment made by applicants are sustainable and they offer high return.
– Nestor Alfred, CEO of CIP Saint Lucia