The CIP Saint Lucia Programme continues to lead as market leader in the Caribbean region receiving a record number applications for the year 2020-21 according to the latest annual report published by government.
The CIP unit welcomed 568 new citizens who 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. The CIP program The Programme to date, has now contributed XCD$187,5 million so far since its inception.
The fiscal year 2020-2021, can be termed as one of the most successful years for the CIP in terms of revenue and growth in applications, in almost all the investment options available for citizenship. Overall, it has been the best year on record from since inception. In 2020-2021, CIP Saint Lucia ranked No. 1 within the Caribbean region for efficiency in processing citizenship applications
The NEF donation fund remains the most popular investment route but lately real estate and bonds have kindled more interest among investors. Since the launch of Covid bonds scheme issued at 50% discount, 65 applications were received in 2020/21. The real estate also received 82 applications during the same period highest among all years.
|Investment Route||Donation||Bonds||Real Estate|
Source: CIP Saint Lucia Annual Report
For the fiscal year, a total of twenty-five (25) bonds had been purchased, bringing a total cash inflow of XCD$17,863,089 to the Government of Saint Lucia. The Bond option also calls for the payment of an administrative fee. For the twenty-five (25) bonds sold for the fiscal period 2020- 2021, the CIP Unit was able to realize a cash inflow of XCD$2,025,000.
The report outlined, the successful roll-out of the COVID-19 bond qualifying investment, which was part of product diversification strategy, has been an attractive offering to the market and been a valuable tool in ensuring that, as an island, we have continued to meet all our debt obligations and to be able to continue financing our recurrent expenditure, at a time when our tourism revenues have seen significant negative impact. Making an investment into a Government Bond under the CIP is in accordance with the National Savings and Development Bonds Act Cap 15.25. The Bonds are zerocoupon bonds with holding periods from five (5) to seven (7) years.
Citizenship applications must be submitted in physical and electronic form via the citizenship application portal. AVERAGE PROCESSING TIME: 66 DAYS
St Lucia CIP remains very popular among chinese, americans and nigerians. Below are Applications approved by country of birth (2020-2021)
- China – 129
- Nigeria – 48
- United States – 30
- Russia – 17
- India – 9
The CIP Unit remained resolute in ensuring strong governance, accountability, transparency and a focus on very high levels of compliance and due diligence, and in that regard, continue to demonstrate leadership within the region. The Board of the Unit remained active and engaged and continues to play a critical role in the strategy of the Unit and the decision-making process for the grant of citizenship. The Board met a total of 24 times during the year and all Directors had an attendance record of 88% or higher.