The issue of concern this time is Saint Lucia’s Citizenship by Investment Programme and possible travel restrictions for nationals holding Saint Lucian passports.
In a widely-circulated press release, Fedee argues that Saint Lucian passport holders could lose access to their VISA-free perks to the Schengen Region due to a decision not to sign an OECS Memorandum of Agreement (MOA).
This year, OECS countries signed a MOA to increase their minimum CIP investment from USD 100,000 to 200,000.
Tourism Minister Ernest Hilaire clarified on Monday, April 8th that Saint Lucia has already implemented all but one provision of the MOA as part of its rigorous CIP regime.
“Let me just repeat our position on the MOA - Saint Lucia supports every provision except one. Many provisions of the MOA, we've already implemented. Some of them are in our legislation, they're not a non-binding agreement, they are provided by law in Saint Lucia. No other island has a more robust due diligence process than Saint Lucia - none,” Dr Hilaire explained to the press.
The present Tourism Minister argues that when the CIP commenced in Saint Lucia during the Kenny Anthony-led government in 2015, the minimum investment amount was USD 200,000.
Hilaire says the Chastanet Administration lowered the amount to USD 100,000, which causes the country to be in its current predicament.
“In his statement, he makes some strange claims, one of which is the reduction of the price from $200,000 to $100,000, but that was done by his government…When we passed legislation in 2015 for the CIP, we had 200,000. We had an annual limit of 500. We had a net worth of $3 million. We had those [policies] in place. They removed it. They reduced the prices,” he said.
The Schengen Region consists of 29 European countries and is part of the European Union. Currently, Saint Lucian passport holders can travel freely through these countries without requiring a VISA, which is one of the travel perks of the Lucian passport.
Hilaire says the government took a position to retain the present minimum investment amount of USD 100,000 as there are contractual obligations to CIP applicants already in the system.
He adds that the government has multiple development projects in store which will be funded directly by CIP monies.
“The one provision we had a challenge with is the increase of the price from 100,000 to 200,000…we have negotiated financing, negotiated projects in housing, in infrastructure, and now they want the price to go up to [ USD 200,000].”
Prime Minister Pierre is currently in Brussels, Belgium, discussing matters of travel, migration, and the integrity of Saint Lucia’s CIP.