Cited as No. 106 of 2024 — Citizenship by Investment (Amendment)(No. 2) Regulations, this amendment is in keeping with Saint Lucia’s commitment to a review of its CIP Unit in its totality.
Per an OECS Memorandum signed by Saint Lucia on June 3rd, the minimum investment option was increased to USD 200,000.
Schedule 2 (b) of the Act was amended to allow for the new prices of the Real Estate Option of the CIP. This package allows CIP applicants to directly invest in real estate projects in Saint Lucia.
“On approval of an application by means of an investment in an approved real estate project, the following minimum investment is required: Applicant and any number of qualifying dependents US$ 300,000 plus applicable administration fees,” the amendment reads.
The fees for the Enterprise Option of the CIP were also amended. This option allows CIP applicants to invest in approved Saint Lucian businesses. The minimum investment amount has been raised to USD 3.5 million.
The amendment provides:
Option 1: Applicant US$ 3,500,000 (plus no less than 3 permanent jobs)
Option 2: (a) More than one applicant in a joint investment (b) Each applicant to contribute a minimum of US$ 6,000,000 (plus no less than 6 permanent jobs) US$ 1,000,000
Option 3: Applicant applying with up to three qualifying dependents US$ 250,000
Despite criticism, the government doubles down on its position that Saint Lucia’s CIP is formidable.
Minister responsible for the CIP, Dr Ernest Hilaire, explained in a June 12th address that the Unit will undergo a comprehensive audit. This, he noted, is in keeping with Saint Lucia’s commitment to adhering to US Authorities' six-point plan for CIP.
“This is the ideal time to engage an international audit firm to immediately commence an audit and review of how the unit has operated since it was established in 2016. The audit we intend to undertake will seek to review all the current processes, policies and procedures in the operations of our CIP unit,” he explained.
According to Hilaire, from July 2021 to March 2024, the CIP Unit in Saint Lucia approved two thousand and forty-seven (2047) applications of which 1,367 were Real Estate for Caribbean Galaxy Resort.
This figure is contrary to the 14,000 citizenship applications the UWP alleges the government has approved.