The Saint Lucia Citizenship by Investment Programme was officially launched on Tuesday December 29, 2015. St Lucia is considered to have the most rigorous vetting process among the Caribbean CIPs.
St Lucia CIP scheme requires $150K one time contribution or $500K in Government bonds or $300K in approved real estate.
St Lucia has received about 279 applications and of which only 78 applications (27%) were approved by St Lucia under the citizenship by investment for the years 2017 and 2018 combined. Many applications have been pending for over 6 months waiting for approvals.
Nestor Alfred, who was appointed Chief Executive Officer (CEO) of the Citizenship by Investment Unit from August 8, 2017, revealed at a press conference on February 21, 2018 that 259 persons had been granted citizenship/passport under the CIP.
Chief executive officer of the St Lucia Citizenship by Investment Unit (CIU), Nestor Alfred, in an interview said:
“In 2017 and 2018 combined, the program had received 279 applications, of which only 78 had been approved so far.”
In March 2018, St Lucia stripped six individuals of their citizenships obtained through CIP for bringing disrepute.
Nestor Alfred added, The Saint Lucia program could be considered among the least competitive in the Caribbean… because we are not prepared to issue citizenship to people within 30 days and 40 days. Our vetting process may be one of the most rigorous processes that you can find in this region, some applications have been pending for as much as 260 days.
Mr Alfred, has asserted that the hallmark of the programme is the due diligence process, reported St Lucia Times. Mr. Alfred told reporters that he wanted to make it very clear that if Saint Lucia wants the programme to be successful and attract the right investors.
Our vetting process may be one of the most rigorous processes that you can find in this region,’ he declared.
According to CIP Saint Lucia, four due diligence firms been appointed for vetting of CIP applicants.
One of the main concerns with the Programme has been that non desirable people would be granted citizenship of Saint Lucia. There have been numerous calls to ensure that there is proper due diligence done on applicants.
The Citizenship by Investment Regulations mandate that a due diligence background check is done on every applicant over the age of sixteen. Three of the biggest firms which specialize in conducting due diligence background checks have been contracted for the Saint Lucia programme. Thomson Reuters has an extensive network of research analysts who are strategically located around the world and speak over 60 local languages. Their Enhance Due Diligence Reports provide a detailed background check on any entity or individual, no matter where they are located in the world. BDO Consulting uses multidisciplinary project teams to leverage BDO’s global network and technological resources to provide reports uniquely tailored to each client’s individual risk profile and preferences. IPSA International has subject matter experts, investigators and researchers from a wide range of backgrounds and experience such as law enforcement, risk audits, journalists, detectives, fraud examiners and regulators.
In 2017, The CIP Saint Lucia issued clarification on revoking citizenship
Please be informed that Citizenship by Investment, once granted, may be revoked subject only to the provisions of section 38 (1) of the Citizenship by Investment Act No.14 of 2015, on the following grounds: “Such registration as a citizen was obtained by false representation or fraud or wilful concealment of material facts; or the person has been convicted of an offence; or the person has performed any other act which, within the opinion of the Minister, has the potential to bring disrepute to Saint Lucia.”
The minister with responsibility for Citizenship by Investment shall in writing specify the grounds for the revocation of Citizenship by Investment and the individual whose citizenship has been revoked has the right of appeal to the High Court.
Further, and with regard to the investment requirements, and as per section 38(7) of the Interpretation Act Cap 1.06, all citizenships granted pursuant to the provisions of the Statutory Instrument No. 1 of 2017, shall remain valid even if the Citizenship Amendment Regulations are revoked and or replaced by any other regulations.
