Prime Minister Allen Chastanet announced on Wednesday 19th, 2016 at the evening News Market Live show with host Timothy Poleon, that Saint Lucia’s Citizenship by Investment Program (CIP) has plans to restructure and relaunch.
“We are currently reviewing the structure of CIP. We are hoping that by November, we will be able to relaunch CIP. We have a big meeting on Thursday, where we will look at that,” said Chastanet said.
The prime minister stated that the government is reviewing and brainstorming ways to make the three options for citizenship more accessible, so far those options are – a donation of US$200,000 per person, through an investment. The investment of US$350,000 where the government makes at least US$50,000 and after five years they are allow to sell the investment. And third option is for the investor to place US$500,000 into a bond and receive zero interest for five years, along with full citizenship.
“The critical thing here to think about is – what is the purpose of all this? What are we trying to do with all of this?” asked Chastanet.
“In my government’s case, the CIP should be revenue to go directly to the state, in terms of creating investment, reducing debt or helping to pay for social programmes.”
Saint Lucia became the fifth Eastern Caribbean nation to introduce CIP in January of this year, and so far, the public has had tremendous interest because of its amazing tourism and beautiful sights.
However, it’s not yet 100 percent sure that Saint Lucia is offering such accessibility right now and will work to achieve a successful program like Dominica, the leading island for citizenship.
“We are now trying to compete among ourselves. I just hope that we do not lose sight of the risks,” he said.