This is a developing story, and IMGW News will provide updates as they happen.
Cap Estate, Saint Lucia – June 3rd, 2024 – In a significant development, the Honourable Philip J. Pierre, Prime Minister and Minister for Finance, has announced pivotal changes to Saint Lucia’s Citizenship by Investment Programme (CIP). The decision comes after evaluations and consultations with stakeholders and fellow Organisation of Eastern Caribbean States (OECS) Heads of Government with CIP programmes.
The Government of Saint Lucia has resolved to sign the Memorandum of Agreement (MoA), a move already undertaken by other OECS CIP countries. The MoA aims to establish common standards and procedures across various key areas, including pricing, information sharing, security screening, regulation of agents, joint training, and dispute resolution.
In addition to endorsing the MoA, Saint Lucia has tabled suggestions to fortify the regional agreement further. These proposals include legislative amendments to cater to change of name requests, a step that has garnered support from other Heads of Government involved.
Following ongoing consultations with regional entities and partners, the Government of Saint Lucia plans to introduce additional enhancements to the CIP programme. These enhancements encompass the introduction of an annual quota, setting net-worth criteria for applicants, facilitating escrow accounts within Saint Lucia or individual islands, and mandating only licensed promoters to submit applicants to authorized agents while also requiring due diligence reports for each applicant.
Noteworthy achievements by the Citizenship by Investment Unit in Saint Lucia include the implementation of six principles agreed upon with the United States Government. These principles encompass bans on applicants from specific countries (like Russia and Belarus), applicant interviews, vetting through the local Financial Intelligence Authority, and sharing denials with the Joint Regional Communication Centre.
Looking ahead, an operational review of the programme by an international consultancy firm is set to commence shortly, with the Saint Lucia CIP Unit seeking international assistance in passport recovery. The commitment to transparency is underscored by the unit’s practice of publishing an Annual Report containing audited financial statements, alongside the publication of fee structures in the Official Gazette.
In conclusion, in the statement the Government of Saint Lucia affirms its “dedication to upholding the integrity of the CIP programme through a transparent and accountable process that delivers tangible benefits to all Saint Lucians”. The proposed changes and enhancements signal a formal commitment towards ensuring a robust and effective CIP programme in Saint Lucia.
You may read the statement by the Saint Lucia government here: Follow the Link
‘It’s a step in the right direction. Now let’s see the details.’ (…), No date was given for when this MoA would be signed.’
Philippe Martinez, MSR Media
A Call for One Common Standard
In another press statement issued on the same day as the one from Saint Lucia proposing changes to the CIP Programme, the Leaders of the Opposition of the Organization of Eastern Caribbean States (OECS) reiterated their support for the Citizen Investment Programs (CIP) across the region. They called for ‘one common standard’.
The statement, signed by the opposition leaders in the following countries: Saint Lucia (Allen Chastanet), Antigua and Barbuda (Jamale Pringle), Grenada (Keith Mitchell), and St. Kitts and Nevis (Mark Brantley), emphatically reiterated their support for the Citizenship by Investment Program (CIP). They acknowledged the region’s struggle to find alternative funding for building and sustaining economic resilience and the crucial role of CIP in this context.
The CIP programmes, they stated, have “have been instrumental in providing critical resources for budgetary support, capital programs, investment and infrastructure improvement, especially when external shocks have adversely affected us such as climate change, global wars, supply chain disruptions and global recessions.”
“We express our strong support for the collective call for all participating countries to sign and enforce the Memorandum of Agreement and to adhere to one common standard, overseen by an independent regulatory authority, to ensure the continued success and credibility of our programs.”
You may read the statement by the Opposition Leaders here: Follow the Link
Philippe Martinez Comments on Saint Lucia’s CIP Announcement
Meanwhile, IMGW News spoke with Philippe Martinez, the Director of MSR MEDIA, who many industry experts recognize as the catalyst behind this brewing Caribbean storm. Philippe commented on the latest announcement by Saint Lucia’s government, stating, ‘It’s a step in the right direction. Now let’s see the details.’ However, he added, ‘No date was given for when this MoA would be signed.’
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