Prime Minister Dr. Kenny D. Anthony said the Citizenship by Investment Program will provide impetus for the recovering economy, in order to lessen the effects of a decline in foreign direct investment.The program grants citizenship on the basis of various forms of investment.
“ It was a difficult decision to make, but given the persistent decline in foreign direct investment caused by the world financial crisis, the mounting challenges to raise money for our development, and the increasing use of citizenship programs by other countries as an incentive tool, we took the decision to offer a similar program,” Dr. Anthony said.
CIP Saint Lucia to Boost Economy
“While we have spent the last four years stabilizing and restoring our economic foundation, the Citizenship by Investment Program will provide impetus to our recovering economy to take off in the coming months.
“A number of resorts will [soon] be constructed in Saint Lucia. These resorts will create much needed jobs in the construction sector, add more jobs in the hospitality sector, revive our real estate sector and restore a high level of growth to our economy.”
Dr. Anthony added that government designed a transparent, robust, and structured Citizenship by Investment Program to ensure that issues of credibility and integrity are well- protected.
The program began accepting applications in January. A qualifying investment must satisfy the minimum investment level in the Saint Lucia National Economic Fund, an approved real estate project, an approved enterprise project or the purchase of government bonds.
Similar programs are offered in Saint Kitts, Dominica, Antigua and Barbuda and Grenada.
Source: Governtment of St Lucia Portal
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