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Statement by Honourable Philip J. Pierre

Prime Minister and Minister for Finance, Economic Development and Youth Economy, and Minister for Justice and National Security

June 3rd, 2024

After careful review and extensive discussions with stakeholders and other OECS Heads of Government with Citizenship by Investment Programmes (CIP), the Government of Saint Lucia has decided to sign the Memorandum of Agreement (MOA) already endorsed by other OECS CIP countries. The Memorandum calls for common standards and procedures in the following areas:

1. Pricing
2. Information Sharing and Transparency Standards
3. Regulation
4. Security Screening and Framework
5. Regulation of Agents; Marketing & Promotion of Programs
6. Joint Training and Capacity Building
7. Dispute Resolution
8. Amendment and Termination

In addition to signing this Memorandum, Saint Lucia has made further suggestions to strengthen this regional agreement, including proposing legislative changes to address change of name requests, a measure agreed upon by the other Heads of Government.

Following consultations with regional governments and other partners, the Government of Saint Lucia will propose further enhancements to the CIP programme, which include:

1. An annual quota
2. A net-worth requirement for applicants
3. Escrow accounts to be held in Saint Lucia or in the individual islands
4. A requirement that only licensed promoters will be allowed to submit applicants to local authorized agents, with a due diligence report required for each applicant

Over the past year, the Citizenship by Investment Unit in Saint Lucia has implemented six principles agreed upon with the United States Government:

1. From February 15, 2023 – Ban on applicants from Russia and Belarus.
2. From September 4, 2023 – Implementation of applicant interviews.
3. From September 4, 2023 – Vetting of all applicants through the local Financial Intelligence Authority.
4. From January 2020 – Sharing of denials with the Joint Regional Communication Centre (JRCC).
5. Operational review of the programme – To commence shortly by an international consultancy firm.
6. International support – For the recovery of revoked passports.

Additionally, the Saint Lucia CIP Unit publishes an Annual Report tabled in Parliament, which includes audited financial statements. The fee structure for different options is also published in the Official Gazette.

The Government of Saint Lucia remains committed to maintaining and reinforcing the integrity of its CIP programme through a transparent and accountable process that delivers tangible benefits to all Saint Lucians.