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In a recent parliamentary session, Dr. Ernest Hilaire, St. Lucia’s Minister for Tourism, Investment, and Citizenship, revealed that the Citizenship by Investment Program (CIP) has seen an extraordinary 85% rise in applications over the 2022-2023 fiscal year. This jump—from 583 to 1,076 applications—highlights St. Lucia’s increasing appeal to international investors seeking citizenship opportunities in the Caribbean.

Hilaire presented the 2022/2023 CIP Annual Report, disclosing not only the surge in applications but also a 25% increase in approvals, growing from 435 to 544. The program also recorded a financial high, with a $35.58 million, or 94%, increase in total assets compared to 2022. Revenue growth was equally impressive, rising 12% to $60.6 million, while shareholder equity saw a substantial 44% increase to $37.7 million.

Growth Amid Challenges

Hilaire’s report attributed the rise in applications to strategic initiatives like the sale of Galaxy’s shares in Canelles Development and effective marketing outreach targeting regions in the Middle East and West Africa. The program’s success also led to a 40% increase in staffing to manage due diligence, verification, and accounting, strengthening the unit’s operational capacity. However, the CIP Unit also faced processing delays due to banking challenges, workspace limitations, and a 948% surge in marketing agent commissions. Despite these obstacles, Hilaire acknowledged that the team is working hard to address delays and improve efficiency.

Future Commitments and Transparency

The report, which was delayed by a year, underscored Hilaire’s commitment to transparency and timeliness in statutory reporting, with assurances that the 2023/2024 CIP report will be presented by the statutory deadline of October 31, 2024. The latest CIP figures showcase St. Lucia’s increasing relevance in the global investment landscape, marking a transformative year for the program.