Deputy Prime Minister and Minister of Investment, Dr. Ernest Hilaire, recently presented the 2022/2023 Citizenship by Investment (CIP) report to Saint Lucia’s Parliament, acknowledging that its submission was a year overdue. He attributed the delay to various factors, some beyond the control of the Citizenship by Investment Unit, and emphasized the importance of meeting statutory obligations to ensure that such delays do not become routine. Dr. Hilaire assured that efforts are being made to guarantee the timely submission of the 2023/2024 report, which is expected by October 31, 2024, and confirmed that such delays will not occur in the future.
The report highlighted significant developments within the CIP:
- Application Increase: Applications rose by 85%, from 583 to 1,076.
- Approvals Growth: Approved applications increased by 25%, from 435 to 544.
- Asset Growth: Total assets grew by 94%, reaching $35.58 million.
- Revenue Increase: Revenue grew by 12%, from $54.2 million to $60.6 million.
- Staff Expansion: The unit’s staff increased by 40%, enhancing the due diligence and accounts departments.
Challenges faced by the unit included delays in fund clearance by banks, limited workspace due to staff growth, and the need for key partners like banks, the National Insurance Corporation, and the Immigration Department to allocate more resources to meet rising service demands. Despite these obstacles, the unit maintained a strong financial position, ending the year with a $22.8 million surplus.
Dr. Hilaire also addressed misinformation and political criticism surrounding the CIP, reaffirming the program’s commitment to transparency and efficiency.
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