Hilaire Defends Saint Lucia Citizenship by Investment

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RIF Trust Reports on Citizenship by Investment in St Lucia

RIF Trust’s Caribbean citizenship specialist is Leila Bagheri and she has been watching the latest Saint Lucia Citizenship by Investment developments with interest.

She responds to the defiant display from Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information, Dr. Ernest Hilaire. It came during the Sitting of the Saint Lucia Government’s House of Assembly (October 22, 2024).

Leila argues that “Here, Hilaire delivers a vindication of the St Lucia Citizenship by Investment programme.”

RIF Trust’s Caribbean expert continues: “This address reassures investors of the stability of Citizenship by Investment in St Lucia.”

Saint Lucia Citizenship by Investment in Numbers

Following some technological issues, Dr. Ernest Hilaire begins his address at the Tuesday, October 22, 2024 Sitting of the Saint Lucia Government’s House of Assembly. He first apologizes for the delay in sharing 2022-2023’s annual report. Hilaire also promises there will not be another gap of a year with the release of the 2023-2024 annual report.

The Minister for Investment outlines that the 2022-2023 reveals an “85% increase in applications received from 583 to 1,076, 25% increase in applications granted from 455 to 544, $35.58 million or 94% increase in total assets in comparison to 2022.”

“Growth in shareholders equity to $37.7 million or 44% versus prior ended March,.. 12% growth in revenue from $54.2 million to 60,… 40% increase in staff bolstering the capacity of the due diligence verification and accounts departments.”

As well as increased income, Hilaire explains, there were extra costs that ate into the profits. This amounted to a 43%/$10.1 million rise in expenditure, with marketing agent commissions spiking 948%. This resulted in a surplus decreasing from 2022’s $27.7 million to 2023’s $22.8 million.

St Lucia Citizenship by Investment’s Contribution to Agriculture and Beyond

St Lucia’s Deputy Prime Minister is open about how funds from Saint Lucia Citizenship by Investment are funnelled back into the country. He is transparent with figures.

For example, Hilaire quotes the use of $2.2 million to support agriculture on the island, with some of that benefiting banana farmers challenged by a lag in the rollout of packaging material supply.

The St Lucia government, the Deputy Prime Minister discloses, diverts profits from CBI to reinforce island safety and security. This amounts to a $2.8 million investment. The island’s police force receive an upgrade on their vehicles and Bordelais Correctional Facility, St Lucia’s sole prison, new equipment.

Hilaire says that his ruling political party earmark $3.4 million for housing projects. This makes property more affordable for locals. The Citizenship by Investment Programme prevents people born on the island being priced out of real estate.

St Lucia Carnival is one of the key cultural events on the island. The government set aside $4.2 million to assist with expenses for this annual party, along with other festivals. $5 million of Saint Lucia Citizenship by Investment funds go to the island’s educational infrastructure.

Energy wise, Hilaire shows the way CBI covers the island. The government use $1.2 million to subsidize the price of fuel and liquefied natural gas. Similarly, they incorporate $4.3 million to keep food prices down and supply vouchers to the needs.

Other Ways Saint Lucia Citizenship by Investment Helps the Island

The Citizenship by Investment Programme was a massive aid during the Covid years. There are still outstanding bills to pay, and $13.3 million helps to reduce the shortfall. In addition, it contributes to the upkeep of the capital’s Millennium Heights Medical Complex.

What St Lucia has earned through Citizenship by Investment has transformed the island. You can travel more easily across St Lucia. That’s due to the $3.8 million pumped into the National Road Network.

As the effects of climate change become ever more apparent, CBI profits provide relief. They can be transferred to deal with a national emergency. For example, $800,000 was spent assisting victims of recent floods.

Where St Lucia once relied on tourism, it’s diversified with Citizenship by Investment. Social development projects receive $8.4 million and sports programmes, $1.5 million. Community tourism is the beneficiary of $1.6 million, including additional words at the Soufriere waterfront project.