Saint Lucia is one step closer to implementing a Citizenship by Investment Program (CIP).
In July 2015, the Saint Lucia Parliament met to discuss and approve the relevant Bill which has now been passed on to the Senate for further deliberations.
The economic citizenship program has been under consideration since August 2014, when a Task Force was charged with the responsibility of providing recommendations as it relates to ‘broadening the framework under which Saint Lucian citizenship might be offered as a part of a program of investing in the country; whether Saint Lucia should establish an economic program, and if so, the best model to adopt’.
The Task Force comprised Dr. Vaughan A. Lewis (Chairman); Mr. McHale Andrew (CEO of Invest Saint Lucia); Mr. George Deterville; Ms. Brenda Duncan; Mr. Timothy Ferdinand; Mr. George Goddard; and Mr. Nicholas John for the Parliamentary Opposition. The Committee’s report supported the view of the importance of sourcing alternative forms of investments through novel and innovative ways, particularly in light of the changing global dynamics as it relates to globalization, new trading arrangements and the attendant loss of preferential market access.
The Committee also took note of the fact that similar initiatives have been undertaken in both developed and developing countries, including some countries in the Caribbean, and asserted that a model of investment, appropriate to Saint Lucia’s circumstances could be beneficially implemented.
Accordingly, it was advised that given the sensitive nature of the process, that robust due diligence procedures, in line with international regulations be established to mitigate against such risk.
The Senate will meet on Tuesday August 4th 2015, to further consider the Bill.