Mr. Nicholas John and Mrs. Leonne Theodore-John speaking with Deputy Prime Minister- Hon. Phillip J Pierre

The Citizenship by Investment Program (CIP) is now officially under way. Government has started accepting applications from January 1, as earlier indicated.

Launched at the Bay Gardens hotel last week, the program heard from key players including Prime Minister Dr Kenny D. Anthony and Chairman of the CIP Board Dr Ernest Hilaire.

The Prime Minister, who first formally announced the program in Monaco at a Global Citizens Forum last October, said at the local launch that the program is to help stabilize the economy.

He said in the absence of an investment flow of more desirable proportions and following the worse financial crisis saint Lucia has known, new ways have to be found to bridge the financial and economic gaps.

The Prime Minister also noted that despite the opposition leader’s current criticism of the program, the legislation establishing it was supported in parliament without political rancor, with the blessing of both the government and opposition sides in parliament.

The program will seek to sell 500 economic citizenship passports in the first instance and the proceeds will be used to fund construction of the Castries-to-Gros Islet Highway.

CIP funds raised will also go towards construction of the new East Coast Highway linking Gros Islet to Vieux Fort through Babonneau.