Saint Lucia’s House of Assembly and Senate have passed a ‘Citizenship by Investment’ bill which the government hopes will attract foreign investment into the country.

Caribbean governments are facing serious challenges attracting investment in their countries,amid dwindling traditional means of financing for development projects. They are now looking to non-traditional means of keeping their economies afloat and taking care of their citizens.

Saint Lucia has become the fifth Caribbean country to offer citizenship to the wealthy, in exchange for hefty investments.

The country’s Prime Minister and Minister for Finance Dr. Kenny Anthony told the House of Assembly that it was not easy agreeing to the program, but the reality of the economic situation demands action.

Citizens like Victoria McLawrence say the program deserves serious consideration.

“I think in one sense, it’s a good thing, but there are disadvantages and advantages, so you need to sort out everything properly and see what is advantageous and the disadvantages of economic citizenship. This is what I believe,” she said.

Other citizens say the program is necessary at this time, as the government faces issues such as high public debt and rising unemployment levels.

“Since there are benefits to be derived from economic citizenship, I think we should give it a try … I support it because I believe that the relevant authority will take all precaution to make sure,” said 75-year-old Lorne De Souza.

Critics of Citizenship by Investment programs say they undermine the value of passports and pose security concerns.

In presenting the bill in Parliament, the country’s prime minister vowed to ensure Saint Lucia’s program is built on transparency.

“I believe that there are some overriding principles that have to apply when considering such a program. Firstly, the honor and integrity of Saint Lucia must be uppermost. We cannot enter into this programme and make citizenship available to the highest bidder at any price, at any cost,” said Dr. Kenny Anthony.

Saint Lucia is joining Antigua and Barbuda, Dominica, Grenada and St. Kitts and Nevis as Caribbean countries with such programmes. St. Kitts and Nevis’ controversial program is the longest-running in the world, having been founded in 1984.

Citizens are hoping that the program will bring much needed investment in the country, along with jobs and renewed hope for the future.