Saint Lucia Enhances Its Renowned Citizenship by Investment Program

As the global landscape of Citizenship by Investment (CIP) programs continues to evolve, Saint Lucia has taken a proactive step to safeguard the integrity and transparency of its renowned program.

This memorandum calls for the establishment of common standards and procedures in critical areas such as pricing, information sharing, security screening, regulation, dispute resolution, and amendment and termination. By signing this agreement, Saint Lucia is solidifying its position as a leader in the CIP industry, ensuring the highest levels of due diligence and investor confidence.

Here’s a breakdown of the key points:

• Saint Lucia Signed the OECS MOA: In June 2024, Saint Lucia signed the Memorandum of Agreement (MOA) with other Eastern Caribbean States (OECS) offering CIPs. This agreement sets common standards for areas like pricing, due diligence, and transparency.

• Increased Minimum Investment: One of the MOA’s requirements is raising the minimum investment threshold to $200,000 by June 30, 2024.

• Additional Saint Lucia Specific Changes: Saint Lucia proposed further changes to its CIP program:

• Annual quotas on applicants may be implemented.
• Applicants may need to demonstrate a certain net worth.
• Escrow accounts used in the program may be required to be held within Saint Lucia.
• Only licensed promoters can submit applications with mandatory due diligence reports for each applicant.

These changes, along with Saint Lucia’s previous efforts, such as banning applicants from Russia and Belarus and implementing stricter vetting procedures through the local financial intelligence authority, aim to solidify the program’s integrity under Prime Minister Philip J. Pierre’s leadership.