Wednesday 20 November, 2019

Alfred explains why St Lucia's CIP is 'less competitive'

CEO of Saint Lucia's Citizenship by Investment Programme, Mr Nestor Alfred this morning provided an update on the performance of the island's CIP programme.

Alfred said that the hallmark of the program is its due diligence process, which he said may be one of the most rigorous in the region.

He said that this entails:

1. Applications go through a meticulous process to ensure that it complies with Lucian policies and procedures

2. Hired third party due diligence firms from anywhere in the world go out and establish who the applicants are.

3. Decisions are not made until vetting conclusions from our law enforcement have been presented.

Alfred said that St Lucia may be considered one of the less competitive jurisdictions pointing to the fact that we are not willing to issue citizenships within 30 or 40 days. He said they have applications that are still being assessed in excess of 260 days and that due diligence is of the upmost concern in order to protect the country.

He also said that there is complete independence between the government and the CIP board and it is the board and not the government that makes decisions on the granting of citizenships.

Alfred said that although they may not get the numbers they expected, they are very confident that they are getting quality investors through the programme.

Get the latest local and international news straight to your mobile phone for free: