Tuesday 11 August, 2020

Why Was St Lucia's CIP Ranked 2nd Last?

Yesterday, "the industry standard for benchmarking and measuring the attractiveness of investment migration programs," Henley & Partners' Global Residence and Citizenship Programs 2017–2018 report ranked St Lucia seventh of eight such programs worldwide.

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The report, which assesses each program according to 10 criteria scored out of 10 points, gives a final score out of a possible 100 points. St Lucia managed just 56 points placing it ahead of Dominica (51) and just behind St Kitts and Nevis (59).

St Lucia's weakness was seen in the areas of Quality of Life, Compliance, Relocation Flexibility and Reputation.

St Lucia scored a perfect 10 for Physical Visit Requirements and Residence Requirements.

Check out the gallery below which shows how St Lucia ranked in each of the 10 criteria.

St Lucia CIP Ranking

Earlier this year government made changes to St Lucia's CIP with the intention of making it more competitive. The requirement for an applicant to provide a sworn affidavit to declare financial resources of at least US$3,000,000.00 was removed. The limit of the number of applications which could be granted by the Board, previously set at a maximum of 500 applications was also removed.The qualifying contribution for a single applicant was reduced from US$200,000 to US$100,000; for an applicant with a spouse the amount was reduced from US$235,000 to US$165,000 and for an applicant with a spouse and two dependents the reduction was from US$250,000 to US$190,000.

The opposition SLP responded thusly: "Without any hesitation, when the Labour Party resumes office, we will reinstate the net worth requirement and will undertake another due diligence assessment on each and every application granted under the UWP, with our promise to revoke any passports of applicants, who do not meet the $3million net worth requirement or does not meet the strict due diligence requirements which Saint Lucians expect.  Applicants applying for citizenship in St Lucia should be warned that when the SLP is returned to office, we will also demand that all citizens who did not donate the full contribution amount of USD 200,000, will be compelled to top up the contribution that they made at the time of becoming citizens."

The government responded that the opposition was undermining the nation with such a position.

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