Castries, Saint Lucia: The upliftment of the young population has emerged as the top priority for developing economies. It becomes necessary for them to put a major focus on the youth and its development; apart from providing basic amenities such as healthcare, education, employment and housing to their citizens, the countries have to majorly focus on the youth.
Despite being the smallest country, the government of Saint Lucia has been prioritising the development agendas for their young generations. It is proactively investing in its citizens in terms of educational infrastructure development and its economic undertakings. The growth and development have been significantly assisted by the Citizenship by Investment Programme of Saint Lucia, which was launched in 2016.
While driving the economy of Saint Lucia, the wisely use of the funds generated through the Citizenship by Investment Programme has worked, which will contribute to the brighter future ahead for its young population.
The country has witnessed the rates of employment on the island over the last few years due to the development of various multi-million dollar projects. The foreign investment generated by the country’s CIP contributed efficiently to these projects.
The advancement of infrastructure is opening a wide range of opportunities not only for investors but also for the country’s youth across a diverse range of industries which include hospitality, service, architecture, banking, and broadcasting. Saint Lucia is growing, and so too are its people.
Recently, the Global Hyatt group signed plans to construct the 345-room Grand Hyatt luxury hotel in Saint Lucia. The project will provide employment for at least 2000 of the island’s citizens through opportunities in construction, operations and management. While providing a major boost to the economy, it will also create significant opportunities for aspiring youth to grow professionally and achieve financial independence. This is just one of the many examples of how foreign investment is directly benefitting the country.
Mathurin is a media and communications professional in Saint Lucia who is reaching new heights in her career. She has expressed confidence about the role that the CIP plays.
“It makes me so happy every time when our talent and accomplishments are celebrated. For me as a young Saint Lucian, as a young creator, I am looking forward to projects like CIP helping us channel resources in the right direction,” said Mathurin.
Mathurin looks forward to the programme providing her with a wider platform to exhibit her talents and further hone her skills. With the development and growth of CIP in Saint Lucia, she is just one of the country’s young professionals who will benefit from the increased investment.
Saint Lucia’s Citizenship by Investment Programme allows foreign investors to become citizens of the country in exchange for investing in the country’s economy. It is a much sought-after programme, ranking third in the CBI Index of 2022 and scoring 87% with 78 points.
The CBI Index is released annually by the Professional Wealth Management Magazine (PWM), published by the Financial Times. It provides a comprehensive evaluation of citizenship by investment programmes in thirteen jurisdictions.
The Index compares jurisdictions according to nine parameters, known as the “nine pillars of excellence.” These include: the minimum investment outlay, the extent to which investors can obtain citizenship for family, the timeline for securing citizenship, the due diligence of the process, ease of processing, freedom of movement within and between countries, mandatory travel or residence conditions, and the certainty and robustness of the programme.
Saint Lucia has particularly excelled in the minimum investment outlay, freedom of movement and ease of processing pillars. This excellent score has drawn a diverse range of individuals with adequate resources to invest in the country. The programme has thus proved mutually beneficial – helping both the country and investors.
The establishment of wider business networks is yet another aspect of the programme from which young Saint Lucians profit. CIP investors often bring significant entrepreneurial networks from their respective fields to the country. Working and collaborating with investors thus provides a great platform for existing businesses to grow, stimulating the development of new businesses and industries as well.
While investors receive a stable and secure environment from which to operate their businesses, young professionals have the opportunity to learn from experts in their field and to grow to their maximum capacity.
Since the Covid-19 pandemic, the government’s emphasis has also shifted towards developing and uplifting public health infrastructure and services. CIP funds are therefore also being directed to the health sector.
Recently, the Ministry of Health, Wellness and Elderly Affairs donated a haematology analyser and immunoassay analyser to St. Jude Hospital in the coastal town of Vieux Fort. These additions to the healthcare infrastructure will strengthen the delivery of diagnostic testing in the country. In this instance, both young and elderly citizens will reap the benefits of CIP funds.
This is just one of the various impacts of resources generated by Saint Lucia’s Citizenship by Investment Programme. However, it is not just the country’s citizens but also investors who benefit from the programme. They gain a safe, secure and stable environment from which to grow their families and businesses.
SAINT LUCIA: CITIZENSHIP BY INVESTMENT PROGRAMME (CIP)
Saint Lucia is the latest Caribbean country to open its borders to Citizenship by Investment. Although the programme was launched just six years ago in 2016, it is already considered one of the top three countries for Citizenship by Investment, according to the CBI Index of 2022. The CIP of Saint Lucia provides numerous benefits such as:
1: Providing investors with global mobility
2: Delivering opportunities for diversifying investors’ portfolios
3: Planning wealth and business expansion overseas
4: Gaining a citizenship that can be passed down to future generations.
Saint Lucia’s Citizenship by Investment programme is also notable for the ease of its application process. This includes five steps:
Step 1: Completion of the application by applicants.
Step 2: Submission of the application via the CIP Portal.
Step 3: Document verification by the CIP Unit and the undergoing of due-diligence processes.
Step 4: The selection or rejection of the application by the board.
Step 5: The provision of certification, subject to selection.