Reaching for a Higher Standard
St. Lucia’s Citizenship by Investment (CBI) program came later than others in the region. Initially, it operated at a deficit as the program was established. In April 2022, Prime Minister Philip Pierre hailed CBI receipts of $38M USD during his annual Budget Address.
In the face of European and US objections to the way the programs risk being used to avoid taxation, launder money or even support terrorism, St. Lucia’s former Prime Minister is urging all CBI programs to be merged under the control of the Organisation of Eastern Caribbean States (OECS).
Agents, politicians and the former head of St Lucia’s CBI Program say there is a need to improve public awareness and transparency. They contend that ordinary citizens need to understand how CBI funds benefit them in helping to offset disasters, manage debt and brace for unexpected economic shocks.