Tourism Minister Dr. Ernest Hilaire has stated that Saint Lucia’s Citizen by Investment (CIP) venture is on a secure footing, despite international and local pressure being exerted about its viability.
The minister, on Monday, updated reporters on the latest status of the CIP in relation to its impact on the local economy and being able to withstand external factors that can impede its progress. He noted that while sanctions have been placed on certain countries, Saint Lucia remains on a sustainable trajectory in the wider global village.
Dr. Hilaire said that since its inception in 2016, the authorities have been pleased with the workings of the CIP, and it has been “rigid and robust” as it was formatted to confront the challenges that may arise.
“Some changes were made to it, and we didn’t agree with the changes. Since then the industry has changes so much, but Saint Lucia has remained a destination that is known for its emphasis on due diligence, and its emphasis on transparency,” he declared.
“I’m very proud of the work that we have done in that regard and we continue to be seen as a destination that places extraordinary emphasis on those aspects,” Hilaire added.
In 2021, CIP’s then CEO Nestor Alfred had stated that there was a differences between Saint Lucia’s CIP and that of other programmes in the region, and also, the matter of price reduction.
Nestor said that before speaking of differences, there are also similarities that existed within the regional programmes. However, he said, what differentiated CIP Saint Lucia was premised on the fact that CIP Saint Lucia did not just offer a commodity but a high-value proposition; a high- value investment.
“We do not offer a commodity, we offer high value proposition, high value investment and we ensure that the returns on that investment that is made by those applicants are sustainable and that they can offer a high return,” said Nestor.
Cognizant of the negating factors that may prove detrimental to the economic growth of that industry, Minister Hilaire noted: “We also wanted, as a government to make sure that the CIP can start delivering directly to the people of Saint Lucia, not simply by raising revenue that goes to the treasury but to start making some direct contributions.
“And, we have made some adjustments and during the upcoming budgets presentations, the prime minister will make some major announcements as to projects that will commence in this country, through the CIP,” Hilaire said.
Through the wider parameters of the CIP, he cited the magnitude of works implemented in other regional territories to include “housing projects, roads, bridges, factories, schools and hospitals” that have been built.
“We’ve never had that in Saint Lucia for five years and we’re going to reach a point where we can make couple of big announcements on projects that will be funded directly,” he continued.
Dr. Hilaire asserted: “So, in addition to contributing to revenue, you will also see direct projects for the befit of the people of Saint Lucia.”