Dr. Ernest Hilaire, the Tourism Minister and Leader of Government Business in the House of Assembly, has criticized Opposition Leader Allen Chastanet’s legal challenge to the Citizen by Investment Programme and the Sovereign Wealth Fund.
“Chastanet’s continuous legal challenges are aimed at obstructing the government’s progress and the best interest of this country,” He stated.
Allen Chastanet has consistently condemned the government, making allegations of mismanagement concerning the Citizenship by Investment Programme and raising doubts about the effectiveness of the Sovereign Wealth Fund.
Dr Hilaire, on Monday, highlighted that both internal and external assessments have demonstrated the robustness of the CIP, which has undergone thorough vetting and showcases a unique and carefully crafted design.
One of the significant developments is the establishment of a Memorandum of Agreement (MOA) among sub-regional territories, which creates a Regional Regulatory Body tasked with ensuring rigorous oversight of the CIP’s operations.
Dr Hilaire said that Allen Chastanet has initiated a case against the CIP, seeking an injunction to stop enterprise options, with the court hearing scheduled for May 2.
“We expected him to follow the proper procedures avoiding this unnecessary situation,” asserted Dr Hilaire.
He said, “The opposition leader’s relentless attacks on the CIP, both regionally and internationally, and his legal maneuvers halt its operations, show blatant disregard for the people of Saint Lucia.”
He observed that these actions have sparked worries among investors and promoters in the CIP industry, affecting national interests.
“We will continue to fight these tactics to protect the welfare of our country,” Hilaire asserted.
Recalling remarks made in October 2024 during a parliamentary session, Dr Hilaire reaffirmed that, “The CIP is in safe hands.”
The audit firm responsible for the CIP assessment has submitted a preliminary report containing recommendations, and the final report will be available soon.
Dr. Hilaire emphasized that the new pricing structures implemented under the MOA in July 2024 led to the suspension of specific investment and sales frameworks. Nonetheless, the government has restarted sales options, as current agreements remain intact, and the real estate project—A’ILA Resort at Mt. Pimard—has received approval.
The minister clarified that discrepancies between the MOA, enterprise options, and associated agreements resulted in the halt of sales under enterprise options, which includes the Bemax LLC housing project.
“We terminated agreements that did not align with the MOA and are in renegotiating contracts to ensure compliance and proper structuring,” he stated.
The government is set to revise the Citizenship by Investment Act and its related regulations, aiming to reinstate the programme to the prestigious high-end status it originally held upon its introduction in 2015.
Dr. Hilaire emphasized the importance of these changes to establish quotas for granted citizens, net worth requirements, escrow account stipulations, and other improvements necessitated by the previous administration.
Our objective is to make the CIP more robust, rigorous, and exclusive, solidifying its appeal,” he concluded.