The importance of the Citizen by Investment Programme (CIP) in driving economic development in Saint Lucia and the necessity for its sustainability will feature prominently in the 2025/2026 fiscal year.
This much was revealed by Governor General Sir Errol Charles during his delivering of the Throne Speech yesterday.
He stated that Saint Lucia is collaborating with Antigua, St Kitts and Nevis, Dominica, and Grenada to establish a robust Interim Regulatory Committee tasked with creating a Regulatory Commission. This Commission will enforce standardized practices for the CIP across the jurisdictions, ensuring greater transparency and accountability.
“Our government remains fiercely committed to the CIP programme,” Sir Errol affirmed, indicating readiness to work alongside the United Kingdom, European Union, and United States authorities to uphold international standards and implement best practices.
Furthermore, he announced that the Interim Regulatory Commission (IRC) has completed its consultation with key stakeholders across the five jurisdictions. “The next step is to present relevant draft legislation for review and comment by May this year, with enactment aimed for the end of December 2025,” he explained.
The Governor General added that this legislation will not only enhance the reputation and integrity of the CIP programme but will also safeguard the citizenship of member countries.
In this era of unpredictable economic crises and climate challenges, he emphasized the urgency to collaborate effectively and operate independently. Small Island Developing States like Saint Lucia face formidable threats from climate change—disproportionately impacting our nation due to the actions of wealthier nations.
In response to this crisis, the government has established a Sovereign Wealth Fund aimed at strengthening Saint Lucia’s resilience against climate change effects and mitigating vulnerabilities through strategic adaptation and mitigation projects.