by Travis Lueth 
Saint Lucia’s Citizenship by Investment Program (CIP) experienced unprecedented growth in the 2022/2023 fiscal year, with a record-breaking 1076 applications received, representing an 85% surge compared to the previous year. While approvals also increased, the significant rise in applications has led to a growing backlog within the Citizenship by Investment Unit (CIU).
The program’s success was primarily driven by the real estate investment option, which accounted for a remarkable 70% of all applications, more than double the previous year’s figures. The Caribbean Galaxy Real Estates Canelles Resort, the sole eligible real estate project during this period, is estimated to have attracted over $203 million in investment through the CIP.
While the real estate option dominated, the National Economic Fund (NEF) donation option remained a significant contributor, accounting for approximately one-fifth of all applications. The bond option also saw a modest increase.
The data revealed a more diverse applicant pool in FY22/23, with the top five nationalities accounting for a smaller proportion of applications compared to the previous year. Chinese applicants maintained their lead, albeit with a slight decrease, while Nigerian and American applicants continued to show strong interest.
The release of these statistics, delayed by “a number of factors,” underscores the need for the CIU to improve its reporting timelines. Deputy Prime Minister Ernest Hilaire emphasized the importance of timely submissions, highlighting the statutory requirement for annual reports to be submitted within three months of the fiscal year’s end.
Despite the challenges presented by the increased application volume, the Saint Lucia CIP continues to demonstrate its attractiveness to global investors, contributing significantly to the country’s economic development.
Key Takeaways:
- Record-breaking application volume with 85% growth.
- Real estate option dominates, accounting for 70% of applications.
- Significant increase in applications from diverse nationalities.
- Growing backlog within the CIU.
- Emphasis on the need for improved reporting timelines.
This revised version aims to:
- Improve readability and flow: By using shorter sentences and breaking down complex information into more digestible chunks.
- Maintain a professional tone: By using formal and objective language throughout.
- Highlight key takeaways: By summarizing the key findings in a concise and impactful manner.
- Avoid direct copying: By paraphrasing the original information while maintaining accuracy.
This version conveys the same information as the original article while presenting it in a more engaging and professional manner, suitable for a wider audience. Saint Lucia’s Citizenship by Investment Program Surges in FY22/23
The Saint Lucia Citizenship by Investment Program (CIP) experienced unprecedented growth during the 2022/2023 fiscal year, according to recently released government data. The program received a record-breaking 1,076 applications, representing an 85% surge compared to the previous year and nearly equaling the total applications received in the three preceding years combined.
While approvals increased by 25% to 544, the significant rise in applications has led to a growing backlog within the Citizenship by Investment Unit (CIU). This surge in demand can be attributed primarily to the overwhelming popularity of the real estate investment option, which accounted for a staggering 70% of all applications received.
Real Estate Dominates:
The real estate investment pathway saw a remarkable 222% year-on-year increase, with 751 applications received. This surpasses the total number of real estate-based applications received in all previous years combined. Notably, the Caribbean Galaxy Real Estate Canelles Resort remained the sole eligible real estate project during the fiscal year, generating an estimated $203 million in investment through the CIP.
Diversification of Applicant Base:
The data reveals a growing diversification of applicant nationalities. While Chinese applicants maintained their leading position, their share decreased slightly. Nigerian applicants also experienced a modest decline. Conversely, American applicants maintained a 10% share, indicating a growing interest from U.S. nationals.
Addressing the Backlog:
The government acknowledged the significant increase in applications and the resulting backlog within the CIU. Deputy Prime Minister Ernest Hilaire emphasized the importance of timely report submissions and the need for continuous improvement within the unit.
Conclusion:
The 2022/2023 fiscal year marked a period of unprecedented growth for the Saint Lucia Citizenship by Investment Program. While the surge in applications presents challenges, the program’s popularity underscores its attractiveness to high-net-worth individuals seeking global mobility and investment opportunities.
