Avellon Williams
CASTRIES, Saint Lucia – The importance of investing in youth has been recognized throughout the globe. It is imperative to note that developing economies raise the aspirations of their young populations beyond providing basic amenities such as health care, education, employment, and housing. The pace at which a nation advances is largely determined by these efforts.
In this context, Saint Lucia’s government is proactively investing in its citizens, with its youth at the forefront of its priorities. As the country develops its infrastructure and undertakes economic endeavors, it is progressing at a significant pace. Since the launch of the Citizenship by Investment Programme (CIP) in 2016, it has seen rapid growth and development.
Citizenship by Investment has generated substantial inflows of funds for Saint Lucia, boosting the economy and promising a brighter future for its young people.
Over the last few years, the employment rate on the island has improved significantly. The development of a variety of multimillion-dollar projects is directly connected to this. As a result of the country’s CIP, foreign investment has stimulated the development of these projects.
Through the advancement of infrastructure, large opportunities are now available not only to investors, but also to the country’s youth across a range of industries including hospitality, service, architecture, banking, and broadcasting. In addition to its growing population, Saint Lucia is also growing economically.
In Saint Lucia, the Global Hyatt group recently signed plans for a luxurious hotel with 345 rooms called Grand Hyatt. The project will provide employment opportunities in construction, operations, and management for at least 2,000 islanders. In addition to boosting the economy, it will also provide important opportunities for young people to achieve financial independence and grow professionally. As one of many examples of the benefits of foreign investment in the country, this is just one of many.
In Saint Lucia, Mathurin is a media and communications professional reaching new heights. As far as the role of the CIP is concerned, she expressed confidence.
“It makes me so happy whenever our talent and accomplishments are celebrated. For me as a young Saint Lucian, as a young creator, I am looking forward to projects like CIP helping us channel resources in the right direction,” said Mathurin.
Mathurin is looking forward to the opportunity to showcase her talents and hone her skills through the program. She is just one of Saint Lucia’s young professionals who will benefit from the increased investment in CIP.
As part of Saint Lucia’s Citizenship by Investment Program, foreign investors can become citizens in exchange for investing in the country’s economy. Ranking third in the CBI Index of 2022, it scored 87 percent with 78 points, placing it among the most sought-after programs.
Financial Times’ Professional Wealth Management Magazine (PWM) publishes the CBI Index annually. In 13 jurisdictions, it evaluates citizenship by investment programmes comprehensively.
Nine parameters are used to compare jurisdictions in the Index, referred to as the “nine pillars of excellence.” It includes the minimum investment, the extent to which investors can obtain citizenship for their families, the timeline for obtaining citizenship, the due diligence process, the ease of processing, the freedom of movement between and within countries, mandatory travel or residency conditions, as well as the programme’s robustness and certainty.
With regard to minimum investment outlays, freedom of movement, and ease of processing, Saint Lucia has excelled. As a result of this excellent score, the country has attracted a diverse range of individuals with sufficient resources to invest. Both the country and investors have benefited from the programme.
Young Saint Lucians also benefit from the program by establishing wider business networks. Entrepreneurial networks are often brought to the country by CIP investors. By working and collaborating with investors, existing businesses can grow, as well as new industries and businesses can be developed. Investing in this environment provides investors with the security and stability they need to run their businesses, and it provides young professionals with the chance to learn from experts in their field and grow.
As a result of the Covid-19 pandemic, the government has also shifted its attention to developing and enhancing public health infrastructure and services. Therefore, CIP funds are also being directed to the health sector. In the coastal town of Vieux Fort, the Ministry of Health, Wellness, and Elderly Affairs donated a haematology analyser and an immunoassay analyser.
As a result of these improvements to healthcare infrastructure, diagnostic testing will be made more accessible to the country’s citizens. Both young and elderly citizens will benefit from CIP funds in this case.
Citizenship by Investment’s impact on Saint Lucia is just one example. However, the program benefits not only citizens of the country but also investors. As a result, their families and businesses are protected, secure, and stable.
The Caribbean country of Saint Lucia is the latest to open its borders to Citizenship by Investment. According to the 2022 CBI Index, it is already one of the top three countries for Citizenship by Investment, after only six years of operation.
Among the many benefits of Saint Lucia’s CIP are:
1: Providing investors with global mobility; 2: Delivering opportunities for diversifying investors’ portfolios; 3: Planning wealth and business expansion overseas; 4: Gaining citizenship that can be passed down to future generations.
In addition to its easy application process, Saint Lucia’s Citizenship by Investment programme includes five steps:
1: Completion of the application by applicants; 2: Submission of the application via the CIP Portal; 3: Document verification by the CIP Unit and the undergoing of due-diligence processes; 4:The selection or rejection of the application by the board; 5: The provision of certification, subject to selection.
