The Citizenship by Investment Report for the year 2022/2023 was submitted to Saint Lucia’s Parliament, a year behind schedule. During his address, Deputy Prime Minister and Minister of Investment, Dr. Ernest Hilaire, explained the reasons for the delay, attributing it to “a number of factors, some of which were beyond the Citizenship Unit’s control.”
Minister Hilaire stated, “We must always strive to meet our legal obligations,” and assured that such delays would not happen again. He also commended the auditors’ efforts, emphasizing that the Citizenship Unit is on track to submit the 2023/2024 report on time.
He further highlighted several recent challenges faced by the Citizenship by Investment Unit, including:
- Delays by banks in processing funds affect the timeline for file processing.
- Growth in the Citizenship Unit’s workforce amid limited workspaces.
- Unpreparedness of key partners, including banks, the National Insurance Corporation, and the Immigration Department, to meet the rising demand for their services.
The Minister affirmed that, despite substantial investments in human capital, strengthening security checks has led to increased processing times for decision-making on applications.
Nonetheless, the 2022/2023 report showcases positive trends and indicators, such as:
- An 85% increase in applications received, rising from 583 to 1,076 cases.
- A 25% rise in approvals, from 435 to 544 cases.
- A 94% increase in total assets, valued at $35.58 million, compared to 2022.
- A 40% boost in staffing to enhance the capacity of security and accounting units.
These results reflect the Citizenship by Investment Unit’s commitment in Saint Lucia to overcoming delays and enhancing productivity in the coming period to maintain positive outcomes in the new report.
At Respect Services, we are committed to keeping you informed with the latest developments and relevant news. We provide valuable information and constantly updated insights to assist you in obtaining citizenship or residency by investment.
If you would like to learn more about the Saint Lucia program and how it aligns with your needs, feel free to schedule a free consultation with one of our investment advisors.
