By Caribbean News Global contributor
CASTRIES, St Lucia – According to ‘Contact Data PR Saint Lucia’: “ A fast-rising number of Chinese citizens are investing in Saint Lucia in exchange for second citizenship, thanks to the country’s favourable business and family-friendly policies.”
PR Saint Lucia’ advised that, for as little as US$100 000.00, Chinese investors rattled by China’s uncertain economy, are making the smart move by investing in Saint Lucia.”
According to PR Saint Lucia: “Since 2016, Saint Lucia’s Citizenship by Investment Programme has proved a popular choice for those looking for growth and stability. As one of the strongest economies in the Caribbean, Saint Lucia is lauded for its favourable environment for business and entrepreneurs, allowing them to increase their profits through the progressive tax structure and wide range of offshore banking services.”
However, on the local horizon, the benefits of the spoken word and practical results for Saint Lucia’s CIP seem abstract, if not hidden.
Moreover, said PR Saint Lucia: “Saint Lucia is one of the fastest-growing economies in the Caribbean region and offers a wide range of holistic investment opportunities for individuals seeking to diversify their portfolios. Partnered with a high standard of living in a safe country with access to modern healthcare and infrastructure, investors are praising the island nation.”
Recently, former diplomat Winall Joshhua shared his concerns, and advice, on The Islamic Republic of Iran, stating:
“… Therefore, it is not surprising that the decision by the Saint Lucia government to include citizens of Iran in its CIP program will raise many eyebrows, to say the least, all over the world and may well result in casting a questionable shadow over us which can affect our image in the world, especially in our dealings with North America, Europe and the United Kingdom. Indeed, just recently the British government announced that it would be carrying out a review of the CIP programs in the region.
“The reason for our government going in this direction is unclear at this time, and if this is mainly about getting a “few dollars more” via the CIP program it, unfortunately, reflects a level of desperation which may lead people to conclude, rightly or wrongly, that the program is not doing as well as was expected.
“Surely, it should be generally understood by now that, for the CIP program to succeed and achieve its goals and objectives, Saint Lucia must remain a country that is very selective as to who qualifies to carry its passport. Only in this way will we be able to attract the very best people.”
PR Saint Lucia reiterated: “Past Chinese Communist party’s national congresses were driven by ‘economic growth’ but the buzzword of the 20th Congress held in October 2022 was “struggle.” This has left the Chinese middle class worried about their wealth, careers and families. Adding, “the president’s ‘common prosperity’ goal, which aims to reduce China’s wealth gap is now the nation’s main development objective.”
China’s economy is slowing and facing a number of headwinds, from uncertainty caused by the coronavirus pandemic to geopolitical tensions. Coupled with the government’s heavy-handed push to reduce income equality – there’s been a lot of anxiety amongst the middle class. About 400 million Chinese, or roughly 30 percent of the population are regarded as middle class.
Saint Lucia is regarded as “ an increasingly alluring choice in part because of its affordability, quick processing times and easy investment options within the programme. The country took third place in the annual CBI Index, a comprehensive ranking system that evaluates operational citizenship by investment programmes. Saint Lucia was recognised for its affordable minimum investment outlay, absence of any mandatory travel or residence requirements and ease of application processing.”
Mc Claude Emmanuel, Chief Executive Officer (CEO) of Saint Lucia’s CIP Unit, has noted that the CBI Index is a great opportunity for potential investors to understand the advantage of investing in Saint Lucia’s Citizenship by Investment Programme. He added: “Other factors such as great education and healthcare facilities and the country’s friendly reputation have made the Caribbean nation a coveted choice for investors. Nearly three years of harsh coronavirus curbs – only relaxed last December – are another factor influencing wealthy Chinese to seek dual citizenship.”
Read more on applicants’ four routes to gain second citizenship in Saint Lucia:
- The National Economic Fund, Real Estate investment or the purchase of Government Bonds;
- The real estate options;
- From 1 January 2023, the government introduced the new non-interest-bearing National Action Bond (NAB).
“From acknowledgement of the submission of the application by the CIP Unit to approval in principle, applicants are generally expected to wait three months. And, “every applicant can expect to receive the same experience and attention to detail,” said PR Saint Lucia.
CNG Insights
Conversely, it would benefit most Saint Lucians to receive “the same experience and attention to detail” – if not better – when applying and/or renewing a Saint Lucian passport. And likewise, better public service offerings to the general population. This would enhance a better quality of life on many fronts – as afforded non-nationals doing business and buying a Saint Lucian passport.
Moreover, the deferential utterances that born Saint Lucians living in the diaspora are regarded as non-nationals, while the executive branch of government is promoting and selling Saint Lucian passports on the cheap – questions the protection and integrity of Saint Lucia’s CIP programme – and what qualifies one to be regarded as a Saint Lucian.
Being born in Saint Lucia or buying a Saint Lucian passport! The two Saint Lucia’s!
