(MENAFN- Khaleej Times) Published: Wed 8 Feb 2023, 2:32 PM
Investors and high-net-worth individuals (HNWIs), especially from the Middle East and Asia are looking more often to the country as an appealing destination for alternative citizenship and to explore new business opportunities, said Mc Claude Emmanuel, chief executive officer (CEO) of the Citizenship by Investment Unit in St. Lucia during an exclusive interview he conducted with Zaid Aldayriyeh, founder and managing director of citizenship bay , an authorised partner for st. lucia citizenship programme , which was launched in 2016. St. Lucia's programme has established itself as one of the most reputable and sought-after CBI programmes, giving investors and their families the opportunity to become citizens of St. Lucia in approximately four months.
Geographical sweet spot
With its stunning beaches, vibrant local culture, and beautiful natural attractions, St. Lucia has a lot of charms that don't end at tourism and hospitality. It has a lot to offer investors looking to expand their business in several sectors such as manufacturing, agri-business, and business outsourcing. 'Although our primary industry is tourism, we have several promising sectors such as financial services and many attractive aspects, because it is strategically located to serve regional, and international markets, due to its proximity to the markets of North and South America, and CARICOM member countries,' said Emmanuel. It is only three hours flight from the USA and an eight-hour flight to Europe. It boasts two airports, servicing regional and international airlines. 'St. Lucia has also a skilled workforce, and appealing investment climate, which I believe makes it an ideal territory to accommodate the needs of investors,' he added.
Why is the St. Lucia programme gaining momentum?
Commenting on Aldayriyeh's question about why investors and high-net-worth individuals are increasingly looking to acquire St. Lucia's citizenship, Emmanuel said that this is due to the programme's integrity and St. Lucia's robust passport. 'We do not compromise on our due diligence, and we ensure every applicant is screened, vetted and assessed. We insist on granting citizenship to people who can add value to our country, and don't put our brand to any disrepute,' he said. St. Lucia also relies on third-party law enforcement agencies to collect information and take an informed decision on whether an applicant is worthy of being granted citizenship.
Thanks to prudent planning and comprehensive policies, St. Lucia continually ranks at the top in factors like ease of doing business, economic freedom, and transparency making it an irresistible and unique choice for investors. 'This makes St. Lucia an ideal place and programme to invest in. I believe that promoting St. Lucia 'Beyond the Passport' has the potential to attract even more foreign Investments instead of just getting the investment for the programme or citizenship,' Emmanuel said.
Robust passport
St. Lucia's passport is ranked 32nd among global passports, climbing 10 spots within ten years. It is considered a desirable passport, providing its holders visa-free access and visa on arrival to 147 destinations.
Regarding Aldayriyeh's question of whether St. Lucia will leverage its international relationships to add more countries to the visa-free access list in 2023, Emmanuel said that in September 2022, Georgia was added to the list, raising the total to 147. 'We will take advantage of our relationships for even more visa-free access in the future,' he added.
The year 2023 is projected to be a great one for St. Lucia citizenship in terms of application numbers. The Citizenship by Investment Unit (CIU) in St. Lucia is taking several internal measures and approaches to support the process, mainly relying on automation, and adding the right fit into the human capital to cope with the increasing demand and avoid any delays.
New program amendments
St. Lucia has modified the regulations governing its Citizenship by Investment Programme to remain competitive and ensure that it is fulfilling its mandate of increasing demand for its investment products. The amendments introduced in January 2023 included reductions in the real estate investment amount from $300,000 to $200,000. Emmanuel said: 'We are aware that we're operating within a global landscape, and many of our neighbouring larger territories are facing their own economic slumps, where the US and UK are witnessing erosion in the value of dollars. Therefore, we felt that having more competitive price points in the real estate would help us meet our market at decent points.'
Concerning Aldayriyeh's question about the reason behind introducing the 'National Action Bond' route for citizenship in 2023, and whether they expect this option to gain popularity in the coming months, Emmanuel said: 'St. Lucia has a stellar reputation for honouring its bond commitments, so we will leverage that track record,'. The bonds were initially $500,000, but after the Covid-19 pandemic, the purchasing power was eroding, so the country introduced bonds with two tiers, which expired in December 2022. 'It was imperative to continue having this option after the Covid-19 and introduce similar characteristics, at such price point,' he said.
Record growth in demand from the Middle East
Regarding Aldayriyeh's question about the percentage of applications coming from the Middle East, and if it is expected to see a sharp increase in demand for second citizenship programmes in 2023, Emmanuel said that St. Lucia has been traditionally receiving record growth in demand from applicants coming from Asia, and the Middle East, and he expected seeing continued growth in that region. 'The country is witnessing growth in demand from new territories, such as North America and even Europe. We expect to see more movement from China, after loosening the covid mandates,' he added.
Relying on reputable authorised firms
Investors applying for St. Lucia's citizenship must work only with authorised agents, such as Citizenship Bay, that proved their integrity and reliability, according to Emmanuel. 'Authorised agents are our partners, thus, we insist on selecting partners who continue to maintain the highest standards in their work and integrity, as they are the only vehicle to process applications on behalf of clients, and thanks to the efforts of agents like Citizenship Bay, the situation so far is very good,' Emmanuel said.
To watch the full interview, please visit this link