The government of Saint Lucia has tabled its long-awaited Citizenship by Investment Programme report, revealing a sharp increase in revenue alongside a significant rise in rejected applications, as Prime Minister Philip J Pierre defended delays in its release.
According to the 2023 to 2024 annual report, the programme generated total revenue of EC$240.3 million, representing a 296 per cent increase from the previous year. The report also recorded a surplus of EC$89.9 million.
The document highlights due diligence fees as the primary driver of this performance, contributing EC$133.1 million amid a surge in applications. Administrative fees accounted for EC$88 million, largely from real estate applicants granted citizenship. However, contributions to the National Economic Fund declined, underperforming by 60 per cent or EC$7.2 million compared to the previous year.
Application numbers rose dramatically, with 1,076 submissions recorded in 2023 and 5,642 in 2024. Of those, only 544 applications were approved in 2023, while 1,171 were approved in 2024, reflecting a high rejection rate.
Speaking on the sidelines of a recent engagement, Prime Minister, Philip J. Pierre attributed both the delays in publishing the report and the strict approval rates to rigorous international standards and auditing requirements.
“The auditors have to do a lot of work on these reports,” he said. “You know the discussions on CIP, and the auditors have a reputation to protect. When they give you a clean report, they have to be sure, because they can be liable to be taken to court, they can be sued.”
He emphasized that the process involves extensive verification beyond local requirements.
“The auditors have to perform certain tests to deal with international standards. These laws are not for Saint Lucia. The tests they perform are based on international accounting procedures, and these have to be applied,” Pierre explained.
The Prime Minister rejected suggestions of secrecy surrounding the programme.
“That is why it takes so much time. There is no magic in it. There is no secrecy,” he said. “There is nothing being hidden. It is a matter of time, because the auditors need to ensure that it is properly done.”
The latest figures underscore both the growing demand for Saint Lucia’s citizenship programme and the tightening of its due diligence framework, as the government seeks to balance revenue generation with compliance and international scrutiny.