Latest / IMI Podcasts / St. Lucia CIU "Not Against Signing MoA", 50-60% of Saint Kitts Govt Revenue From CBI

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St. Lucia CIU "Not Against Signing MoA", 50-60% of Saint Kitts Govt Revenue From CBI · IMI Podcasts

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  SPEAKER_00: This episode first appeared as an article titled St.
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  SPEAKER_00: Lucia CIU, Not Against Signing Memorandum of Agreement, 50-60% of St.
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  SPEAKER_00: Kitts Government Revenue from CBI, and authored by Mustafa Daly on IMIDaly.com.
• 0:16
  SPEAKER_00: Subscribe to the newsletter and become an IMI pro to get exclusive access to our data center, private briefings, the citizenship catalog, as well as your very own professional profile in IMI.
• 0:27
  SPEAKER_00: And many more pro members-only tools and resources.
• 0:32
  SPEAKER_00: An internal review of the Citizenship by Investment program in St.
• 0:35
  SPEAKER_00: Kitts and Nevis has uncovered an alarming over-reliance on the program's revenue by the former administration, indicated Prime Minister and Minister of National Security and Immigration, Dr.
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  SPEAKER_00: Terrence Drew, in a statement delivered to the National Assembly last week.
• 0:51
  SPEAKER_00: According to Dr.
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  SPEAKER_00: Drew, the CBI program generated 50% of the federal government's overall cash revenue in the last five years of the previous administration, reaching an unsustainable 60% in 2022.
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  SPEAKER_00: The previous administration's term concluded in August 2022.
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  SPEAKER_00: PM Drew also said that during the past two years, mostly under his leadership, 57% of his government's overall cash revenue arose directly from the CBI program.
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  SPEAKER_00: Quote, this is the truest economic example of putting all of one's eggs in one basket, end quote, Dr.
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  SPEAKER_00: Drew commented, according to the St.
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  SPEAKER_00: Kitts and Nevis Observer.
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  SPEAKER_00: Intending to address this overdependence proactively, the current administration says it has prioritized expanding and diversifying the national economy, focusing on sectors such as tourism, construction, water, and energy infrastructure, the creative economy, agriculture, offshore education, and manufacturing.
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  SPEAKER_00: While St.
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  SPEAKER_00: Kitts is concerned it may be overly dependent on its CBI revenue, St.
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  SPEAKER_00: Lucia sees things differently.
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  SPEAKER_00: In a parliamentary address last week, Prime Minister Philip Pierre said that St.
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  SPEAKER_00: Lucia's CBI program contributed$45 million in the fiscal year 2023 and 2024, half of the estimated$90 million.
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  SPEAKER_00: St.
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  SPEAKER_00: Lucia's latest annual statistical report available online covers only the period up to the 2021 and 2022 fiscal year.
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  SPEAKER_00: Pierre attributed the lower revenue to the rising popularity of the real estate route as opposed to the donation route, which has typically been more attractive to investors.
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  SPEAKER_00: This could be attributed to St.
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  SPEAKER_00: Lucia recently lowering the real estate threshold to$200,000 from the previous$300,000.
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  unknown: St.
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  SPEAKER_00: Lucia's CIU currently only has one listed real estate option, a project from Caribbean Galaxy.
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  SPEAKER_00: This project, however, has reportedly sold out already, and local agents tell IMI the government recently approved the issuance of several thousand more shares for another project from the same developer, this time in the infrastructure category, specifically an infrastructure project.
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  SPEAKER_00: IMI has so far not been able to verify this with official sources.
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  SPEAKER_00: Despite the underwhelming performance, the National Economic Fund received$64.1 million in CBI revenue,$45 million of which accrued directly to government coffers, while the balance will now be available for use according to the fund's objectives.
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  SPEAKER_00: Additionally,$39.5 million took the form of bond investment, but these funds are included in bond financing this year.
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  SPEAKER_00: The government also allocated$17.4 million from the CBI revenue to fund security, healthcare, social development, and infrastructure development.
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  SPEAKER_00: Responding to a question IMI posed last week regarding St.
• 3:54
  SPEAKER_00: Lucia's decision to opt out of the memorandum of agreement signed by the other four Caribbean CIPs, St.
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  SPEAKER_00: Lucia's CIU boss, McClaude Emmanuel, said an official response will soon be provided and emphasized that St.
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  SPEAKER_00: Lucia is not against signing the Memorandum of Agreement.
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  SPEAKER_00: Emmanuel reveals St.
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  SPEAKER_00: Lucia had, quote, asked for additional time to address some housekeeping matters and discuss legal obligations.
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  SPEAKER_00: However, the other territories went ahead and signed, end quote.
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  SPEAKER_00: He also remarked that St.
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  SPEAKER_00: Lucia's CIU stood, quote, in solidarity with our regional CIPs in the effort to maintain the viability of the industry, and St.
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  SPEAKER_00: Lucia continues to be lauded for having the most robust due diligence process, end quote.
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  SPEAKER_00: Thanks for joining us today on IMI Podcasts.
• 4:45
  SPEAKER_00: Subscribe for free to the IMI Daily Newsletter for breaking news and updates from the investment migration industry.
• 4:51
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