Interest in CIP starting to pick up as changes to regulations take effect

The Chief Executive Officer of the Citizenship by Investment Programme Cindy McClean has provided details of the performance of the programme, noting growing interest since changes to the regulations were announced.

Five significant changes were made to the regulations of the CIP, making it more competitive. Among them was the lowering of the qualifying investment in the National Economic Fund to $100,000. The cap of 500 applications per year was also removed along with other requirements that were considered inconvenient to applicants.

However, the regulations relating to due diligence were not changed.

Ms. McClean reported that to date the Citizenship by Investment Unit had received a total of 35 applications from 11 individuals. Three had been denied, and 14 are pending. Eighteen applications had been accepted resulting in 57 individuals becoming citizens of St. Lucia via the CIP.

Applications came from the Middle East, Russia, Asia and the rest of the world.

After a slow start the CIP Unit has received indication of increased activity and is responding by hiring more staff.

This article originally appeared in the May/June 2017 edition of Business Focus magazine.

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