Saint Lucia’s Citizenship by Investment Programme brought in EC$402.2 million (US$148.8m) during the 2024/25 financial year, according to its latest annual report
The report highlights both the programme’s financial impact and the growing demands it faces.
The report, laid in Parliament in April, comes as Citizenship by Investment programmes across the Caribbean face heightened scrutiny from international partners.
The United Kingdom has already tightened its visa policy for Saint Lucians, while the European Union has stepped up pressure on some Caribbean countries operating similar programmes, asking them to phase out their programmes by 2028.
Against that backdrop, St. Lucia Times reviewed the latest report. It shows the programme is processing more applications, rejecting more applicants and generating hundreds of millions of dollars for the country.
During the financial year ending 31 March 2025, the Citizenship by Investment Unit received 2,957 applications. Of those, 2,278 were approved, while 355 were refused.
Although the Unit received fewer new applications than last year, the report shows it processed many more files.
In 2023/24, the Unit processed 1,248 applications. The next year, that figure climbed to 2,633, suggesting a strong effort to clear backlogs and keep pace with new demand.
One of the more noticeable trends is the rise in refusals.
The report records 355 denied applications, up from 77 the previous year. It does not explain the reasons behind each refusal, but repeatedly points to stronger compliance measures, better due diligence and stricter vetting introduced during the year.
Those safeguards have become more important as Caribbean citizenship programmes come under closer international examination.
The report also highlights the programme’s growing contribution to Government finances.
During the year, EC$86 million from the Unit’s surplus was transferred directly to Government. Combined with National Economic Fund contributions and bond investments, Government received a total of EC$141.8 million, according to the report.
These funds, it says, continue to support projects in healthcare, education, infrastructure, community development and other public services.
The programme itself ended the financial year with a surplus of EC$145.5 million. Cash reserves grew to EC$261 million, up from EC$146 million the previous year.
Looking at the bigger picture, the report also shows just how rapidly the programme has grown.
Applications increased from just 36 in the 2016/17 financial year to nearly 3,000 this year, with a peak of 5,642 in 2023/24. Even with fewer applications coming in the latest reporting period, the sharp rise in processing suggests the Unit has worked to reduce backlogs and maintain stricter oversight.
In his overview, Deputy Prime Minister Dr Ernest Hilaire, who oversees the programme, described it as one that “supports the country in moments of economic uncertainty”.
Acting Chairman Julian Charles, meanwhile, said the Unit delivered an “exceptional performance”, with revenue increasing by 67 per cent over the previous financial year.
The report also mentions more reforms ahead, such as strengthening laws, improving governance and building international confidence in Saint Lucia’s Citizenship by Investment Programme as scrutiny grows.
Read the full report here: https://www.cipsaintlucia.com/statistics
