The Citizenship by Investment Unit (CIU) today made its first official announcement of an approved real estate project under the Citizenship by Investment Programme (CIP).
Officials said the project is very important as it represents a significant milestone which was not expected to be reached within four months of the start of the programme,
They said in large measure the success can be attributed to close collaboration involving the unit, Invest Saint Lucia and the Ministry of Tourism.
The CIU announced the approval of Belvedere Plantation.
It will be constructed by Boka Estates Limited as the first Citizenship by Investment real estate project.
CEO of the Boka Group, John Kennedy, said that Belvedere has been an important site where it sits in Canaries since the middle of the 1700’s.
“We are looking to transform this historic site into a five star luxury branded hotel,” Kennedy disclosed.
He asserted that the Boka Group believes that it will be one of the highlight hotels of the region.
Boka, Kennedy revealed, has owned the Belvedere site for the past two years and is ready to begin construction, using a system that will preserve the iconic environment while providing an international standard of hotel accommodation.
He told a news conference today that this will involve working with the community.
According to the Boka Group CEO, the project will create 400 jobs during the construction phase.
He said 800 jobs will be on offer once the project is completed.
Unlike other CIP’s in the region which offer real estate on a wide scale, Saint Lucia has decided to target the high end tourism market in a bid to increase the island’s room stock.
The Belvedere project has been welcomed by tourism officials here.