Minister for Investment Dr. Ernest Hilaire says Saint Lucia’s Citizenship by Investment (CIP) programme is doing well. At the same time, he disclosed that there had been a ‘downsize’ in Russian applications.
The Castries South MP spoke on Monday to reporters in response to a request for an update regarding CIP applications since this country participated in the Dubai Expo last year.
“I can tell you that the CIP is doing quite well – better than it was doing before. Part of it is because of some strategic alignments that we have made. Part of it too is the extra coverage we got from Dubai Expo,” Hilarie, whose portfolios also include tourism, Creative Industries, Culture, and Information, said.
He disclosed that a report on the Dubai Expo was before the cabinet on Monday.
But Hilaire explained that Dubai represented one part of the world while at the same time noting that there has been a downsize regarding CIP applications from Russia due to the war in Ukraine.
“We can no longer accept Russian applications which were quite
significant but we are still doing well because of the natural improvements in the programme due to increased marketing and outreach and other forms of activities,” Hilaire observed.
“We are really hoping that the situation in Ukraine can be resolved and there can be some normalcy with our applications from Russia,” he told reporters.
Hilaire recalled that the Dubai Expo was a ‘tremendous success’ for Saint Lucia, helping to place this country at the forefront in that part of the world.
Nevertheless, the Minister told reporters there would be phased benefits, some of which the Island is already seeing.