Senate and House of Assembly of the island nation have passed a ‘Citizenship by Investment’ bill that is aimed to attract foreign investments to the country.
St. Lucia is the fifth Caribbean jurisdiction launching Citizenship-by-Investment Program in order to attract new investors and keep the country’s economy afloat. According to Telesurtv.net, Prime Minister and Minister of Finance Dr. Kenny Anthony told the House of Assembly that it was not easy agreeing to the program, but the reality of the economic situation demands action.
The citizens of island nation support the government's steps to launch St. Lucia Citizenship by Investment, with the hope to improve the situation with high public debt and rising unemployment levels. However, opponents of the programmesay Government undermine the value of passports and pose security concerns.
In presenting the bill in Parliament, the country’s prime minister vowed to ensure Saint Lucia’s program is built on transparency.
“I believe that there are some overriding principles that have to apply when considering such a program. Firstly, the honor and integrity of Saint Lucia must be uppermost. We cannot enter into this programme and make citizenship available to the highest bidder at any price, at any cost,” said Dr. Kenny Anthony.