Saint Lucia's CBI Program Applications are Surging up to 85% For Real Estate Investment

Saint Lucia's citizenship-by-investment program has recorded its strongest performance since inception, with applications surging 85% in the 2022-23 fiscal year. The Caribbean nation received 1,076 applications for its coveted passports, nearly matching the combined total from the previous three years. With such numbers, Saint Lucia’s program reports record growth that proves how competent their program is becoming.

The program, which offers citizenship through investment, saw real estate emerge as the preferred route, claiming 70% of applications. This marks a striking shift from previous years, when most investors opted for direct contributions to the country's National Economic Fund.

Yet this surge has created fresh challenges. Though approvals rose 25% to 544 applications, the slower processing rate points to mounting backlogs at the Citizenship by Investment Unit (CIU). The unit's net profit fell 20% to US$8.4m, despite an 11% rise in revenue, as operating costs climbed.

The program's applicant profile is evolving. While Chinese nationals remain the largest group, their share has declined by 11%. Nigerian applicants maintain second place, with Americans holding steady at 10% - suggesting growing Western interest in Caribbean citizenship options.