St. Lucia Retroactively Approves CIP Enterprise Projects

St. Lucia's Citizenship by Investment Program (CIP) Board has announced the retroactive approval of two enterprise projects. A government gazette dated September 12, 2024, officially sanctioned two "Approved Enterprise Projects" under the Citizenship by Investment Regulations, with a commencement date of January 12, 2024.

List of Retroactively Approved CIP Enterprise Projects in St. Lucia

The approved projects are:

1. Caribbean Galaxy Real Estate Limited - National Infrastructure Improvement Program

2. Bemax LLC - Rock Hall Housing Development Project

Did the CIP Board Approve Enterprise Projects?

The CIP Board clarified that the legal basis for approving these projects was established in the Citizenship by Investment (Amendment) Regulations, published on December 20, 2023. While applications have been received, the Board stated that no approvals have been granted, and developers have not received any funds.

What are the Requirements for the Approval of the CIP Enterprise Projects?

According to the Board, developers are required to finance the projects upfront and recover their investments when approvals are given and minimum investments are paid. The Housing Project is awaiting final approvals, while the developer and the Department of Infrastructure have finalised the Memorandum of Understanding (MOU) for the Infrastructure Improvement Program.

The Board also revealed that three previously approved projects between 2016-2021 were never officially gazetted. These include the Range Development, the DSH Project (Alpina Hotel and Alpina Square), and the Galaxy Project.

The CIP Board has assured the public that they will act in accordance with all legal and statutory requirements and address any existing gaps in the process.