Chief Executive Officer of the Citizenship by Investment Unit (CIU), Nestor Alfred has disclosed plans to add another layer of oversight to strengthen the due diligence of Saint Lucia’s citizenship program.
In a recent sit-down with investment migration, the CIU head welcomed the standardization of investment programs in the region amid concerns of a growing price war which critics have labeled a race to the bottom.
Although there are presently no formal accords, Alfred reveals that at a heads of CIU meeting in Grenada, consensus was reached on harmonization in certain processes.
Prime Minister Allen Chastanet has proposed that programs could accept payments in currencies other than the US dollar to mitigate the impact of de-risking in the correspondent-banking sector.
Alfred does not believe the idea is far-fetched. As a late entrant into the citizenship by investment sector, policy-makers are formulating strategies to help differentiate Saint Lucia in the marketplace. Alfred believes that the delayed entry affords
St. Lucia the opportunity to avoid the pitfalls of other jurisdictions by adopting best practices.