St Lucia: The new tiger of the Caricom?
06 November 2017
DUBAI, November 6, 2017- The Citizenship by Investment industry is seen growing day by day as the demand for second citizenship is on the rise. Caribbean countries are continuing to attract foreign investors who are looking to purchase a second citizenship with attractive business models with St. Lucia being no exception. The Citizenship by Investment Unit of St. Lucia is working hard to ensure that the country continues to attract foreign investors for the social and economic well-being of its citizens.
RIF TRUST CEO; Mimoun Assraroui and Managing Partner; David Regueiro met with the Prime Minister of St. Lucia; Honourable Allen Michael Chastanet in Dubai to discuss their mutual support and cooperation for the program. During their meeting, Mr. Chastanet discussed the various initiatives being taken by the CBI unit of St. Lucia and his administration. He said St. Lucia is open for business and his administration aims to attract FDI into the country, triple its GDP growth in the next 10 years while making it an attractive destination for people from all over the world. According to Mr. Chastanet, his administration is working on tax residencies which will be implemented early next year and will be the first one in the Caricom region. The government is working hard to attract foreign companies into the country with favorable tax regimes and economic/tax structures. Mr. Chastanet praised the efforts of the CBI unit of St. Lucia by confirming that the CBI unit is doing well with 6 applications being submitted every day.
Mimoun Assraoui, CEO of RIF TRUST said, ‘RIF TRUST has received its promoter license for St. Lucia and has seen the number of applications increase since September 2017’. While praising the efforts of the CBI unit of St. Lucia, David Regueiro; Managing Partner of RIF TRUST, further added by saying, ‘The new head of the CBI unit; Mr. Nestor Alfred, is doing an excellent job in making St. Lucia’s Citizenship by Investment Program one of the most responsive programs in the Caricom region.’
With aggressive and favorable fiscal and monetary policies in place, the government of St. Lucia is set to attract new foreign investors who are willing to invest into the country’s economy. While St. Lucia might be the only country in the Caribbean which has implemented such policies, the new policies are hoped to give a great boost to the country’s economy.