Saint Lucia’s Citizenship by Investment Programme (CIP) has received a clean bill of health following an independent operational audit that found no evidence of corruption within its internal operations, according to CEO Mc Claude Emmanuel. The comprehensive review, conducted by professional services firm Deloitte, will be fully disclosed when the CIP’s 2024–2025 annual report is presented to Parliament in the upcoming session.
This development emerges against the backdrop of ongoing legal proceedings initiated by former Prime Minister Allen Chastanet, who has sought judicial review of the program’s administration. The High Court is scheduled to hear Chastanet’s claim on January 26, though his previous application for an interlocutory injunction was rejected in an October judgment that permitted substantive allegations to proceed.
Emmanuel, addressing corruption allegations in an exclusive interview with St. Lucia Times, emphasized that the audit examined processes spanning his tenure and previous administrations. “Internally, our audit shows that there has been no incidence of corruption,” he stated. “We recently performed our first operational audit by Deloitte, and nothing unsavoury was discovered.”
The audit was conducted as part of Saint Lucia’s commitments under six agreed principles with the United States. Emmanuel provided conservative estimates indicating the program has generated “high hundreds of millions of dollars” since its inception, contributing approximately 7% (EC$189 million) to the national budget of EC$2 billion.
Regarding fund allocation, Emmanuel clarified that while the CIP Unit processes applications and receives payments, all funds are transferred to the government treasury. “When it’s in the government’s control, I cannot tell you definitively what it is used for,” he explained, though noting several social initiatives funded through the program including infrastructure development, relief for vulnerable parents, subsidized school meals, and increased pensions.
The program has approved only two projects in its nine-year history: the Caribbean Galaxy hotel project in Canelles and A’ila Resorts development at Rodney Bay. A third mega-project proposal never materialized due to missing approvals, policy changes, and COVID-19 disruptions.
Emmanuel highlighted ongoing challenges including international pressure from countries like the United States and United Kingdom tightening border security measures. The program maintains strict due diligence procedures, currently banning applicants from Russia, Cuba, North Korea, Belarus, Italy, Venezuela, and Iran due to banking sanctions and due diligence limitations.
Despite these safeguards, former Prime Minister Dr. Kenny Anthony predicts the program’s eventual collapse following recent agreements among OECS member states to establish a Regional CIP Regulatory Authority that would remove decision-making from national units.