[dropcap]F[/dropcap]or the second consecutive year, the Financial Times’ Professional Wealth Management ranked Saint Lucia’s Citizenship By Investment program the worst option in the Caribbean. The 2018 ranking, released in August, listed the island fifth out of thirteen countries across the world and was described by the publication as the Caribbean’s “most politically divisive” program.
Nestor Alfred, the Chief Executive Officer of the Saint Lucia Citizenship by Investment Unit, in a recent interview with the STAR, strongly disagreed with the ranking: “I refuse to lose sleep over such a ranking from the Professional Wealth Management team. For me, it’s irrelevant.”
He said several other sources provide rankings, all with their own motives, that do not reflect the reality of what’s actually happening. “I would not focus so much on the conclusion of those indexes. Specifically with this one. I think some of the pillars under which the ranking took place could have only been dealt with by a visit to the unit. There was absolutely no level of interaction.”
He took issue with Saint Lucia receiving a score of 5 out of 10 in due diligence pillar, describing it as unacceptable. “This country continues to be consistent in the process, and consistency in due diligence is the hallmark of our program.
“I’ve made it very clear on previous occasions that if anyone is interested in determining how clear this is they are free to come to this unit and get an appreciation of the process that we go through to ensure we protect the borders of this island, and to ensure the people who are given our passports are people of good repute.”
He added: “The market will tell you that if you are unable to provide necessary documentation for your identity, and if you’re involved in any shady dealings, don’t apply to Saint Lucia.”
The CEO also commented on the suggestion that political divisiveness has hurt Saint Lucia’s program: “CBI is a great revenue stream for islands, and where there is this type of revenue stream there is going to be a lot of noise. There are high tempers, and there are discussions, some well founded and some just mischievous. I do know there are some fundamental issues in Saint Lucia between the politicians in regard to this program but not to the extent suggested.”
Following significant changes to the program by the government, which included the removal of the US$3million net worth requirement, the St. Lucia Labour Party last year promised that if returned to office it would review all citizenships granted under this government. Mr. Nestor indicated these statements have not had a damaging impact but they have indeed raised concerns.
“When I have panel discussions,” he said, “the question comes up. It’s an unfortunate matter but I have to find ways to deal with it and to calm the nerves of these people. Every time I meet the international market, those issues always come up. You can imagine that if you made an investment to become a citizen of a country and there is a political party that makes such a statement, you will naturally have a concern. How will they deal with your citizenship should they be positioned to affect it.”
