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Allen Chastanet, former Prime Minister and leader of the United Workers Party (UWP) in St. Lucia, has publicly criticized the management of the island's Citizenship by Investment program (CIP), highlighting a series of issues that could have significant implications for the nation's international standing and economic stability.
Chastanet's accusations focus on the government's alleged deviation from standard practices, particularly its continuation of accepting citizenship applications from Russian and Iranian nationals during the Ukraine crisis and its hesitation to comply with the Organization of Eastern Caribbean States (OECS) protocols. Such actions, according to Chastanet, risk the integrity of St. Lucia's CIP and its visa-free agreements with the European Union and the UK.
A major point of contention is the introduction of a purportedly "secret" infrastructure investment option within the CIP, which Chastanet claims allows developers to sell citizenship at discounted prices, thus undermining the program's value and transparency. This move has sparked fears of damaging St. Lucia's reputation and affecting the ease of visa processes with countries like the US and Canada.
The government, while recognizing revenue challenges within the CIP, attributes them to a strategic pivot towards real estate investment, a sector recently made more attractive through lowered investment requirements. Despite these challenges, government representatives assure their commitment to legal and administrative due diligence before fully aligning with OECS standards.
The unfolding debate over the CIP's management highlights broader concerns over governance, transparency, and the potential fallout on St. Lucia's international relationships and economic health.
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