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CBI Magazine - Spring 2017

https://issuu.com/bls-media/docs/cbi_-_s_17_/112
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Saint Lucia – Simply a Good Investment

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On gradual descent to the island you are met by a kaleidoscope of colors: sprawling white sands are contrasted with the aqua blue of the sea. These are bordered by the bountiful greenery of the inland rain forest, with bursts of rich reds and vibrant splashes of yellow and orange. The bright sunlight appears to scatter these colors intermittently, before resting upon the twin peaks of the Pitons of Saint Lucia, the island’s primeval volcanic landmark.

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E-Book – Investing in Saint Lucia

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Attracting wealthy US and UK Citizens, Saint Lucia is considered a once-in-a-lifetime getaway and has been voted the World’s Leading Honeymoon Destination eight times.

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Hon. Dr. Kenny Anthony Gives Address at Global Citizen Forum in Monaco

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Global Announcement of The Saint Lucia Citizenship By Investment Programme

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Prime Minister Minister Dr. Kenny D. Anthony globally announced Saint Lucia’s Citizenship By Investment Programme in Monaco on the 7th of October, 2015.

“It has been a long and deliberative journey. For many of you, this is your industry, your livelihood, and your professional space so it is easy to assume that establishing a citizenship by investment programme is a matter of course. But for a politician, it can be an arduous decision. One which, if well executed, can lead to national prosperity and minimal criticism. On the other hand, if executed badly can reap severe criticism and electoral calamity.”

Global Announcement of The Saint Lucia Citizenship By Investment Programme

Citizenship by Investment Act

Citizenship by Investment Saint Lucia Regulations

 

Related Links
Saint Lucia Tourist Board
Invest Saint Lucia
Arton Capital
Henley & Partners

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Citizenship by Investment Programme Board Named

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The Office of the Prime Minister is pleased to announce the Members of the Board of the Citizenship by Investment Programme. The Members are appointed by the Cabinet of Ministers pursuant to Section 5 of the Citizenship by Investment Act, No. 14 of 2015.

 

The members are:

Dr. Ernest Hilaire – Chairman;

Mr. Dwight Lay – Attorney General’s Chambers;

Mr. Lucius Lake – Immigration Department, Royal Saint Lucia Police Force;

Mrs. Raquel Willie-Trotman – Attorney-at-Law, Private Practice; and

Mr. Deale Lee – Attorney-at-Law, Private Practice.

 

The Board has commenced work to operationalize the Citizenship by Investment Unit as required by the Act. The programme is expected to be launched later this year.

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Senator Antoine Sworn In

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The senator spoke on the Citizenship by Investment Program during his maiden address.

​The House of Senate welcomed newly sworn in government senator, Thaddeus M. Antoine earlier this week.

Sen. Antoine expressed his gratitude for the esteemed appointment as well as his recognition of the responsibilities that lay ahead.

“As I rise to debate the citizenship by investment bill, I would like to thank the Governor General for my appointment this morning on the advisement of the Prime Minister and his cabinet, Mr. President himself, and members of his chambers,” he said.

During his maiden address, Sen. Antoine made reference to the success of citizenship by investment programs in other Caribbean islands. Citizenship by investment offers citizenship as a part of a program of investing in the country.

“I hear people say Saint Lucia’s economy is not moving, we’re not attracting investment, but look at Saint Kitts, they are attracting investment; look at Antigua, they are now attracting investment. Why? Citizenship by Investment.”

He continued: “Saint Kitts attracts hotels because all investors want is this: an economic program. That’s the first thing they ask for, because it is a form of investment.”

The sitting of the House of Senate took place on Aug. 4.

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Senate approves Citizenship by Investment

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Sen. La Corbiniere said the program has the potential to generate significant sums of money.

The Citizenship by Investment bill received the Senate’s nod of approval on Tuesday. Leader of Government Business and Minister for Legal Affairs, Home Affairs and National Security, Sen. Hon. Victor Phillip La Corbiniere, welcomed the bill, which he said will boost Saint Lucia’s economy.

“We know that the Citizenship by Investment program has the potential to generate significant sums of money, and it is important particularly at this time—in terms of the economic realities of the world and economic realities of Saint Lucia—to look at various modalities such as this to raise the requisite revenue,” he said.

Sen. La Corbiniere said the government should remain vigilant with regards to the Citizenship by Investment Program, especially within a climate of constantly evolving regional and global trends.

“We cannot sit back as other countries participate in this process,” he added. “We must be at the forefront of it, both locally and at the international level. I would suggest perhaps that down the line, it may well be that countries in the Caribbean that have citizenship by investment programs may want to look at coming together in some kind of standing committee. Perhaps a standing committee of CARICOM to keep this matter under constant examination and to be able to keep the government properly advised on developments taking place in this area, and how we need to be proactive in addressing some of these issues.”

The Minister also made note that a board will be established to deal with matters related to the Citizenship by Investment Program.

Citizen by Investment Act

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Senators view Banking Act as a means of Deepening Regional Ties

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The ECCB serves as an invaluable asset to the region’s currency union, Dr. Fletcher said.

At a Senate sitting yesterday, senators voiced support for the proposed Banking Act, stating that it would only serve to deepen regional integration.

Senator Hon. Kentry Jn. Pierre, responding to questions on whether the new legislation will require Saint Lucia to relinquish too much authority to the Eastern Caribbean Central Bank, said the new Act was just another step at deepening ties in the sub-region.

Senator Hon. Dr. James Fletcher agreed. He said the ECCB serves as an invaluable asset to the region’s currency union.

“The conversion rate with the US would not have been 2.7169 if we were on our own,” he said. “The reason that currency has remained at that level even with all the turbulence we’ve gone through is because we have an ECCB. That’s why we have one monetary council: so that we can pool our reserves so that when one suffers, there can be a buffer.”

Section Two of the proposed Bill states that the legislation will not come into force until it is published in the Gazette.

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Saint Lucia Passes Act to Regulate Banking Sector

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Parliament passed the Banking Act at last week’s sitting of the House of Assembly.

Prime Minister of Saint Lucia and Minister for Finance, Hon. Dr. Kenny D. Anthony described the bill as one of the most dramatic pieces of legislation that will be enacted in the parliaments of OECS states to regulate the region’s banking sector.

According to Dr. Anthony, the bill will reduce government’s role in various aspects of the banking sector and in effect, make the industry more self-regulatory.

“The act makes it clear that the authority to grant a licence rests solely with the Central Bank. It’s not even a situation like in the old law where the authority rested with the Minister of Finance on the advice of the Central Bank. It’s reversed. The Central Bank is to make the decision about granting a license, and only has a duty to inform the Minister of Finance that an application has been made.”

The Prime Minister said the bill will have a major impact on how banks are supervised in the region.

“You will note, too, the corrective actions and strengthened powers of the Central Bank to intervene and offer greater supervision to bring about corrective actions when banks fail to reach or satisfy potential requirements or if there are regulatory violations.”

The Prime Minister also made note of future legislation which will address the issue of toxic assets in the banking industry.

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