Saint Lucia must choose between its citizenship-by-investment programme and visa-free access to Europe, after the European Union set a June 2028 deadline for the country to end the scheme.
The ultimatum emerged from talks between Prime Minister Philip J. Pierre and European Commissioner for Internal Affairs and Migration Magnus Brunner in New York last week. Pierre said the EU's position left little room for negotiation. "The Europeans are adamant," he told reporters at a pre-Cabinet briefing on Monday, noting that the commissioner made clear that the existence of any such programme would be disqualifying.
The citizenship-by-investment programme (CIP) generates roughly 10 per cent of Saint Lucia's government revenue, according to Pierre. The scheme allows foreign nationals to acquire citizenship, which grants them visa-free access to the Schengen Area, a benefit the EU views as a security risk.
Pierre acknowledged the difficult position facing the Government. In March, he had stated that Saint Lucia had "no intention of stopping the CIP programme" and would "do all we can to strengthen the programme." On Monday, he said the focus now was protecting both the people of Saint Lucia and the financial system, while attempting to preserve the revenue stream.
"It's a programme that we would not like to lose because it has done quite a bit for our country," Pierre said. "But we are going to try to protect it."
The deadline applies to five Eastern Caribbean nations operating similar programmes. A regional technical team, led by Saint Lucia's Deputy Prime Minister Dr Ernest Hilaire, is expected to hold further discussions with European officials in October to explore options. Pierre said the Government has not yet announced plans to wind down the scheme.
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