St. Lucia News Online -- The Citizenship by Investment Unit (CIU) has introduced reduced processing fees under the Citizenship by Investment Programme (CIP).
This in spite of mounting criticisms over the government’s running of the programme.
Based on the Citizens International website, the new fee structure took effect from August 1.
Antigua News Room (ANR) was told by Acting Prime Minister Steadroy “Cutie” Benjamin that this was a recommendation by the head of the CIU, Charmaine Quinland Donovan.
Individuals donating to the National Development Fund are now required to contribute US $25,000 for a family of up to four from the previous US$200,000. Reports are that each additional dependent would have to pay the sum of US$15,000.
Real Estate or business investment fees have dropped from US$400,000 to US$50,000 for up to a family of four and any other individual has to pay US$15,000.
When Benjamin was asked the reason for the reduction in processing fees, he directed ANR to make contact with the prime minister, who is vacationing in Hawaii or Chief Executive Officer (CEO) Donovan.
Efforts to contact both individuals up to the time of this publication proved futile.
The government raised $800 million from the CIP last year but it has been faced with increased competition from other OECS states offering a similar product.