Saint Lucia’s recent increase in the Citizenship by Investment Programme (CIP) Infrastructure investment option, from US$100,000 to US$250,000, has raised significant questions and concerns regarding the allocation and utilization of funds. The situation becomes even more complex when examining the case of Caribbean Galaxy, a company allegedly allocated 7,000 citizenship files under this investment option.
With the new pricing, Caribbean Galaxy’s alleged 7,000 citizenship files represent a staggering US$1.75 billion in potential revenue. However, this figure starkly contrasts with the reported $100 million allocated for infrastructure projects. This discrepancy begs the critical question: Where is the remaining US$1.65 billion going?
It should also be noted that Caribbean Galaxy has also been granted another 7,000 citizenship files in a separate deal under the Real Estate option.
Transparency and accountability are essential when managing such substantial sums of money, especially when public interest and national reputation are at stake. The CIP is intended to drive economic growth and development, particularly through infrastructure improvements that benefit the entire nation. If only a fraction of the funds generated is being used for these purposes, it undermines the program’s credibility and effectiveness.
Citizens and stakeholders deserve clear and detailed answers. The government must provide a thorough breakdown of how these funds are being allocated and ensure that the majority of the revenue directly contributes to the country’s development. Mismanagement or diversion of these funds could have long-term negative consequences for Saint Lucia’s economy and its standing in the international community.
Moreover, this situation highlights the need for robust oversight and regulation of the CIP. Ensuring that investment funds are used transparently and effectively will not only enhance the program’s integrity but also foster trust among investors and citizens alike. #WTF#CIPScandal#Corruption#PierrePasBon#SaveOurSaintLucia
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by Content Manager