Saint Lucia’s Citizenship by Investment Programme (CIP) saw a sharp decline in applications during the year ended March 31, 2025, while the number of decisions more than doubled. The programme received 2,957 applications, down 47.6% from 5,642 the previous year, while decisions increased to 2,633. Despite the lower intake, applications remained the second-highest on record.

Applications Fell While Decisions More Than Doubled

The CIU received 2,957 applications in 2024/25, a 47.6% decline from the previous year. Despite the drop, the figure remains the programme’s second-highest annual intake and exceeds the 2,768 applications received during its first seven years combined.

At the same time, decisions increased from 1,248 to 2,633. Of these, 2,278 resulted in grants and 355 in denials.

Record Denial Rate

Denials increased significantly from 77 to 355, pushing the denial rate from 6.2% to 13.5%, the highest rate recorded by the programme.

The increase may indicate that Saint Lucia is applying more rigorous screening and due diligence standards, potentially strengthening the programme’s credibility.

Revenue Reached EC$402 Million

CIU revenue rose 67% to EC$402.2 million, while surplus reached EC$145.5 million.

However, the report does not provide a complete breakdown of total investment inflows, particularly for real estate. Real estate investment volumes have remained unpublished for four consecutive years, limiting transparency around the programme’s overall economic inflow.

NEF Contributions Increased While Bond Investment Declined

Investment patterns shifted considerably during the year. Contributions to the National Economic Fund (NEF) reached EC$55.4 million, an increase of 131% and the second-highest figure on record. By contrast, investment in National Action Bonds and COVID-19 bonds fell sharply, totaling just EC$8.78 million, down 76% from the previous year.

Due Diligence Became a Major Revenue Source

Due diligence fees generated EC$199.8 million, accounting for nearly half of the CIU’s total revenue. Payments to due diligence providers reached EC$109 million, while the CIU retained approximately 45.4% of the fees collected under this category.

Distribution Channel Costs Increased

Commissions paid to authorized agents and promoters rose 163% to EC$108.96 million, while marketing agent payments increased 96% to EC$23.8 million. Combined, these payments represented approximately 33% of the CIU’s total revenue, making the distribution channel one of the programme’s largest expenditure areas.

Focus Shifting From Volume to Efficiency

The latest figures suggest that the programme’s future performance may depend less on attracting high application volumes and more on efficient processing, strong due diligence, transparency, and a reliable investor experience. Reducing the backlog while maintaining rigorous standards could strengthen Saint Lucia’s position as a more credible and sustainable citizenship by investment programme in the long term.

Summary

Saint Lucia’s Citizenship by Investment Programme received 2,957 applications, down 47.6% year-on-year, while decisions more than doubled to 2,633, compared with 1,248 the previous year. Of the decisions issued, 2,278 applications were approved and 355 were denied. The denial rate increased to a record 13.5%, compared with 6.2% the previous year.

The programme has received 11,367 applications over nine years and decided 5,826, leaving a backlog of 5,541 files. The average approval waiting time is currently around 16 months. CIU revenue reached EC$402.2 million (approximately US$149 million), representing a 67% increase. Contributions to the National Economic Fund (NEF) reached EC$55.4 million, up 131%, while bond investment fell 76% year-on-year to EC$8.78 million.

Due diligence revenue reached EC$199.8 million, accounting for 49.7% of total revenue. Meanwhile, commissions paid to agents and promoters increased 163% to EC$108.96 million. Government distributions totaled EC$86.2 million, while total remittances, including bond and fund pass-throughs, reached EC$141.8 million.