St. Lucia's Prime Minister Philip J. Pierre
The Government of St. Lucia says the Citizenship by Investment Programme (CBI) contributed $45 million in revenue to the Treasury during this fiscal year.
Prime Minister Philip J. Pierre, who is also the Minister of Finance, told Parliament on Tuesday night that the CBI's contribution was less than the approved estimates of $90 million for 2023/2024.
He said the reason for the difference between the approved estimates and projected outturn "is due to an increase in demand for the real estate option rather than donations that go directly into the National Economic Fund or government bond options".
Mr. Pierre, who was presenting the 2024-25 Estimates of Revenue and Expenditure, said $64.1 million was received by the National Economic Fund and that from that amount, $45 million was transferred directly into revenue.
He said the balance is available for use according to the objectives of the Fund, adding that $39.5 million was received from bonds but is included in bond financing this year.
Mr. Pierre said that this year, a further $17.4 million was used to fund security, healthcare, social development, and infrastructure development.
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