June 06, 2023

Saint Lucia’s 2023 – 2024 GDP numbers indicate strong growth for the nation

Castries, May 05, 2023 (GLOBE NEWSWIRE) — The House of Assembly gathered in a live broadcast joint session to mark the Third Session of the Twelfth Parliament of Saint Lucia. The Prime Minister and Minister for Finance, Economic Development and the Youth Economy and Minister for Justice and National Security, Hon. Prime Minister Philip J. Pierre delivered his Budget Policy. Members received the Throne Speech delivered by Acting Governor General, Mr. Cyril E. M. Charles. “As a small nation we must be proud as many visitors continue to visit our shores, for recreation and relaxation. That we have developed a world-class destination for honeymooners. A status we have enjoyed for many years.” Mr. Charles stated. Mr. Charles added that “The economy is on the rise again, foreign investor confidence is back, and the future looks brighter.” The Acting Governor General requested that all attendees and listeners to embrace new economic opportunities and that despite the existing challenges, Saint Lucia is still a peaceful nation. He made a call for support towards the Saint Lucian police force to tackle crime in the island. Saint Lucia displayed resilience after the Covid-19 pandemic and the nation will be better positioned to address existing issues that the pandemic exposed. The post-pandemic events in the CARICOM region have recorded positive recovery rates, Hon. Prime Minister Pierre stated that “in the tourism-dependent economies, since the lifting of Covid-19 restrictions, Guyana, Saint Lucia and Barbados recorded the highest growth rates; Saint Lucia recorded the second highest growth rate after Guyana.” Hon. Prime Minister Pierre highlighted that Saint Lucia’s 2022 GDP has shown a real growth rate of 18.1 per cent, the best-performing sectors were the agriculture, manufacturing and tourism sectors in 2022. And the largest contributors to real growth were in the accommodation and restaurant sectors. Prime Minister Pierre emphasised that “Of the total, 10.8 per cent points were accommodation and food, services, tourism grew by 58 per cent, stay over arrival 78.7 per cent while cruise arrival has increased by 273,8 per cent; these developments were due to the removal of all Covid-19 protocols in September 2022.” Saint Lucia’s unemployment rate reached a sharp decline of 19% and the youth unemployment rate at 25.9%, the lowest since 2010. “The strategic choices for the 2023-2024 budget will focus primarily on three areas, Health, National Security, and economic sustainability – the theme for this year’s budget,” Prime Minister Pierre had stated. The Government of Saint Lucia aims to secure economic development through 2023, in various sectors in the economy, this includes access to affordable and quality healthcare in the country. Saint Lucia’s growth rates for 2023 are the perfect opportunity for discerning investors to contribute to effective economic development through Citizenship by Investment (CIP) Saint Lucia. CIP Saint Lucia offers investors second citizenship in exchange for donations or contributions to Saint Lucia’s economy. There are four investment options that offer unique benefits that include securing investors’ families, future generations, and their wealth. These investment options are as follows:

National Actions Bonds (NAB)

The NAB is a recently introduced investment option are non-interest-bearing bonds and requires a minimum investment amount of US$300,000, there is an administration fee of US$50,000, and due diligence and processing fees apply. Investors may choose to apply with dependants without additional costs.  This investment option requires investors to hold the bonds for a minimum of five years, and it is the only investment option that offers a refund after the five-year holding period. 

National Economic Fund (NEF)

The NEF allows investors to donate a minimum of US$100,000, this economical investment option has additional donation amounts applied for a spouse and or dependants. The NEF application processes are straightforward. Contributed funds support the advancement of infrastructure and services. 

Real Estate

Saint Lucia has luxurious real estate properties, with a minimum contribution of US$200,000 investors can secure an approved real estate project. There are due diligence and government fees applied. These real estate projects offer high returns on investments and require investors to own and maintain the projects for a minimum of five years. The Saint Lucia Canelles Resort premium luxury with amenities for both couples and families. The high-end resort offers unique cultural and educational experiences for visitors and property owners to become the ultimate destination for leisure and investment prospects.

Enterprise Projects

Enterprise Projects work towards investing in economic development and job creation in the island state. Investors may choose to apply independently or jointly with investors. Independent investor applicants are required to contribute a minimum investment valued at US$3.5 million and create a minimum of three permanent jobs. Joint investor applications are required to each contribute US$1 million, totaling US$6 million and create a minimum of six permanent jobs. Due diligence, processing and government administration fees are applied per application. 

Saint Lucia’s economy shows signs of growth and investment opportunities for the sustainable investor. Make Saint Lucia your second home through Saint Lucia Citizenship by Investment Programme, and open doors to newfound freedom and opportunities. 

Share This Story, Choose Your Platform!

× Chat With Us