Sen. La Corbiniere said the program has the potential to generate significant sums of money.

The Citizenship by Investment bill received the Senate’s nod of approval on Tuesday. Leader of Government Business and Minister for Legal Affairs, Home Affairs and National Security, Sen. Hon. Victor Phillip La Corbiniere, welcomed the bill, which he said will boost Saint Lucia’s economy.

“We know that the Citizenship by Investment program has the potential to generate significant sums of money, and it is important particularly at this time—in terms of the economic realities of the world and economic realities of Saint Lucia—to look at various modalities such as this to raise the requisite revenue,” he said.

Sen. La Corbiniere said the government should remain vigilant with regards to the Citizenship by Investment Program, especially within a climate of constantly evolving regional and global trends.

“We cannot sit back as other countries participate in this process,” he added. “We must be at the forefront of it, both locally and at the international level. I would suggest perhaps that down the line, it may well be that countries in the Caribbean that have citizenship by investment programs may want to look at coming together in some kind of standing committee. Perhaps a standing committee of CARICOM to keep this matter under constant examination and to be able to keep the government properly advised on developments taking place in this area, and how we need to be proactive in addressing some of these issues.”

The Minister also made note that a board will be established to deal with matters related to the Citizenship by Investment Program.