Former Prime Minister and current Opposition Leader Allen Chastanet has filed an urgent interlocutory injunction in the Eastern Caribbean Supreme Court to halt portions of St. Lucia’s Citizenship by Investment Program (CIP). The legal action focuses on a contentious agreement between the CIP Board and Caribbean Galaxy Real Estate Limited, which Chastanet claims authorizes the approval of numerous citizenship applications at a significantly reduced rate.
Chastanet’s Concerns:
Chastanet’s legal filing raises significant concerns regarding the agreement with Caribbean Galaxy, including:
- Unauthorized Discount: Allegations suggest the agreement permits citizenship applications at a discounted rate of $65,000, substantially below the legally required minimum of $200,000.
- Lack of Transparency: Chastanet asserts a lack of transparency surrounding the agreement’s terms, including the number of approved applications and generated revenue.
- Potential for Abuse: The discounted rate poses a risk of incentivizing corruption and jeopardizing the CIP program’s integrity.
Impact on the CIP Program:
The court’s decision on Chastanet’s injunction could significantly impact the CIP program. As a vital revenue source for St. Lucia, any halt to applications could lead to adverse economic repercussions.
Conclusion:
This case highlights the vital need for transparency in CIP programs. Applicants must verify all costs with official sources and avoid discounted, unofficial offers to protect themselves and the program’s integrity.