Application flow to Saint Lucia’s Citizenship by Investment Programme (CIP) fell by nearly half in 2024/25—while the number of decisions more than doubled

In the 12-month period ending 31 March 2025, the Citizenship by Investment Unit (CIU) in Saint Lucia received 2,957 applications. This is 47.6% lower than the previous year, when 5,642 applications were submitted. At the same time, the outcome trends moved in the opposite direction: the number of decisions issued more than doubled versus the prior year, reaching 2,633.

At first glance, the drop in incoming applications makes the 2024/25 figures look modest. However, the 2,957 applications received are the second-highest in the programme’s history. In addition, this figure exceeds the total of the first seven years of CIU operations, when only 2,768 applications were received.

According to the annual report published this week, the decisions included 2,278 approvals and 355 refusals. The document covers a period that ended nearly a year and a half ago.

Refusals hit the highest level ever

Refusals rose to 355 from 77 a year earlier. Measured as a share of all decisions, the refusal rate increased from 6.2% to 13.5%. This is higher than the previous record of 12.6% set in 2017/18.

Over the prior eight years combined, 174 refusals were issued. The report itself offers little, if any, explanation for why rejection rates surged: none of the three narrative sections provides either the relevant figures or a breakdown of the reasons.

Beyond Global Partners managing partner Serhan Aizever looks at three key variables together—a decline in the intake, increased processing capacity, and a record share of refusals. In his view, this may indicate that the CIU is applying stricter checks, which in turn could strengthen confidence in the programme.

Decisions still lag behind the application flow by 5,541 cases

With capacity of 2,633, decisions issued this year are compared with 1,248 in the previous year. Over a nine-year period, the unit received 11,367 applications and issued decisions on 5,826.

If decisions are subtracted from total applications received, 5,541 cases remain unresolved. This “backlog” is what drives the average processing time of 16 months cited in the context of approvals.

Nuri Katz, founder of Apex Capital Partners, notes that similar cycles have been repeating across the market for more than 34 years: the programme gains popularity, the state cannot process the volume fast enough, timelines lengthen—and then demand falls because the wait becomes too long.

Katz draws parallels with the US EB-5, Canada’s Federal Investor Immigrant, and Caribbean schemes across different jurisdictions. In his view, Saint Lucia “is not surprising” and the pattern is typical of such projects.

At the same time, Aizever emphasizes queues and timing: persistent delays and long processing remain a problem for investors—especially those who need certainty and speed.

CIU revenues grew faster than the application intake: turnover reached EC$402.2 million

CIU revenue totalled EC$402.2 million (about US$149 million), up 67%. Importantly, this figure reflects the fees CIU charges and records, not how much investors actually spend on purchasing real estate. Real estate transaction costs go to developers, and of the overall EC$55.4 million paid into the National Economic Fund (NEF), CIU recognizes only the retained portion—EC$11.1 million (20%).

The reported “surplus” (as defined in the accounts: total income minus programme expenses, operating costs, and interest) was EC$145.5 million. That equates to 36.2% of revenue, compared with 37.5% a year earlier.

Applicants bought 9 National Action Bonds and 2 Covid-19 bonds for a total of EC$8.78 million. Meanwhile, bond investments fell by 76% year-on-year and by 82% compared with 2022/23, when they reached EC$47.7 million.

In contrast, contributions to the NEF increased: they totalled EC$55.4 million, up 131%, and this is the second-largest figure in history.

At the same time, data on the volume of real estate deals has not been published for a fourth consecutive year, nor has the breakdown of applications by investment option. The only indirect benchmark is administrative fees—EC$183.6 million, double the figure for the previous period. As a result, the overall inflow of funds into the programme cannot be reconstructed with certainty from the report.

Aizever points to this gap: “Revenues remain high, but what about transparency, especially regarding real estate investment—hasn’t that been an issue before?”

Variation in checks: the due diligence share is the highest in 7 years

Income from due diligence fees totalled EC$199.8 million, or 49.7% of total revenue. Payments to due diligence providers were EC$109 million (up 24%), while income from this line item rose by 50%. As a result, CIU retains 45.4% of the collected due diligence fees.

Two years ago, the retained share was much lower—25.9%. If due diligence income is recalculated per application received, the figure is about US$25,023 versus roughly US$8,740 in 2023/24. The calculation uses an assumption of US$8,000 for the main applicant and US$5,000 for each dependent family member for the review period of up to 16 months.

One-third of fee income went to the distribution channel

Fees paid to authorised agents and promoters totalled EC$108.96 million, up 163%. In addition, EC$23.8 million was directed to marketing agents, and this line increased by 96%. Taken together, these payments amount to 33% of CIU revenue—the highest share since 2019/20.

Payments to due diligence providers were EC$109.03 million. The difference between that amount and the agent and promoter commission line is less than 68,600. Remaining obligations to agents and promoters at year-end were EC$37.1 million, compared with EC$634,500 a year earlier.

Cost of management per decision decreased

Total CIU expenses were EC$256.8 million versus EC$150.3 million the year before—an increase of 71%. As a share of revenue, the figure rose from 62.6% to 63.9%.

Operating expenses represent the unit’s own costs for running the business, not contract payments, and totalled EC$12.5 million. This is the first time the figure has exceeded EC$10 million. On a per decision basis, operating expenses were 4,744, which is a series low and below 5,434.

For marketing and investor relations, CIU spent EC$285,825 (down 40%), and for travel and promotion it spent EC$2.15 million. Commission payments were roughly 54 times higher than the combined amount of these two lines.

Payments to the government totalled EC$86.2 million. The minister responsible for the programme, Ernest Hylor, estimates total remittances at EC$141.8 million when transit payments through bonds and the fund are included as well.

Processing efficiency matters more than higher application volumes

In Aizever’s view, future success will depend less on attracting large volumes of applications and more on processing efficiency, high-quality due diligence, transparency, and the ability to deliver investors a predictable experience.

If the government can reduce the queue while maintaining standards, the programme could, as the expert believes, “position itself as a stronger and more trustworthy option in the long run.”

While some citizenship-by-investment programs see a slowdown in applications, others increase the volume of decisions—so it’s crucial to factor this into your planning. If you’re considering St. Lucia citizenship and want a clear view of how approvals and refusals evolve, the team at Digital Nomad will help you assess key requirements and prepare your application confidently.

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