CIP Saint Lucia applications surge by 424%: 5,642 requests in FY24 and nearly 4x revenue growth

Saint Lucia’s Citizenship by Investment Program (Citizenship by Investment Program, CIP) attracted 5,642 applications in the financial year ending 31 March 2024 (FY24). That is a 424% increase compared with 1,076 applications in FY23.

The Citizenship by Investment Unit (CIU) approved 1,171 applications—more than double the 544 figure from the previous year. At the same time, 77 applications were rejected.

By itself, FY24’s application volume already exceeds the entire previous history of the program combined. Over the prior seven financial years, Saint Lucia received a total of 2,768 applications.

Record revenues and rising costs

Total CIU revenue reached EC$240.3 million (about US$89 million). This represents +296% versus EC$60.6 million in FY23.

The biggest driver was due diligence fees: EC$133.1 million. The increase is attributed to the sharp rise in the number of applications. Administrative fees tied to real estate investments—the second major revenue stream—amounted to EC$88 million.

Donations to the National Economic Fund (NEF) fell by 60% year over year. NEF-funded marketing share (20%) declined from EC$12 million to EC$4.8 million, reflecting a further shift in demand away from donations and toward real estate investment.

Estimates suggest administrative fees on real estate deals generated roughly 18 times more income than the portion earmarked for NEF. 21 CBI founder Adam Yukhnevich commented: “The donation model was a shortcut: convenient, fast, low-friction.”

In his view, governments realized that real estate delivers additional effects: job creation, infrastructure development, and a political “alibi” for the program. If a consultant doesn’t understand property checks, title verification, and the developer’s risk profile, Yukhnevich argues they are already behind.

Application processing (processing fees) totaled EC$3.7 million. Administrative fees for the COVID-19 bond were also EC$3.7 million. FY24 added a new revenue line: administrative fees for the National Action Bond, launched in late 2022—EC$270,000 from two bonds.

Other revenue (including items not disclosed separately) rose from EC$577,000 to EC$4.6 million.

Program expenses increased fourfold, reaching EC$143.5 million from EC$33.8 million. Due diligence costs accounted for EC$88.3 million, or 61% of all spending, because the CIU paid due diligence fees to four verification providers: S-RM, BDO, Exiger and FACT.

Fees paid to authorized agents and promoters totaled EC$41.5 million, while marketing agency commissions were EC$12.1 million. Business travel expenses edged down to EC$1.1 million.

Operating expenses rose by 70% to EC$6.8 million (from EC$4 million). Payroll funding increased by 31% to EC$3 million after hiring new staff. Banking fees tripled to EC$1.5 million, driven by higher transaction volumes and a 0.05% account servicing charge.

Depreciation increased to EC$814,000 from EC$234,000 following investments in improvements to leased premises and office space. Currency revaluation costs rose to EC$326,000 from EC$46,000.

Nearly 4x surplus despite rising costs

Despite rising expenses, the CIU closed the year with a surplus of EC$89.9 million (about US$33.3 million)—nearly four times the EC$22.8 million surplus in FY23. Of this amount, EC$58.6 million (around US$21.7 million) was transferred to the government’s Consolidated Fund.

In addition, EC$41 million from the CIU’s operating surplus was paid into the NEF to support national priorities. Total transfers to the government and related funds amounted to roughly EC$64.1 million.

Cash nearly doubled from EC$65.8 million to EC$137.8 million by 31 March 2024. Total assets increased by EC$78 million to EC$151.4 million.

Accounts receivable rose to EC$8 million from EC$810,000, mainly due to outstanding due diligence fees. Current liabilities more than doubled to EC$80.9 million, driven by accrued due diligence expenses (EC$26.3 million), commissions to marketing agents (EC$10.9 million), and a VAT provision (EC$15.1 million). The working capital ratio fell from 2.15 to 1.82.

Due diligence and applicant geography: what provider reports reveal

Saint Lucia does not publish applicant citizenship data from FY21 onward. As a result, the geography disclosed by individual due diligence providers is the closest available alternative.

The reports include information from all four CIU providers. Exiger processed 1,164 orders covering 1,995 verification objects. S-RM produced 1,007 reports. BDO completed more than 360 requests across over 550 objects. FACT received 420 applications.

Two providers disclose case geography, but they group participants not by citizenship—rather by country of residence.

In Exiger’s data, the largest share was China (548), followed by the UAE (412), Iraq (221), and Saudi Arabia (156). At the same time, 70% of risk matrix assessments were in Exiger’s low range, 26% in the medium range, and only 4% in the high range.

A similar geography appears in BDO’s data. The share for the Middle East and North Africa region was 58%. Another 27% came from China, Hong Kong and Taiwan; 7% from Africa; and 3% from Southeast Asia.

The high representation of the UAE across different providers is likely because large diaspora communities from Iraq, Syria, Lebanon and other MENA countries live there—rather than necessarily because UAE citizens are the ones applying. The reports contain no disclosures by applicant citizenship.

Yukhnevich emphasizes: if 58% of the applicant pool comes from conflict-affected MENA areas, screening must be strengthened—or the program loses access to visa-free arrangements with the Schengen area. In his view, Saint Lucia made the right choice: the programs that survive are the ones that can say “no” often enough.

All four providers implemented applicant interviews during FY24. This was a result of the CIU directive from September 2023: primary applicants had to complete an identification interview and undergo checks through the Financial Intelligence Authority. Just FACT conducted 225 interviews between October 2023 and March 2024.

FY25 plans: faster processing and higher annual surplus

CEO Mac Claude Emmanuel set ambitious goals for the next financial year (FY25): at least +100% improvement in processing speed and +20% growth in the annual surplus. He described the tasks as challenging but achievable.

However, the “tail” (backlog) implied by the current data could be substantial. Using the IMI processing time tool, the average wait for decisions on Saint Lucia was 18 months by the end of 2025, and the longest case recorded was 26 months.

Yukhnevich notes: if an application is submitted in Q4 2024, a person is effectively placed in a queue behind thousands of applicants. That’s why he advises agents who promise 90 days to be skeptical of those timelines.

What the CIU report does not disclose

The document describes real estate as “the dominant category of investment at present,” and links program growth to “exceptional growth in the number of applications, especially for Real Estate Investment.”

But for the third year in a row, the CIU annual report does not publish: the breakdown of applications by investment category, the number of people granted citizenship (as opposed to the number of applications), and data on applicant citizenship.

Saint Lucia stopped such disclosures starting in FY22. That coincided with the program’s rapid growth and with debates around the real estate option. As in the previous two reports, the total amount of capital invested through the real estate route is also not provided.

In the financial section, the report shows only CIU administrative fees for real estate approvals (EC$88 million), but it does not disclose the investment amounts directed to approved development projects.

Without category-level data, it’s impossible to determine from the report what share of the 5,642 applications went to real estate versus NEF donations, the COVID-19 bond, or the National Action Bond.

The political and legal agenda surrounding the real estate option remains sensitive: the report mentions court cases in the United States (a RICO case, later dismissed) and legal disputes involving the opposition. It also notes that in the UK Home Office decision of March 2026 to revoke Saint Lucia’s visa-free status with the UK, the rapid rise in applications reflected in this report was cited among the factors.

Record Citizenship by Investment (CIP) applications for Saint Lucia and strong CIU revenue growth show that the market for citizenship by investment is gaining momentum. If you’re planning an investment citizenship path and want clarity on how requirements, timelines, and cost structure evolve (due diligence, NEF, and investment contributions), Digital Nomad will help you build a clear strategy. Learn more: https://digital-nomad.gr/en/goldenvisa

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