RCI St. Lucia
posted on January 05, 2017 01:35
There is no shortage of reaction to a 60 Minutes documentary about the Citizenship by Investment Program that has been drawing much attention on St Lucia and the Caribbean.
Among those speaking on the topic is newspaper publisher and talk show host Rick Wayne who has echoed security concerns arising from the sale of passports.
Amendments have been made to the CIP Legislation in St Lucia which the government believes will make the program more competitive and attract foreign investors to the country.
But Rick Wayne says a report by Vaughn Lewis on the CIP had raised the alarm on the program, particularly on the issue of due diligence which is at the heart of the program.
Wayne believes that the outsourcing of services from international firms to conduct due diligence on CIP applicants is of little consolation, because there is always the possibility of bribery and corruption especially when large sums of money are involved.
He however believes that the amendments to the CIP legislation that have reportedly made the St Lucia’s program the cheapest in the region will not further compromise any security concerns
Wayne stressed that the reduction in the application and other fees in the CIP does not affect the due diligence component of the program