Saint Lucia: First-ever CIP housing project launched, 64 units to be built in first phase

Castries, Saint Lucia: The first-ever housing projects under the funds generated by the Citizenship by Investment Programme has been launched in Saint Lucia. A total of two housing development has been decided for Rock Hall, Castries and the Belvedere, Canaries.

Approval has been granted to the developer for the construction of the first housing unit which will be held at Rock Hall, Castries. The community will receive 64-units of the houses and the potential beneficiaries will be given a chance to transition from tenant to landlord.

In addition to that, the second housing development will be held at Belvedere, Canaries as the government is still in the process of signing the developer for the construction. Several terms and procedures have been looking forward by the government of Saint Lucia to initiate the second housing project.

All these constructions will be funded by the Citizenship by Investment Programme for the first time in the history in Saint Lucia. The announcement of the groundbreaking of the housing unit has been made by Prime Minister Philip J Pierre during his budget address on April 23, 2024.

According to the reports, the construction of the housing unit will commence soon in Saint Lucia so that the citizens will be provided with a chance to get the homeownership. The CIP revenue will be used for bridging the housing gap and the entire procedure will be outlined by the government in the coming days.

In addition to that, the site preparations have also been started in Rock Hall for the commencement of the construction. PM Pierre expressed pleasure and added that this project will be beneficial for the citizens of Saint Lucia.

The Citizenship by Investment Programme of Saint Lucia offers citizenship to the investors with the minimum investment of US$200,000 in its two investment options such as National Economic Fund and the Real Estate.

The funds generated by the programme are said to be used for the socio-economic growth of Saint Lucia so that several infrastructural and developmental projects could be held in the country.