Saint Lucia Appoints Nestor Alfred as New Unit CEO

On 8 August 2017, the Saint Lucia Citizenship by Investment Unit welcomed a new CEO, Mr Nestor Alfred.

Mr Alfred, who can boast a strong background in the financial regulation sector, is also an expert in anti-money laundering and terrorism financing, giving him the necessary tools to further refine Saint Lucia’s due diligence processes. Mr Nestor is also due to retain his regional role as Commissioner to the CARICOM Competition Commission.

In a press release, the Saint Lucia Citizenship by Investment Board said it was looking forward to working with Mr Alfred, confident that he would provide “necessary leadership to the [Unit] and overall management of its affairs.”

The Board highlighted that, together with Mr Alfred, it would give full measure to ensuring that the Saint Lucia Citizenship by Investment (CBI) Programme continues to be positioned as “reputable, attractive, and well run.”

The Saint Lucia CBI Programme is the Caribbean’s newest economic citizenship option, having been launched in 2016. It offers four options for citizenship, the most straightforward of which is a one-time donation to the National Economic Fund (NEF), a Government fund used to sponsor progressive projects on the island.

In January 2017, Saint Lucia reduced its minimum NEF donation level from US$200,000 to US$100,000 for single applicants – a move that raised eyebrows among some Saint Lucians who voiced concern over the country catering to too wide a market for CBI.