Saint Lucia's Citizenship by Investment Program screens 75 Nigerians in 2023/2024 financial year

Nigeria was the sole African country among the top source nations for the program, ranking seventh globally behind China, the United Arab Emirates, Iraq, Saudi Arabia, Qatar, and Syria. The due diligence firm Exiger screened 1,995 main applicants and dependents, with Nigerians accounting for 75 subjects. Under the program, applicants can make a minimum non-refundable donation of $240,000 to the National Economic Fund, or invest in government bonds, approved real estate, infrastructure projects, or a qualifying business.

Each main applicant also pays a $2,000 processing fee and an $8,000 due diligence fee. A conservative estimate suggests that if half of the 75 Nigerian subjects were main applicants, Nigerians may have contributed over $9 million in minimum donations alone. The program saw a significant increase in applications, receiving 5,642 in the 2023/2024 fiscal year, a 424% jump from the previous year.

Total revenue reached EC$240.3 million, a 296% increase, with a surplus of EC$89.9 million. Exiger classified 70% of screened subjects as low risk, 26% as medium risk, and 4% as high risk. Other due diligence partners, BDO and FACT, also reported on their caseloads, with BDO noting 6.86% from Africa broadly.

Citizenship by investment schemes allow individuals to obtain citizenship through financial contributions, bypassing tradi