St. Lucia Citizenship by Investment Board Welcomes Voluntary Dismissal of Lawsuit

Lawsuit Dismissed Without Prejudice

The St. Lucia Citizenship by Investment Board (CIB) has welcomed the voluntary dismissal of a lawsuit filed in the United States, reiterating that “this lawsuit had no merit from the outset.”

In a statement, the CIB said that in what it considers to be a “failed attempt to threaten, embarrass, and extort the CIB, it has taken note of “the recent voluntary dismissal of a lawsuit filed in U.S. Federal Court against Mc Claude Emmanuel,” the chief executive officer of the Citizenship by Investment Unit.

Background of the Lawsuit

The lawsuit was brought by Philippe Martinez, a developer based in St. Kitts-Nevis, and the CIB said that he has “no business ties to St. Lucia” and accused the Unit of misconduct. “The St. Lucia CIB has characterized the legal action as baseless and an effort to tarnish the reputation of the Unit’s leadership and its network of key partners, including banks, authorized agents, and promoters.

Withdrawal of the Lawsuit

The CIB said that the lawsuit’s withdrawal “further underscores the lack of credibility surrounding his claims. It should also be noted that last-minute attempts for a financial settlement were also rejected.”

About the Citizenship by Investment Programme

Under the Citizenship by Investment Programme (CBI), St. Lucia grants citizenship to foreign investors in return for their substantial investment in the island’s socio-economic development.

Global Recognition

The CBI program exists in Dominica, Grenada, St. Kitts-Nevis, Antigua, and Barbuda. The CIB said that the program, bolstered by partnerships with other CBI programs in the Organisation of Eastern Caribbean States (OECS) and collaboration with international stakeholders such as the European Union, the United States State Department, and other relevant regulatory authorities, has been lauded for its commitment to transparency and good governance.

Conclusion

The St. Lucia Citizenship by Investment Board wishes to reiterate that it takes the business of the State very seriously and ensures the operations of the Unit and, by extension, the program remains above board and within the regulatory requirements.

FAQs

Q: What is the Citizenship by Investment Programme?
A: The Citizenship by Investment Programme is a program that grants citizenship to foreign investors in return for their substantial investment in the island’s socio-economic development.

Q: Who is Philippe Martinez?
A: Philippe Martinez is a developer based in St. Kitts-Nevis who brought a lawsuit against the St. Lucia Citizenship by Investment Unit.

Q: Why was the lawsuit dismissed?
A: The lawsuit was dismissed because it had no merit from the outset and was a frivolous attempt to undermine the credibility of the Citizenship by Investment Programme and its management.