Nigerians Among Top Applicants in Saint Lucia’s Citizenship by Investment Programme
- Saint Lucia’s Citizenship by Investment Programme saw a surge in applications during the 2023/2024 financial year, with Nigerians emerging as the only African group among the top applicants
- Data from the Citizenship by Investment Unit shows that 75 Nigerians were screened, placing the country seventh globally in participation
- The report highlights record-breaking revenues and unprecedented growth, driven largely by real estate investments and rising interest from nations across Asia, the Middle East and Africa
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At least 75 Nigerians were screened by due diligence firms working for Saint Lucia’s Citizenship by Investment Programme (CIP) in the 2023/2024 financial year, according to the Citizenship by Investment Unit’s Annual Report 2023-2024, published in late April 2026.
Nigeria was the only African country listed among the top source nations for the passport-for-cash scheme, highlighting its growing interest in Caribbean citizenship opportunities.
Source: Getty Images
Global rankings of applicants
According to PUNCH, the due diligence firm Exiger reviewed 1,995 applicants and dependents across 1,164 submissions between April 2023 and March 2024. Nigeria ranked seventh with 75 subjects, behind:
- China – 548
- United Arab Emirates – 412
- Iraq – 221
- Saudi Arabia – 156
- Qatar – 94
- Syria – 84
Nigeria was ahead of Turkey (72), Egypt (70), Lebanon (67), Jordan (57), the United Kingdom (51) and the United States (54).
Investment thresholds and Nigerian contributions
Applicants must commit a minimum of:
- $240,000 donation to the National Economic Fund (NEF)
- $300,000 in government bonds or approved real estate
- $250,000 in infrastructure projects
- $1m in a qualifying business
Each main applicant also pays a $2,000 processing fee and an $8,000 due diligence fee, while dependents are charged $1,000 and $5,000 respectively.
Using the NEF donation route, estimates suggest Nigerians may have contributed upwards of $9m in minimum donations alone during the financial year, excluding fees, real estate premiums and commissions.
Surge in applications and revenue
Saint Lucia’s CIU received 5,642 applications in 2023/2024, a 424 per cent rise from 1,076 the previous year. The report noted:
“The Programme achieved unprecedented success, with total revenue reaching EC$240.3M, a 296 per cent increase from the previous year.”
The unit recorded a surplus of EC$89.9m (about $33.3m), up 294 per cent from EC$22.8m the previous year. A total of 1,171 applications were approved, while 77 were denied.
Risk assessment of applicants
Exiger classified:
- 70 per cent of subjects as low risk
- 26 per cent as medium risk
- 4 per cent as high risk
Other due diligence partners reported regional trends. BDO noted 58.15 per cent of its caseload came from the Middle East and North Africa, while FACT highlighted Iraq, China, Syria, Egypt and Lebanon as its most prevalent sources.
The disclosure comes nearly a year after President Bola Tinubu visited Saint Lucia in July 2025, becoming the first sitting Nigerian president to tour the Eastern Caribbean nation.
Caribbean citizenship by investment landscape
Saint Lucia’s CIP, launched in 2015, is one of five Caribbean programmes alongside St Kitts and Nevis, Dominica, Grenada and Antigua and Barbuda. These schemes attract wealthy applicants from Asia, the Middle East and Africa seeking visa-free travel, tax planning opportunities or fallback residency.
Source: Legit.ng
