The Belvedere Plantation, a historic site in Canaries, will be transformed into a luxury hotel under the Citizenship by Investment Program (CIP).
The Citizenship by Investment Unit (CIU) recently made its first official announcement of an approved real estate project under the Citizenship by Investment Program (CIP).
The Belvedere Plantation, a historic site in Canaries, will be transformed into a luxury hotel.
Officials said the project represents a significant milestone which was not expected to be reached within four months of the start of the program. They said the success of the project can be attributed, in large measure, to close collaboration between the CIU, Invest Saint Lucia (ISL) and the Ministry of Tourism.
The Belvedere Plantation project will be constructed by Boka Estates Ltd. Boka Estates has owned the Belvedere site for the past two years.
CEO of the Boka Group, John Kennedy, said Belvedere has been an important site in Canaries since the mid-1700s.
“We are looking to transform this historic site into a five-star luxury branded hotel,” Kennedy said, adding that it will be one of the highlight hotels of the region. The hotel will be constructed using a system that will preserve the environment while providing an international standard for hotel accommodations.
The Boka Group CEO said the project will create 400 jobs during the construction phase, with 800 jobs on offer once the project is completed.
Unlike other CIPs in the region which offer real estate on a wide scale, Saint Lucia has decided to target the high end tourism market in a bid to increase the island’s room stock.
The Belvedere project is the first Citizenship by Investment real estate project.
