Saint Lucia has modified the regulations governing its Citizenship by Investment Program to remain competitive and ensure that it is fulfilling its mandate of increasing demand for its investment products for the ultimate benefit of the Saint Lucian people. Saint Lucia has made bold strides in offering an alternative investment option in one of the youngest Citizenship by Investment programs in the Caribbean.
Saint Lucia’s Citizenship by Investment Unit (CIU) has taken an all-inclusive review of its Citizenship by Investment offerings and following approvals from the Citizenship by Investment Board, Deputy Prime Minister, and Minister of Tourism, Investment, Creative Industries, Culture and Information. Amendments to the regulations has entered effect on January 1.
Raise in due diligence fees
Amendments stated that developers applying for approved real estate under the Citizenship by Investment Program or enterprise projects will now have to pay due diligence and background check fee of US$7,500.
Replacement fees for lost certificates
The replacement fee for a lost or damaged certificate will increase from US$100 to US$500. Supporting documents are required for the processing of a replacement certificate.
Fees on adding newborns
Investors who have been a citizen of Saint Lucia for 12 months or less that are looking to include a newborn dependent through the country’s National Economic Fund will now have to pay a US$5000 fee, increasing from US$500. A newborn-dependent ranges from 0-12 months of age. As a result, due diligence is not required, however, the application processing fee of $1,000 is needed.
Reduction in Real Estate Investment Amount
The amendments made by Saint Lucia’s Citizenship by Investment Unit included reductions in the real estate investment amount from $300,000 to $200,000. The non-refundable administrative fee remains the same and it is payable upon the grant of citizenship.
New bond offer for investors
Saint Lucia’s Citizenship by Investment Unit has also introduced the Government National Action Bond (“NAB”) Option as a qualifying investment option for the grant of citizenship. An applicant and qualifying dependents of any number may opt for the Government Bond option at $300,000. The bond is non-interest bearing with a holding period of five years. A one-time administrative fee of $50,000 is payable upon the grant of citizenship.
Saint Lucia: Emerging economy in the Caribbean
Saint Lucia is evolving as one of the Caribbean\’s fastest growing economies and is well-known for providing a variety of investment and business opportunities for people looking to increase their wealth and diversify their portfolios. The country\’s Citizenship by Investment Program is an ideal option because it provides myriad business opportunities to investors who do not want to be limited by border restrictions. The country has been praised for its advanced and modernized infrastructure, resilient and modernized educational and healthcare systems, making it ideal for investors and their families.
The CBI Index 2022, reported that Saint Lucia, jumped ahead of Grenada to the third spot, mainly because of the due diligence, specifically the biometric passports, and a minimum investment outlay in line with Dominica, where it costs $100,000 for a single applicant. The nation has secured top spots in three out of the nine pillars of the CBI Index, namely the minimum investment outlay, ease of processing, and mandatory travel and residence. According to the report, Saint Lucia secured full points in the ease of processing pillar for six consecutive years.