St. Lucia citizenship by investment program is emerging as a promising opportunity for investors and high-net-worth individuals looking for economic stability and an appealing investment climate. Although its citizenship program is the youngest in the Caribbean, St. Lucia has proved its ability to provide an affordable and straightforward program convenient for potential investors to reside and explore its myriad business opportunities.
St. Lucia Passport Ranking
St. Lucia passport is ranked 32nd among global passports, climbing 10 points within ten years. It is considered a desirable passport, providing its holders visa-free access and visa on arrival to 147 destinations including the UK, Schengen Area, Russia, Hong Kong, Singapore, and Latin American countries.
St. Lucia Citizenship by Investment
St. Lucia Citizenship by Investment Program is considered one of the youngest programs in the Caribbean. It allows foreign investors and their qualifying dependents to acquire a second passport and citizenship in exchange for a $100,000 non-refundable contribution to the National Economic Fund or purchase of a $200,000 real estate in a government-approved project, or purchase of $300,000 government bond known as the ‘National Action Bond’, along with payment of applicable government fees.
After meeting certain criteria and successfully passing a thorough due diligence process, applicants are granted citizenship for life within 4 to 5 months with no residency requirements. The application process for this program is cost-effective, fast, and straightforward with a limited number of documents to be submitted, and applicants can include dependent children under 30 years, parents above 55 years, as well as siblings under the age of 18 years.
Early in 2023, St. Lucia 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.
How to Get St. Lucia Citizenship by Investment
To qualify for a Saint Lucia passport by investment and citizenship, applicants must submit an application and undergo a strict due diligence process. They are also required either to make a non-refundable contribution (donation) to the Saint Lucia National Economic Fund or purchase real estate in a government-approved project or purchase a government bond, along with paying all the applicable government fees.
Economic Citizenship St. Lucia Application Process
Applying for citizenship by an investment program in St. Lucia can only be done through a government-authorized agent. To start the process applicants must sign a service agreement with an authorized agent. The latter will provide advice, and assistance, and prepare documents and government forms. The applicant’s file will be complete at this stage, and due diligence fees and government application fees will be due. If the applicant chooses the real estate option, a down payment to reserve the property will be required. The authorized agent will submit a complete application to the government of St. Lucia on behalf of the applicant, and after the government assesses the applicant’s file and due diligence is completed, an “Approval in Principle” will be issued. The applicant is required to make the applicable investment for the selected option, and the government issues the naturalization certificate. After this stage, St. Lucia passport applications are submitted, and the passport is issued within one week and delivered along with the naturalization certificate to the applicant. The balance of fees will be due.
Benefits of Second Citizenship in St. Lucia
Saint Lucia citizenship has enormous benefits to offer, the first of which is the right to live, work, and study in a stable and secure country. It provides its holders global mobility and visa-free and visa on arrival access to 147 destinations, including Europe’s Schengen area, the UK, among others. Saint Lucia citizens enjoy various tax incentives, as there is no tax on capital, wealth, or inheritance tax.
St. Lucia is strategically located to serve regional, international, and virtual markets, due to its proximity to the nearshore markets of North America, South America, and CARICOM member countries. It is only three hours flight from the USA and an 8-hour flight to Europe. It boasts two airports servicing regional and international airlines.
Thanks to prudent planning and comprehensive policies, St. Lucia provides an appealing investment climate with cutting-edge solutions. It continually ranks at the top in factors like ease of doing business, economic freedom, and transparency making it an irresistible and unique choice for investors.
St. Lucia Passport Price Increase
In January 2023, St. Lucia amended the regulations governing its citizenship by investment program. Amendments stated that developers applying for approved real estate under the Citizenship by Investment Program or enterprise projects will now have to pay a due diligence and background check fee of US$7,500. 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. The amendments also 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.
St. Lucia’s Citizenship by Investment Unit (CIU) 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.
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 $5000 fee, increasing from $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.
What is the Total Cost of Citizenship in St. Lucia for an Individual?
The total cost of acquiring St. Lucia’s citizenship for a single applicant through contributing to the National Economic Fund is $109,500. This includes a $100,000 non-refundable contribution to the fund, a $7,500 due diligence fee, and $2,000 processing fees. The cost raises to $155,500 for the applicant and his spouse. If investors choose to purchase real estate in a government-approved project, the cost will raise to $237,500 for the main applicant. This includes a $200,000 cost of real estate, a $30,000 non-refundable administration fee, and a $7,500 due diligence fee. The cost raises to $257,500 for the main applicant and spouse. If investors opted the government bond option, the total cost will be $357,500, including a one-time administrative fee of $50,000 payable upon the grant of citizenship.
Common Questions about St. Lucia:
Investors looking to obtain St. Lucia’s citizenship may have several concerns and would raise several questions before taking any investment risk.
-
Do I need passport for St Lucia?
St. Lucia’s passport has a lot to offer to investors and individuals, as it is one of the most economical passports in the world. Investors can obtain St Lucia citizenship in return for a minimum economic investment of $110,000. Applicants don’t need to fulfill any stay requirements in the country, and citizens enjoy various tax redemptions. They also have visa-free access to 147 destinations across the world.
-
Which countries are visa free with St Lucia passport?
Saint Lucia passport holders can travel visa-free or receive a visa upon arrival to 147 countries in the world. This includes popular destinations like countries in the Schengen area, the UK, Hong Kong, Singapore, and more.
-
How powerful is the St Lucia passport?
St. Lucia passport is ranked 32nd among global passports and has advanced 10 points within ten years. It provides its holders with global mobility and access to popular destinations.
-
Is St Lucia a part of the United States?
St. Lucia is an island country located in the Eastern Caribbean and forms part of the Lesser Antilles. It is a parliamentary monarchy with King Charles III as its head of state. Today, St. Lucia is a full member of the Commonwealth of Nations (British Commonwealth), United Nations, and the Caribbean Community (CARICOM). It is only a 3-hour, 40-minute flight from Miami, USA. US citizens traveling to St Lucia can stay on the island for a period of 90 days without a visa.