Saint Lucia’s enviable quality of life and ease of doing business has captivated many investors, and high-net-worth individuals, to make it their home and explore its myriad business opportunities. With its stunning beaches, gorgeous mountains, attractive towns, vibrant local culture, and beautiful natural attractions, Saint Lucia has a lot of charms that don’t end at tourism and hospitality. It has a lot to offer investors looking to expand their business in a wide range of sectors such as manufacturing, agri-business, and business outsourcing.
Geographical sweet spot
Saint 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.
Attractive investment climate
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. It has a stable political climate and robust growth strategy that facilitates and promotes investments on the island. Investors in St. Lucia will find the most tertiary-educated population in the Easter Caribbean, with additional access to a regional labor pool of 300,000 that can move freely with the region.
Investors aiming to obtain St. Lucia’s citizenship by investment can take advantage of massive opportunities in various sectors such as tourism, manufacturing, and global business outsourcing, along with the safety, stability, zero taxes imposed on non-residents, along with visa-free access to more than 140 international destinations including the Schengen Zone and the United Kingdom, France, Norway, Ireland, and Singapore.
Flagship Tourism
Saint Lucia, despite its small size, competes with other globally renowned destinations thanks to its iconic twin peaks and drive-in volcano, which are part of the Pitons Management Area, a UNESCO World Heritage Site[1]. The island has a diverse range of heritage and cultural attractions, as well as stunning beautiful beaches and a dramatic coastline ideal for sailing, diving, and other ocean adventures for people of all tastes and skill levels.
Investors aiming to get St. Lucia’s citizenship by investment has huge potential in developing ultra-luxury hotels, wellness centers, and eco-tourism projects. The country’s tourism sector hopes to welcome 5,000 more hotel rooms in the coming years[2] due to the high demand as it continues to be the leading tourism destination in the Easter Caribbean and the best performing among the sister islands.
Promising Manufacturing sector
Saint Lucia\’s strategic position on the Caribbean archipelago, combined with its central location within the Eastern Caribbean states, has historically made the island an ideal hub for trade and investment. The country has signed several regional and international trade treaties, including the CARIFORUM-EU Economic Partnership Agreement, the CARICOM Single Market and Economy, among others. These agreements give companies access to a regional market of more than 14 million people.
Investors aiming to get St. Lucia citizenship by investment can benefit from plenty of natural resources and plant biodiversity, that allow manufacturing companies, particularly in agro-processing, distillation, and brewing, to achieve international critical acclaim. There is huge potential in manufacturing glass and plastic bottles for the Caribbean region, fish processing, and value-added agriculture[3]. Thanks to its solid foundation in agriculture and agro-food, the country has been for decades steadily improving its position in the global manufacturing sector. Over the past five decades, the government has provided subsidies to the manufacturing sector through land and infrastructure. In special development areas, investors can obtain free zone benefits and incentives. An efficient telecommunications system, a steady electrical grid, and an affordable water supply further support the manufacturing sectors. St. Lucia’s geographical location, along with its ern air and seaport facilities, fiber optics, and wireless capabilities represent a strategic opportunity for investors seeking to tap into the American and Caribbean markets.
Global Business Outsourcing
Saint Lucia is a leading competitor for business or knowledge process outsourcing (BPO/KPO) investments in the Caribbean region, thanks to its tertiary-educated labor pool and a workforce skilled in customer service. This sector has seen remarkable growth since 2000 when expansion coincided with the introduction of new reliable technology and infrastructure, a credible legal and regulatory framework, and a stable macroeconomic environment. Saint Lucia is a strong competitor in the BPO market, employing over 3,000 people. It has an enviable reputation because it provides project-ready locations, more reliable technology, human resource capability, and a clear Caribbean accent. Following the onset of COVID-19, the sector became the fastest growing[4] in Saint Lucia with many companies operating. Investors seeking to obtain citizenship by investment can take advantage of the huge opportunities available in this sector.
Primary investment schemes
Applicants for St. Lucia’s citizenship by investment program can apply through three different channels. They can contribute to the National Economic Fund (NEF) to help fund the island\’s infrastructure and utilities. They can also invest in a real estate project that has been approved by the Saint Lucia Citizenship by Investment Unit. As a third option, applicants could invest in non-interest-bearing government bonds. Depending on the applicant\’s investment option, additional processing and due diligence fees may apply. Fees for spouses and dependents vary depending on the investment scheme. Applicants can obtain a passport in just six months, and the process can be completed remotely without visiting or living in Saint Lucia.
For more information about St. Lucia’s citizenship by investment program, the requirements, and fees, please visit our website HERE.
[1] https://investstlucia.com/key-sectors/tourism/
[2] https://investstlucia.com/key-sectors/tourism/
[3] https://investstlucia.com/file/2022/09/Manufacturing-Sector-Amidst-Covid19.pdf
[4] https://investstlucia.com/file/2021/08/Sector-Profile-Global-Business-Outsourcing.pdf