Citizenship-by-Investment in Saint Lucia
Citizenship-by-Investment in Saint Lucia
A teardrop shaped island in the eastern Caribbean, St. Lucia is an island nation with two majestic mountain peaks, the Pitons, forming the island’s most famous landmark. St. Lucia’s drive in volcano, Sulphur Springs, is also a popular tourist attraction. In addition to its quiet volcanic beaches, reef-diving sites, Pigeon Island National Park (an old British military base), rainforests, and waterfalls such as Toraille, it is home to fishing villages and luxurious resorts. The capital, Castries, is a popular cruise ship stop.
St. Lucia, in XVII century, was the reason of endless clashes between the French and British and changed hands 14 times between the nations, resulting in cultural diversity of the Caribbean community, which today fascinates by shades of France, England, Africa, and Eastern India. St. Lucia is now turning into an alluring travel destination offering endless gold sandy coastlines, lush rainforests, and dramatically photogenic landscapes.
Capital City ....Castries
Total Area ....107 mi2
GDP ....US$ 1.404 billion
Independence from UK ....1979
The Citizenship by Investment Programme of St. Lucia was established in 2015 under the regulations of the Citizenship by Investment Bill 2015. The most recent CIP in the Caribbean has started receiving applications, January 2016 with intention to become the most innovative and secure Programme in the region.
Saint Lucia National Economic Fund is a special fund established under Section 33 of the Citizenship by Investment Act for the sole purpose of receiving qualifying investments of cash for funding government sponsored projects.
The Minister for Finance is required each financial year to gain approval from Parliament for allocation of funds for specified purposes.
Once an application for citizenship by means of an investment in the Saint Lucia National Economic Fund has been approved, the following minimum investment is required:
The Cabinet of Ministers will consider enterprise projects to be included on the approved list for the Citizenship by Investment Programme.
Approved enterprise projects fall into seven (7) broad categories:
Cruise ports and marinas
Ports, bridges, roads and highways
Research institutions and facilities
Once approved the enterprise project becomes available for qualifying investments from applicants for citizenship by investment.
Once an application for citizenship by means of an investment in an approved enterprise project has been approved, the following minimum investment is required:
Option 1 – A sole applicant. A minimum investment of US$3,500,000
Option 2 – More than one applicant (joint venture). A minimum investment of US$ 6,000,000 with each applicant contributing no less than US$1,000,000
The Cabinet of Ministers will consider real estate projects to be included on the approved list for the Citizenship by Investment Programme. Approved real estate projects fall into two broad categories:
High-end branded hotels and resorts
High-end boutique properties
Once approved, the real estate project becomes available for qualifying investments from applicants for citizenship by investment.
The applicant is required to execute a binding purchase and sales agreement for an investment in an approved real estate project. Investments, equalling the agreed purchase price, are deposited in an approved irrevocable escrow account managed jointly by the developer and the Citizenship by Investment Unit in Saint Lucia.
Once an application for citizenship by means of an investment in a real estate project has been approved, the following minimum investment is required: US$300,000.
Citizenship by investment may be made through the purchase of non-interest-bearing Government bonds. These bonds must be registered and remain in the name of the applicant for a five (5) year holding period from the date of first issue and not attract a rate of interest.
Once an application for citizenship by means of an investment in government bonds has been approved, the following minimum investment is required:
Principal applicant: US $2000
Each qualifying dependant: US $1000
(applicable for an approved real estate or enterprise project investment)
Principal applicant: US $50,000
Each qualifying dependant (18 years of age and over): US $35,000
Each qualifying dependant (under 18 years of age): US $25,000
Principal applicant: US $7,500
Each qualifying dependant (Over 16 years of age): US $5,000