Wiredja Online News Logo

WiredJa Online News

Wiredja Online News Logo

WiredJa Online News

ST. LUCIA | Citizenship By Investment Programme

  • Written by Wiredja.com- Calvin G. Brown
  • Published in Business & Economy
CASTRIES, St. Lucia, November 11, 2020 -  While it awaits a resurgence of its tourism industry, the government of St. Lucia has turned to its Citizenship by Investment Program as a key source of funding in helping to facilitate the development of key infrastructural projects stymied by the COVID-19 pandemic.

According to St. Lucia’s citizenship by Investment website, Saint Lucia’s flagship Citizenship Investment Programme offers four key routes to acquire citizenship of the island:

  • COVID-19 Bond Relief: Minimum investment US$250,000 (limited time offer)
  • Government Bond Investment: Minimum investment US$500,000 
  • National Economic Fund Investment:  Minimum investment US$100,000 
  • Real Estate Investment: Minimum investment US$300,000
  • Enterprise Investment: Minimum investment US$3,500,000

“Each option offers the same advantages of citizenship of Saint Lucia, with visa-free or visa on entry access to more than 146 countries worldwide,” the website says.

allen chastenet 460St. Lucia's Prime Minister Allen ChastanetSpeaking at the recent launch of the St. Lucia Citizenship-by-Investment Program's new brand visual identity and website, Prime Minister Allen  Chastanet said the Caribbean island nation has been exemplary in its handling of the COVID-19 pandemic.

He said this has served to increase investor confidence and ensure that applications to the St. Lucia Citizenship-by-Investment Unit have continued to grow, with an impressive double-digit percentage increase in applicants in recent months.

According to Chastenet, "The current crisis has caused many business owners and investors to realize that they can operate remotely and that there's no need to be based in the big cities. St. Lucia's high-speed broadband network and direct flights to the US and London enable easy access to the rest of the world.

“Our uncompromising commitment to the highest standards of good governance, coupled with favourable head office legislative provision, makes it attractive for companies to move their headquarters to St. Lucia. We are still on track to meet our target of doubling our GDP in the next six years," explains Prime Minister Chastanet.

Nestor Alfred, CEO of the St. Lucia Citizenship-by-Investment Unit, explained that  there were various options available to investors looking to secure citizenship of the country, starting at USD 100,000. "We offer significant return on investment at a competitive investment level, with visa-free access to 146 destinations worldwide, but our dedication to ensuring rigorous due diligence and accountability at the highest level across comparable options is what really underpins this strategic investment. The long-term growth and legacy options that St. Lucia offers can yield ongoing and exponential value for international investors."

In May, St. Lucia was the first Caribbean country to announce a new investment option for a limited time in response to the coronavirus pandemic. To qualify for citizenship via the COVID-19 Relief Bond option, which runs until 31 December 2020, an individual is required to make a minimum investment of USD 250,000 in a non–interest-bearing government bond that needs to be held for five years.

An administrative fee of US $30,000 is payable by the applicant once the application for citizenship has been granted. Thereafter the qualifying investment sum for this special bond option is payable as follows:

Sole applicant (five-year holding bond): US$250,000
Applicant with 1 qualifying dependent (six-year holding bond): US$250,000
Applicant with up to 4 qualifying dependents (seven-year holding bond): US$250,000
Applicant with up to 4 qualifying dependents (five-year holding bond): US$300,000
For each additional qualifying dependent with up to 4 qualifying dependents: US$15,000

Chastanet explained that inflows from the program are placed into a national economic fund managed by an independent board and are used to build capacity, reduce debt, and make capital investments in St. Lucia. "Everything that the country was focused on pre-COVID has become even more relevant now: investment in education, building an e-government platform, simplification of the tax regime, investment in infrastructure, modernization of the security force and of the judicial system, and broadening the tourism offering.

The citizenship-by-investment program can be a key source of funding in helping us to facilitate these developments, which is why we are constantly and vigorously engaging with key external stakeholders, including governments and supra-national organizations, to ensure that our investors retain the international market access that drove their initial investment decision."

The Saint Lucia Citizenship by Investment Programme is a member of the Investment Migration Council (IMC). The IMC is the worldwide association for investor immigration and Citizenship by Investment, bringing together the leading stakeholders in the field and giving the industry a voice.

The St. Lucia CBI website says the IMC sets the standards on a global level and interacts with other professional associations, governments and international organisations in relation to investment migration.

“The IMC helps to improve public understanding of the issues faced by clients and governments in this area and promotes education and high professional standards among its members,” the website says.

Other Caribbean countries with Citizenship by Invesment progrtammes include: Dominica. St. Kitts and Nevis, Antigua and Barbuda and Grenada.

Last modified onWednesday, 11 November 2020 16:17
  • Countries: St_Lucia