The citizenship by investment programs have made the country an even more attractive place for people to invest and become citizens. St. Lucia has long been known for being a wonderful place to invest. Individuals looking to become citizens of St. Lucia can do so through the citizenship-by-investment programs. These programs are popular throughout the Caribbean because they offer a perfect opportunity for people to become citizens and investors.
HOW TO GET A SAINT LUCIA PASSPORT
Make a Contribution
Make a $100,000 donation to the St. Lucia government’s development fund.
Invest in Real Estate Make a $300,000 down payment on pre-approved real estate, including closing costs.
Invest in Government Bonds Invest $250,000 in five-year government bonds.
Invest in a Local Enterprise
Make a minimum investment of $3.5 million in a business venture.
HOW TO GET A SAINT LUCIA PASSPORT BY INVESTMENT
Are you ready to begin?
What is required to get a Saint Lucian passport?
1- DONATION TO THE NATIONAL ECONOMIC FUND
The most common method of obtaining Saint Lucia citizenship by investment is to make a one-time, non-refundable payment to the Saint Lucia National Economic Fund.
The Fund was founded only to provide citizenship to St. Lucia via foreign investment donations. Yet, there has been no public accounting of how the money was used to date (which has caused considerable controversy).
Regardless:
- If you are a single candidate, you are asked to give at least $100,000.
- Couples will pay $140,000 (down from the $165,000 pre-COVID pricing).
- A four-person family will spend $150,000 (originally $190,000).
- You will be charged $15,000 for each extra dependant (original price: 25,000).
Each application is also subject to processing and administration fees:
- The primary applicant will pay $2,000 in processing costs and $1,000 for each dependant.
- The charge for due diligence is $7,500 for the principal applicant and $5,000 for each dependent (over 16 years old)
Thus, the total cost of St. Lucia citizenship by a gift for a single applicant is $109,500, excluding any agency expenses. Meanwhile, a family of four will pay $167,500 (originally $217,500) (two adults and two children 16+).
Additionally, the government implemented a permanent modification for newborn dependents. Instead of the $25,000 administrative charge for extra dependents, adding a baby to your application would now cost just $500. This increases St. Lucia’s competitiveness significantly, particularly for candidates with families.
2- Thus, the entire cost of obtaining citizenship in St. Lucia by gift is $109,500 for a single candidate, excluding any agency fees. Meanwhile, a family of four (two adults and two children 16+) will spend $167,500 (was $217,500).
Additionally, the government enacted a permanent adjustment for dependent newborns. Instead of the $25,000 administrative fee for additional dependents, the cost of adding a newborn to your application is now just $500. This considerably improves St. Lucia’s competitiveness, especially for applicants with families.
- The primary applicant will be required to pay $50,000 in administrative costs.
- Each qualified adult dependent pays $35,000, or $25,000 if the dependent is under 18 years.
- The charge for due diligence is $7,500 for the principal applicant and $5,000 for each dependent (over 16 years old)
A solitary applicant who chooses the real estate option will pay $357,500. Meanwhile, a family with two little children would be required to pay $437,500.
3-INVESTMENT IN GOVERNMENT BONDS
Citizenship in St. Lucia may also be earned by investing in government bonds. In light of COVID-19, the St. Lucian government has made significant improvements to this investment option that will last through December 31, 2021, making it an ideal opportunity for bond investors.
Previously, investors had to invest a minimum of $500,000 in government-issued non-interest-bearing bonds and hold them for five years. Applicants may now qualify for citizenship in St. Lucia by investing a minimum of $250,000 in the COVID Relief Bond with a five-year hold term.
If you apply jointly, the price has been decreased to $250,000, but the holding term has been extended to six years.
A family of four may also take advantage of the reduced price of $250,000 with a six-year hold term, or they can boost the minimum investment to $300,000 with a five-year hold period.
Each dependant will cost an additional $15,000 (down from $25,000). Additionally, the holding period is extended to a full seven years in the event of additional dependents.
While the application costs are far higher than they would be if you made a gift, they have been reduced as follows:
- There is a $30,000 administrative charge (down from $50,000 earlier) for persons purchasing government bonds. This is now a conditional payment.
- The charge for due diligence is $7,500 for the principal applicant and $5,000 for each dependent (over 16 years old)
This option allows you to give $30,000 and invest $250,000 in interest-free government bonds for five years.
For those with spare funds, you may save $70,000 in “sunk expenses” for temporarily parking $250,000. In five years, you will get your money back if St. Lucia does not “go Argentina” and fail on its bonds. Money in the bank yields nearly nothing these days, so this is a terrific offer if you have cash that you are not investing.
4-APPROVED ENTREPRENEURSHIP PROJECTS
Finally, and maybe most exotically, investing in an authorized business idea. This is unsurprising given St. Lucia’s government’s persistent efforts to attract foreign money and generate employment for its citizens.
If you are investing as a lone investor, you must spend a minimum of $3,500,000; however, if you are investing with partners, you must pay at least $1,000,000 and $6,000,000.
Additionally, there are fees:
- A $50,000 non-refundable administrative fee will be assessed.
- Each qualified adult dependent pays $35,000, or $25,000 if the dependent is under 18 years.
- The applicant’s due diligence cost is $7,500, and each dependent is $5,000. (over 16 years old)
The limitation is that you cannot just conjure up investing opportunities. Each project has been pre-approved by the government and is highlighted on the organization’s official website.
Specialty restaurants, cruise ports and marinas, agro-processing factories, pharmaceutical items, ports, bridges, roads and highways, research institutes and facilities, and offshore universities are all examples of projects.
The following are the most desired community and infrastructure initiatives to which you may donate.
PROCESS OF APPLICATION FOR CITIZENSHIP STEP BY STEP
Before applying for citizenship in St. Lucia, you should determine your eligibility. The good news is that the qualifying conditions are rather straightforward and make it relatively easy for a Nomad Capitalist to meet them all.
To be eligible for St. Lucia citizenship by investment and the resulting passport, you must meet the following criteria:
- Be at least 18 years old
- Have no ‘problems’ with your personality
- Possess no criminal history
- Be in good health
- Not pose a security risk
Are you eligible? How to Apply:
- Conduct a preliminary due diligence assessment and compile your paperwork. To do this and submit an application, you must engage with a government-approved organization. We can assist.
- Payment of the due diligence and registration fees (real estate option). After that, you must submit your application to the Saint Lucian Citizenship Unit.
- The Saint Lucian government will review your application within 60 to 90 days. You will get a Letter of Approval after your application has been accepted.
- At this moment, the total investment amount will be paid in full. However, it must be completed within 90 calendar days after the date of issuance of the Letter of Approval.
- Once the process is complete, the Citizenship Unit will present you with a Certificate of Naturalization (and your family members). Next, oblige an attorney-at-law or notary public to administer an oath or affirmation of loyalty.
- After that, you may apply for and obtain your Saint Lucian passport within a week.
It’s worth noting that you may add dependents for five years after the approval of your application for an extra administrative and due diligence charge.
ST. LUCIA’S CITIZENSHIP BY INVESTMENT BENEFITS
There are several advantages to applying for St. Lucia citizenship over enrolling in another CBI scheme. The following are the citizenship privileges of St. Lucia.
There are no extra hoops to jump through. There will be no interview or examinations required to get the St. Lucia passport.
Visa-free entry to more than 140 countries. This includes Europe, a good portion of Central and South America, Hong Kong, Singapore, the United Kingdom, and Ireland.
Invest only when you have received approval. Specific CBI programs will need you to invest in being authorized for citizenship. In St. Lucia, citizenship by investment, the reverse is true – you will spend real money only after being approved for and receiving your naturalization certificate.
Rapid naturalization. You won’t have to wait years for your St. Lucia citizenship by investment to be granted. Instead, it will take three and six months to get a St. Lucia passport.
Second passport at the lowest price. Tied with a few other Caribbean states, the St.Lucia passport is the least expensive for an individual to get.
Your family is welcome as well. When applying for St. Lucia citizenship by investment, you may gain citizenship for your spouse, dependent children (under 25), and parents (over 65), but each dependant comes at an extra cost.
There is no need for residence. You do not need to live in Saint Lucia before, during, or after submitting your application.
There is no need for travel. You may complete the necessary documents and receive your St. Lucia passport remotely.
Your citizenship is in perpetuity. Everyone who invests in St. Lucia citizenship retains their St. Lucia passport perpetually. This ensures that you will always have a place to live and work regardless of what occurs.
You have alternatives. With the most diverse investment opportunities, Saint Lucia appeals to those seeking instant citizenship and those seeking to establish genuine relationships with the nation and contribute to its economic development.
Dual citizenship is permitted. Saint Lucia supports dual citizenship, which means you will never have difficulty getting and maintaining two passports.
Taxation is moderate. If you do not live in St. Lucia, there are no inheritance taxes, wealth taxes, capital gains taxes, or personal income tax rates on earnings obtained from overseas.
The ease with which commerce may be conducted. Saint Lucia is now ranked 77th out of 183 countries in the Doing Business Report. This places it second best in the Caribbean region – an incredible achievement.
The offshore industry is thriving. In contrast to other Caribbean islands, Saint Lucia also boasts a thriving international offshore industry, enabling residents to engage in all aspects of financial services, such as forming foreign corporations and establishing trusts.
THE CONS OF ST. LUCIA’S CITIZENSHIP BY INVESTMENT
There are a few disadvantages to St. Lucia’s citizenship by investment scheme. However, the few remaining disadvantages stem from its novelty and distinctive approach to international relations.
There will be no access to Russia or China. If visa-free entry to these two countries is critical to you, you will not be able to get it with a St. Lucia passport. That is because the government has been hesitant to engage in diplomatic ties. Additionally, it has sided with Taiwan in international matters, implying that China’s access remains a long way off.
This is a brand-new program. Border patrol personnel may be amusing at times, and a lesser-known passport, such as Saint Lucia’s, may mean that they spend more time and care screening you before admitting you to their nation.
Exorbitant fees. Saint Lucia’s administrative and due diligence expenses, particularly the $50,000 charge for alternative investment alternatives other than a gift to the development fund, are greater than those in neighboring nations.
