If you are interested in a second passport, you must consider St. Lucia. In this article, we will talk about your ability to obtain citizenship by investment in St. Lucia, where the island's beauty has earned it the nickname "Helen of the West Indies." Obtain citizenship here in St. Lucia to travel without visas to 146 countries around the globe.
St. Lucia lies in the eastern Caribbean Sea, northwest of Barbados and south of Martinique. A volcanic island mostly covered in rainforest, it is famous for its twin peaks, the Pitons, and its beautiful beaches.
The capital and largest port is Castries, with a population of around 185,000 people in the country. Although St. Lucia has been an independent country since 1979, it is still part of the British Commonwealth.
The St. Lucia passport allows you to travel visa-free to 146 countries
St. Lucia Citizenship by investment program was launched in 2015 and allowed individuals and their families to receive a second passport providing that an investment of at least $100,000 USD is made.
Your passport is an official travel document issued by the government that solidifies your status as a citizen, certifies your nationality, and formally requests admittance and safe passage from foreign countries.
A standard passport contains your full name, a photograph, place and date of birth, signature, and the passport's expiration date.
Having a St. Lucia passport has several benefits. The main reason is visa-free travel to 146 countries, including the European Union countries, the UK, Singapore, Hong Kong, and more. The St. Lucia Passport is ranked 32nd in the world and offers amazing global mobility.
Other benefits include the fact that there is no physical presence required & no minimum residence period required.
In addition;
Attractive program and processing costs (from just $ 100,000 plus due diligence fees).
Dual citizenship recognized.
Attractive tax regime. No tax on worldwide income.
Your entire family is eligible, including your spouse, dependents, parents and siblings.
Short investment period of 5 years if you go for real estate investments or government bonds.
Investment is required only after approval. Complete investments after receiving citizenship application approval.
Citizenship by Investment is an opportunity for investors and business owners
For smaller nations like St. Lucia, each donation, bond, enterprise project, company, or real estate investment helps to bolster the economy, with a large part of the funds accumulated being directed to enhance the tourism infrastructure, increase capital, and bring wealth into the country.
CBI, or Citizenship by Investment, is a window of opportunity for investors and business owners to live and conduct their business internationally. Most importantly, it protects you and your family against any problems associated with your home country during these crazy times. Plus, having a 2nd passport allows you permanent access to that country and possibly additional countries that your original passport does not allow access to.
Saint Lucia has recently announced a series of amendments to its Citizenship by Investment Program (CBI). These changes aim to make the program more attractive and competitive by introducing fee adjustments, reducing the real estate investment requirement, and offering a new government bond option. These updates are significant for potential investors looking to acquire Saint Lucian citizenship and will come into effect on January 1st.
|
Donation to the National Economic Fund |
Real Estate |
Government Bonds |
Enterprise Projects |
|
|
Minimum Investment amount |
From $100,000 |
From $200,000 |
From $300,000 |
From $1,000,000 |
|
Return on Investment |
No |
Yes, 3-5% |
No |
Depends on the project |
|
Holding period |
None, it’s a non-refundable Contribution |
At least 5 years |
At least 5 years |
No |
|
Notes |
Yes |
There is a non-refundable administrative fee of $50,000. It can include family. |
The minimum amount is given for joint investments |
*Legal Fees and additional expenses are not included in these investment options
As part of the amendments to Saint Lucia's Citizenship by Investment Program, real estate developers and enterprise projects applying for approval under the CBI are now required to pay a $7,500 USD fee for due diligence and background checks. This new fee aims to ensure that only reputable projects and developers participate in the program, ultimately enhancing the program's credibility and attractiveness to potential investors.
Another fee adjustment in the updated CIP is the increased cost for replacing a lost or damaged certificate of citizenship. Previously, this fee was set at $100 USD, but with the new changes, it has been raised to $500 USD. This increase is meant to encourage responsible handling and safekeeping of essential documents while reflecting the value of Saint Lucian citizenship.
Applicants should consider that the list of documents required for citizenship by investment in St. Lucia is long and can be challenging to fill out. It is important to work with a professional who has a proven track record in applying for your citizenship.
Our team here at Expat Money will help you to organize and apply for the documents that are required for the Citizenship by Investment Unit. We’ve found that if these documents are not done correctly, the process can take considerably longer than expected and, in the end, cost you more money than expected. Once we have fulfilled the requirements, there will then be several supporting documents needed to finalize the process.
All documents must be in English. If the documents need to be translated, the translation must be done by a translator who is authorized to act professionally in this capacity. All text, seals and signatures of the original document must be translated. It is preferable to apostille all documents to better your circumstances with the application and waiting periods.
Where a document is required to be produced in support of the application for citizenship by investment, it must be certified and authenticated in accordance with the law of the jurisdiction from where the document originates. Again, having the documents apostilled would greatly help your circumstances.
St. Lucia citizenship by investment program allows you to include your family members
As of June 2020, the St. Lucia citizenship by investment program allows the main applicants to include their families in the application. That includes your spouse, all children under the age of 21 and any dependent children between 18 and 30, mentally or physically challenged dependents, children and/or parents, parents and/or grandparents aged 55 or above, and siblings of the main applicants if below the age of 18, unmarried, and who’ve received consent from his or her parent or guardian to apply for citizenship by investment. A second passport from St. Lucia will be granted to each individual included in the application.
Investors who have held Saint Lucian citizenship for 12 months or fewer and wish to add newborn dependents through the CBI's National Transformation Fund will now face a higher fee. Previously set at $500 USD, the updated fee now stands at $5,000 USD. This change reflects the government's aim to ensure the financial sustainability of the National Transformation Fund, which supports various development projects and initiatives in Saint Lucia.
To obtain a second passport through the St. Lucia citizenship by investment program, you will need approximately 5 months. When you and I chat, we will discuss the type of program you wish to invest in. I will assist you in obtaining the correct documents, and then we will submit your application to the Citizenship by Investment Unit.
When the Unit receives your application, they will proceed with a background check, and if all goes well, you will be approved. At that point, you will have 60 days to make a qualifying investment and provide proof of your investment.
On or about the 5th month, you will pay the passport fee and obtain your Certificate of Registration.
You are now a citizen of St. Lucia. Congratulations!
If you are at least 18 years old, you can apply for St. Lucia Citizenship By Investment
Applicant must be at least 18 years old
Have a clean criminal record
Good health
Pass due diligence procedures and pay the required non-refundable due diligence fees
Not be on a sanctioned list or have entry restrictions or visa denial in the EU, the UK, the U.S.A. or Canada
Make the required investment and provide detailed information, and show proof of the investment
Saint Lucia residents and citizens enjoy relatively relaxed tax conditions. No capital gains, inheritance, or wealth tax on worldwide income or assets exist. Only the income that is sourced within their territories will be taxed.
Related content: Dominica - How To Get A Second Passport
The announcement of Saint Lucia's CBI amendments follows a similar move by Saint Kitts & Nevis, which revealed sweeping changes to their own program just one week prior. This suggests a trend in the Caribbean region to streamline and enhance the attractiveness of their citizenship by investment offerings, making it easier for foreign investors to choose these countries as their preferred destinations for obtaining a second passport. As a result, potential investors can expect more competitive options and opportunities in the Caribbean CBI market.
The reduction in the minimum investment requirement for the real estate option now places Saint Lucia's CBI on par with other regional CBIs. This adjustment is essential for maintaining the competitiveness of the program, as potential investors are more likely to consider options with similar investment thresholds when choosing a suitable citizenship by investment destination.
Currently, Saint Lucia's Citizenship by Investment Unit (CIU) lists only two approved development projects: The Alpina Saint Lucia Hotel & Alpina Square and the Saint Lucia Canellese resort. Both of these projects received approval years ago, but construction has not yet begun in earnest. As the program gains more traction and attracts more investors with the reduced real estate investment requirement, it is expected that progress on these projects will accelerate, contributing to the economic growth and development of Saint Lucia.
In addition to the other amendments, Saint Lucia's Citizenship by Investment Program has introduced a new government bond option. Investors can now qualify for citizenship by purchasing non-interest-bearing government bonds worth $300,000 USD and holding them for a period of five years. This new option provides an alternative route for investors seeking a more secure and stable investment method while contributing to the nation's economic growth.
The new government bond option comes with a flat $50,000 USD administrative fee, which is applicable regardless of the number of dependents included in the application. This fee covers the processing and administrative costs associated with the application and ensures that the government can efficiently manage the program.
The introduction of the new bond option coincides with the end of Saint Lucia's $250,000 USD COVID Relief Bond option, which will officially expire on December 31st. The COVID Relief Bond was designed as a temporary measure to support the country during the pandemic, and its conclusion signals a shift towards long-term, sustainable investment options.
With the new bond option, Saint Lucia's Citizenship by Investment Program distinguishes itself as the only program in the Caribbean region to offer government bond investments as a route to qualification for citizenship. This unique offering adds to the program's appeal and sets it apart from other regional CBIs, providing potential investors with diverse options to suit their preferences and investment strategies.
Having a second passport from St. Lucia could possibly be the smartest thing you have ever done, especially if you are married or have a family. This is something that your children will benefit from and possibly their children to come.
If you are sitting waiting for the world to get calmer and better, you may be waiting a long time. Now is the time to get a new passport. Please don’t wait. If you wait, so many circumstances can change.
The price can go up (it never comes down),
They can dismantle the program (Cyprus did),
They can modify the requirements (Panama did with their Friendly Nations Visa).
This will not get better, so act now.
Every day we get a call regarding second residencies and second passports, and those numbers are coming in faster daily. St. Lucia has an amazing program, and with our assistance here at Expat Money, you could possibly have your new passport in as little as 5 months.