Castries, Feb. 16, 2023 (GLOBE NEWSWIRE) -- In 2016, the Citizenship by Investment Programme (CIP) of Saint Lucia was established and has since been in demand by high-net-worth-individuals (HNWIs). Under the current CEO of the Citizenship by Investment Unit (CIU), Mc Claude Emmanuel, the Citizenship by Investment Programme is fast becoming the best-performing programme in the Caribbean.
While the programme has been operational for less than a decade, Saint Lucia’s programme is renowned globally. The programme was ranked in the top three by the CBI Index - a comprehensive ranking system that evaluates operational citizenship by investment programmes around the world.
The country offers an advanced, secure and transparent programme underpinned by a robust due diligence process that only allows applicants of the highest calibre to qualify.
Saint Lucia’s CIU is committed to advancing the CIP and has made several notable adaptations to the programme to ensure that it is a worthwhile investment option for investors that are seeking global opportunities. For example, the CIU has implemented automation to support internal procedures, including human capital to manage increased demand.
Emmanuel plans to position Saint Lucia’s CIP as an exceptional alternative for entrepreneurs and families. With increased global economic instability, HNWIs are seeking countries that show economic stability and safety for their assets and families. Investors can protect their wealth through second citizenship – as it assists with portfolio diversification and wealth planning. In addition, tax incentives that exclude inheritance tax, worldwide income tax or capital gains tax provide favourable offshore financial solutions.
Along with this, Emmanuel and the team are working hard in maintaining due diligence standards by ensuring that the whole due diligence procedure is comprehensive and fulfilled to enable credible investors to attain their Saint Lucian Citizenship. Emmanuel has highlighted previously that each investor that submits an application is required to undergo stringent due diligence checks and procedures, which are completed by the CIU and by an international independent third-party firm.
New agendas, policies and programmes implemented by the country’s CIU are continuously evolving to make Saint Lucia’s CIP the very best in the world. These developments of the Programme are increasing the country’s competitiveness while attracting HNWIs.
National Action Bond (NAB) Option
One of the most recent amendments introduced to the Saint Lucia CBI Programme is the National Action Bond (NAB). This new investment option has been readily available to applicants from 1 January 2023 onwards, allowing applicants to acquire citizenship by investing in the NAB, a non-interest-bearing government bond.
Applicants acquiring citizenship under this investment option are required to hold the bond in their name for five years from the date of the issuance of the bond.
The minimum investment and the applicable administration fees are as follows:
- Main applicant, applying with any number of qualifying dependants: US$300,000.00
- Fixed Administration Fee per application: US$50,000.00
In addition, the following due diligence and background checks fees apply:
- Main applicant: US$7,500.00
- Each qualifying dependant aged 16 or over: US$5,000.00
The following processing fees apply:
- Main applicant: US$2,000.00
- Each qualifying dependant of any age: US$1,000.00
National Economic Fund (NEF) Option
The National Economic Fund (NEF) option allows applicants to acquire citizenship by making a contribution to the NEF for the purpose of funding government owned projects. NEF contributions are utilised for developing Saint Lucia’s infrastructure and facilities that will directly impact Saint Lucia’s economy. The minimum contribution amount required is as follows:
- Main applicant only: US$100,000.00
- Main applicant and spouse: US$140,000.00
- Main applicant, spouse, and up to two other qualifying dependants: US$150,000.00,
- Each qualifying dependent in addition to a family of four (family includes a spouse): US$15,000.00
- Each additional qualifying dependent, of any age: US$25,000.00
In addition, the following due diligence and background checks fees apply:
- Main applicant: US$7,500.00
- Each qualifying dependant aged 16 or over: US$5,000.00
The following processing fees apply:
- Main applicant: US$2,000.00
- Each qualifying dependant of any age: US$1,000.00
From 1 January 2023 onwards, there is a revised fee of US$5,000.00 for Saint Lucia citizens that have been citizens for twelve months or less to apply for a post-approval addition of a new born child.
Approved Real Estate Project Investment Option
The Approved Real Estate Project Investment Option allows applicants to acquire citizenship by purchasing a government-approved real estate property worth at least US$200,000.00. In addition to the purchase of an approved real estate property, the following non-refundable administration fees apply:
- Main applicant only: US$30,000.00
- Main applicant and spouse: US$45,000.00
- Each additional qualifying dependant under 18: US$5,000.00
- Each additional qualifying dependant aged 18 or over: US$10,000.00
- Main applicant, spouse, and more than four qualifying dependants: US$10,000.00 for each additional qualifying dependant of any age
In addition, the following due diligence and background checks fees apply:
- Main applicant: US$7,500.00
- Each qualifying dependant aged 16 or over: US$5,000.00
The applicant must hold the approved real estate property for five years after the granting of citizenship.
Approved Enterprise Project Investment Option
The Pre-Approved Enterprise Project Investment Option allows applicants to acquire citizenship by making an investment in a government-approved enterprise project. A main applicant has an option of making an independent investment or a joint investment with other applicants.
The legally prescribed minimum investment is as follows:
- For an independent investment: US$3,500,000.00, and the investment must create no less than 3 permanent jobs.
- For a joint investment: US$6,000,000.00, provided that each main applicant contributes at least US$1,000,000.00 towards the investment, and the investment must create no less than 6 permanent jobs.
The following non-refundable administration fees apply:
- Main applicant: US$50,000.00
- Each qualifying dependant under 18: US$25,000.00
- Each qualifying dependant aged 18 or over: US$35,000.00
In addition, the following due diligence and background checks fees apply:
- Main applicant: US$7,500.00
- Each qualifying dependant aged 16 or over: US$5,000.00
The following processing fees apply:
- Main applicant: US$2,000.00
- Each qualifying dependant of any age: US$1,000.00
