Castries, April 13, 2023 (GLOBE NEWSWIRE) -- Saint Lucia is currently offering an exciting new bond investment called the National Action Bond (NAB). The new bond was introduced for investors purchasing non-interest-bearing Government Bonds following approvals from the CBI Board and the Honourable Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information, Ernest Hilaire.
The NAB is the only refundable option available amongst the Caribbean nations offering Citizenship by Investment programmes – while the initial outlay is higher than the donation and real estate routes, investors are taking up the option as they prefer the certainty that the capital is returned.
The new, non-interest-bearing bond is available to both single applicants and families, and requires an investment of US$300,000, regardless of family size. The bond investment must be held for a minimum of five years, after which the funds are refunded to the investor.
Previously, the Government Bonds investment option provided a minimum investment amount of US$500,000. In May 2020, the limited-time Special COVID-19 Relief Bond option was introduced for the purpose of allowing the government to borrow funds for public use during the pandemic. The minimum investment amount was US$250,000, however, this option expired on 31 December 2022.
The National Action Bonds is the new non-interesting-bearing Government bond that was established to provide a similar investment option for applicants.
National Action Bonds – Investment Details
The minimum investment amount with any number of dependants is US$300,000, with a fixed administration fee of US$50,000, per application.
There are due diligence and processing fees per application.
Due diligence fees
- US$7,500 for the main applicant
- US$5,000 for each dependant aged 16 or over
Processing fees
- US$2,000 for the main applicant
- US$1,000 for each dependant
Bank client screening fee
- US$1,000 per application
Bank changes
- US$300 to cover shortfalls
Great for large families
A major draw card of the National Action Bonds option is that applicants can include any number of qualifying dependants on their application, which makes this perfect for those with large families looking to secure a brighter future in Saint Lucia.
Family members that can be included in the application include the applicant's:
- Spouse
- Children of the main applicant or spouse aged 21 or below
- Children of the main applicant or spouse who is no more than 30 years of age and who is fully supported by the applicant
- Children of the main applicant or spouse, of any age, who are physically or mentally challenged, and fully supported by the main applicant
- Parents of the main applicant or spouse aged 55 or above and fully supported by the main applicant
- Parents of any age if physically or mentally challenged and fully supported by the main applicant
- An unmarried sister or brother of the applicant who is below 18 years of age, and who has received the consent of his or her parent or guardian to make an application for citizenship by investment
From submission of the application to approval in principle, applicants are generally expected to wait three months.
Benefits of Saint Lucia’s Citizenship
Since 2016, Saint Lucia’s Citizenship by Investment (CBI) Programme has been an attractive path for smart investors looking to expand their horizons. Obtaining alternative citizenship in the Caribbean Island can open up the global playing field, not only for investors themselves but also for their families.
Saint Lucia’s programme is highly rated and was recently recognised in the top three best CBI programmes by the annual CBI Index, a reputable in-depth report analysing active CBI programmes across the globe.
Saint Lucia offers its citizens all the tropical benefits of the Caribbean, including:
- Global footprint
- Right to hold dual citizenship
- Citizenship for life, with the right to live and work in the country
- The ability to pass on citizenship to future generations
Saint Lucia’s CBI programme is well-known for its high standards and exclusive benefits and is one of the most sought-after programmes in the world.
The Programme also ensures that citizenship is only granted to credible and reputable applicants.
In a nutshell, due diligence usually refers to the research that is done on a person or entity before engaging in a financial transaction. When it comes to immigration and investing, it means that certain background and other checks are performed on the applicants that are hoping to immigrate or invest in in a particular country or region.
Each territory that an applicant seeks to invest in will have its own requirements. This also applies to citizenship by investment programmes.
Different countries award citizenship in different ways. Some countries award citizenship by virtue of birth in that country, descent from a parent who is a citizen, or by naturalisation, for example through marriage to a citizen or through an extended period of residence in that country. Citizenship by investment programmes allows successful applicants to obtain citizenship by virtue of a significant investment in a country.
Many families and entrepreneurs turn to citizenship by investment programmes as an alternative form of asset diversification. Global uncertainty is driving the desire among wealthy individuals to incorporate second citizenship as part of their portfolios. However, countries offering CBI programmes still require that applicants be strictly vetted before being granted citizenship. This is to maintain certain standards of the CBI programme and to ensure that applicants comply with certain national and international standards to support safety and security, as criminal background checks are also included in the vetting process.
All applicants, including their dependants aged 16 or over, are subject to a multi-layered due diligence process in order to qualify for alternative nationality on the island. Saint Lucia requires detailed information for the applicants in order to understand the source of the funds of the investors who want citizenship.
Due diligence is pivotal to maintaining the international reputation of any CBI Programme and encouraging transparency within the investment migration industry.
“Due diligence is performed by our Unit on all applicants, this is then followed by another due diligence check by the banks. This is then followed by due diligence checks by international intelligence units who also do on-the-ground assessments,” said Minister Ernest Hilaire.
