Saint lucia citizenship by investment

Article Breakdown

Saint Lucia Passport CoverSaint Lucia offers citizenship by investment to people who make a contribution in one of four ways: by donating $100,000 to the government’s National Economic Fund; by investing in local business for at least $1 million; by purchasing real estate starting at $300,000; by purchasing at least $250,000 in government bonds.

The tropical benefits of Saint Lucia and visa-free travel to more than 140 countries are compelling reasons to get a Saint Lucia passport and make a home on this lovely island. Find out more about St Lucia citizenship by investment program, including its advantages, criteria, investment possibilities, and application procedures.

Program background

Candidates for the Saint Lucia Citizenship by Investment Program must significantly increase the nation’s economic output.

In exchange, the applicants and their family are given full citizenship, subject to a rigorous application process and background checks. The Citizenship by Investment Act No. 14 of 2015 governs the Saint Lucia Citizenship by Investment Program.

The St. Lucia Citizenship by Investment Program’s advantages

There are numerous benefits to choosing St Lucia citizenship through an investment scheme. The special benefits of the investment program range from its expanding trade and thriving tourism industry to its idyllic beaches and private lifestyle:

  • Visa free access or visa-on-arrival travel is possible to 147 countries with a Saint Lucia passport, including the Schengen Area of Europe, Hong Kong, Singapore, the UK, and many others.
  • Speedy application procedure: one of the quickest response times starting from the application submission date. Receive a response to your application in as little as three months.
  • Family as a whole is eligible: Applicants may list their spouse, children under the age of 31, siblings under the age of 18, parents who are 56 years or older, as well as additional dependents after receiving citizenship.
  • Affordable second passport: A $100,000 financial payment is the bare minimum investment needed to obtain a Saint Lucia passport. The Global Passport Index places the passport of Saint Lucia at position 75.
  • Investing is only necessary after approval: After gaining approval for your citizenship application, complete your minimum investment.
  • Flexible specifications: No criteria for residence or visits. Additionally, no interview, degree, or managerial experience is required.
  • Tax freedom: There are no taxes on capital gains, wealth, or inheritance. There are no personal income tax rates on income sourced outside of St. Lucia.
  • No need to visit Saint Lucia
  • The investment program has reasonable processing and investment expenses.
  • Dual citizenship is recognized in Saint Lucia.

Saint Lucia Country Landscape Photo

Saint Lucia CBI requirements

A number of Saint Lucia citizenship requirements must first be satisfied in order to qualify for Saint Lucia second citizenship.

The candidate must:

  • Be 18 years of age or older.
  • Make the necessary investment, and then offer thorough information and proof of it.
  • Be of good character.
  • Be in great health.
  • Have no criminal history.
  • pass a thorough background investigation.
  • Make the minimum investment required for the investment options offered by the St lucia citizenship program (government bonds, real estate investment, approved enterprise project, donation)

Upon application, pay the necessary administrative fee, due diligence fee, and processing expenses (which are not refundable).

Family members

The fact that the Saint Lucia citizenship by investment scheme includes the applicant’s family members, making them also eligible for citizenship, is a significant bonus.

The following relatives are eligible:

  • Spouse
  • inclusion of young people under 21
  • including dependent kids between the ages of 21 and 30
  • inclusion of parents or dependent children who are physically or mentally handicapped.
  • parents and/or grandparents who are at least 55 years old are included
  • siblings of the primary applicant may also apply for citizenship by investment provided they are under 18 years old, single, and have parental or guardian agreement.

Citizenship by investment requirements in Saint Lucia

Rounded Saint Lucia Flag IconThe Citizenship by Investment Act No. 14 of 2015 governs the Saint Lucia CBI Program. The Saint Lucia National Economic Fund (NEF), which accepts the program-qualifying donations, was formed by this act’s Section 33. The government will employ these money in accordance with the national development strategy.

The program demands that applicants contribute significantly to the nation’s economy. In exchange, the applicants and their family are given full citizenship, subject to a rigorous application process and background checks.

To be eligible, the main applicant must be at least 18 years old, complete the prerequisites for applying, and choose one of the following investment options:

1. A $300,000 minimum investment in a real estate project that has been given the go-ahead, held for a minimum of five years. Depending on the developer, extra expenses could potentially be incurred with a real estate investment.

2. A minimum investment of USD 3.5 million must be made in an approved enterprise project that has been approved (according to the regulations), and at least three permanent jobs must be created. Alternatively, a combined commitment of USD 6 million (with a minimum investment of USD 1 million from each application), as well as the creation of no less than six permanent jobs.

The following governmental administration costs also apply to the first two choices:

  • USD 30,000 for the main applicant
  • Primary applicant and spouse: $45,000
  • Each dependent who is 18 or older: $10,000
  • USD 5,000 for each dependent who is 17 or older.
  • Every additional family member after the sixth receives USD 10,000.

3. A $100,000 non-refundable donation to the NEF (for a single applicant). A candidate may submit their contribution under one of the four subcategories below:

  • Principal applicant: $100,000
  • Principal applicant and spouse: 140 000 USD
  • USD 150,000 for the principal applicant, their spouse, and up to two other qualified dependents.
  • In addition to the principal applicant, spouse, and two other qualifying dependents, there is a USD 15,000 fee for each additional qualifying dependent.
  • USD 25,000 for each additional qualified dependent

4. Investing in five-year-required non-interest-bearing government bonds:

a. In accordance with Section 12(1) of the Citizenship by Investment Regulations:

  • Principal applicant: US$500,000
  • Applicants’ primary and spouse: USD 535,000
  • USD 550,000 for the principal applicant, their spouse, and up to two other qualified dependents.
  • USD 25,000 for each extra dependent who qualifies, regardless of age.

Under the Covid-19 Relief Bond, which is only available for a short time until December 31, 2022, the government administration charge is USD 50,000 b.

  • Principal applicant: $250,000. (bond holding period is five years)
  • USD 250,000 for the primary applicant and one qualified dependent (bond holding period is six years)
  • USD 250,000 for the primary applicant and up to four eligible dependents (bond holding period is seven years)
  • USD 300,000 for the primary applicant and up to four eligible dependents (bond holding period is five years)
  • USD 15,000 for each additional qualified dependent
  • $30,001 in administrative costs from the government

Citizens who have already received approval are permitted to add dependents within five years of receiving their approval. Spouses are eligible for a donation of USD 35,000, and each additional qualifying dependant, regardless of age, is eligible for a donation of USD 25,000. A USD 5,000 due diligence fee is further charged for each qualified dependent who is 16 years of age or older. The processing charge from the government is $1,000 for each eligible dependent.

All eligible dependents must be free of any felony convictions and be the subject of no active criminal investigations (other than in respect of a minor offense). A person who is or has been involved in any action that is likely to bring Saint Lucia into disrepute or is considered to be a possible security concern will not be granted St Lucia citizenship.

The Saint Lucia CBI Program’s procedures and timeline

Saint Lucia Coat of ArmsIf there are no problems with the application, it shouldn’t take more than four months from the time the application is submitted until the certificate of St Lucia citizenship is issued.

In extreme circumstances where it is anticipated that the processing period would exceed three months, the applicant will know why the delay is likely.

An application for citizenship will be taken into consideration by the St Lucia Citizenship by Investment Board, which oversees a specific citizenship by investment unit (CIU), and the decision will either be to grant, refuse, or delay for good cause. Every application must be written entirely in English.

Before an application may be processed by the CIU, the necessary supporting documents must be included. The applicable nonrefundable processing and due diligence fees for the principle applicant, their spouse, and each qualified dependent must be submitted with each application.

The CIU will inform the official agent when an application has received preliminary approval that the required cash and government administration costs must be paid before the certificate of citizenship can be issued.

After receiving notice that their application has been approved, the main applicant has 90 calendar days to send the necessary payments for the qualifying choice. The oath or affirmation of allegiance must be signed in front of a lawyer before a notary public, notary royal, or notary. A grant of citizenship may be revoked by the minister by order in rare situations as may be judged necessary.

Tax implications

Residents and citizens of Saint Lucia enjoy a carefree lifestyle. On international income or assets, there are no capital gains taxes, inheritance taxes, or wealth taxes.

Be aware that some regional factors are relevant. Specifically, Saint Lucian citizens pay personal income tax (PIT) on income from domestic pursuits. Taxes are only paid on income derived from local sources by non-residents in Saint Lucia. In addition, property taxes represent 0.25 percent of house market value. Non-Saint Lucian residents who purchase real estate must also pay 7.5% of the property’s value for a land ownership license.

Important factors include:

  • PIT metric
  • 10% of a maximum of 10,000 East Caribbean Dollars (XCD)
  • 10,000 to 20,000 XCD – 15%
  • Over 30,000 XCD – 30% from 20,000 to 30,000 XCD – 20%

Individuals must have a minimum non-taxable PIT of 18,000 XCD. Employers and salaries:

Only corporate income tax at a minimum rate of 1% (in some situations, a zero rate applies) or an annual license fee, the amount of which is based on the size of the company’s charter capital, are payable by companies registered in Saint Lucia.

The social security fund must receive 5% of the wages paid to employees, however this levy cannot exceed 5,000 XCD.

Payment arrangements for VAT:

  • 15% is the VAT rate. A lower rate of 8% is applicable to hotels.
  • If the total yearly cost of supplies exceeds 180,000 XCD, registration for VAT payment is necessary.

Dual Nationality

Dual citizenship is allowed in Saint Lucia.

FAQs

No. There is no minimum stay requirement for the Saint Lucia Citizenship by Investment program. You have the freedom to stay in Saint Lucia for as long or as little as you like as a citizen of the nation.
In Saint Lucia, there are three main investment options available: 1. Donation: Individual candidates must provide a non-refundable sum of $100,000, couples must donate $165,000, and families with four members must donate $190,000. 2. Real estate investment - $300,000 into a project that has received government approval, plus costs. 3. Government Bond Investment - Fees and a refundable investment in five-year government bonds of $250,000 for single applicants or $300,000 for families. There are always additional fees for the government (administrative fee), professionals (agent fees), and due diligence.
The Saint Lucian Citizenship by Investment Unit normally processes CBI applications in 3 to 4 months from the date they are submitted. It is important to keep in mind that most applicants must spend between 4-6 weeks collecting all the required paperwork before they can put their application together and submit it.
The primary applicant may include any of the following relations:
  • spouse; minor children (under 21) of the primary applicant or spouse;
  • dependent children under 30 who are entirely supported by the primary applicant;
  • dependent children, regardless of age, who are both financially and emotionally supported by the primary applicant;
  • dependent spouse or parents of the primary applicant who are above 55 and who are supported entirely by the primary applicant;
  • dependent parents, regardless of age, who have a disability (physical or mental), and who are supported totally by the main applicant;
  • siblings of the main applicant who are not married and are under the age of eighteen (must have consent from their parent or guardian).
If multiple applicants want to submit one family application, they must all be legally married. Unfortunately, neither Saint Lucia nor the other Caribbean countries that offer CBI programs have legalized same-sex unions. The two people should each submit a separate application as a single candidate in this situation. You can apply jointly with your spouse under one of the European Golden Visa programs, which also allows same-sex married and unmarried couples to apply.
The St. Lucian Citizenship by Money Unit must receive the bulk of the investment for St. Lucian citizenship. Any cryptocurrency would need to be converted to USD first because these funds must be paid in US dollars.
As part of the application process, all applicants are required to complete a thorough medical examination that is certified by a licensed physician. Providing an HIV test, a complete blood count, and completing the official medical form are all part of this. In most situations, it is still possible to apply even if the medical report indicates the applicant has an existing health issue.
The St Lucia Citizenship by Investment application can be processed without traveling to St. Lucia. The full process can be finished remotely. There is no minimum stay requirement once you have been granted St. Lucian citizenship either.
Saint Lucia's citizenship gives you visa free access to 147 countries, including the Schengen Area of Europe, Hong Kong, Singapore, the UK, and many others. It is a similar passport compared to other CBI countries in the Caribbean such as Dominica and Antigua, which have the same set of visa free travel countries.
Once Saint Lucia grants you citizenship, you have it for life. Your St. Lucia passport, however, has a five-year validity period. Every five years, all applicants must renew their passports. The renewal costs are relatively low—currently, $200 per person.
You are not required to pay capital gains tax or income tax on your worldwide income in Saint Lucia. Only income earned in Saint Lucia is subject to taxation.
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