Why St Lucia Citizenship by Investment Appeals in 2024

Share:

Is obtaining a second citizenship on your radar? If so, you may have heard about the St Lucia Citizenship by Investment Programme. But what makes this programme so appealing?

In this article, we talk to our Group’s Managing Partner for the Caribbean, Chris Willis. He explains the history and evolution of this CBI, along with the requirements and investment options. Chris also covers the application process and the benefits that make it a top choice for investors in 2024.

1.) What is the history of St Lucia Citizenship by Investment?

“St Lucia’s Citizenship by Investment is the youngest programme in the Caribbean. It was launched a full 32 years after the trailblazing St Kitts and Nevis CBI in 1984. Yet it is by no means less treasured by those seeking Caribbean citizenship.” 

“Following research by an appointed task force, the St Lucia Citizenship by Investment Programme was launched on January 1st, 2016. Prime Minister Dr Kenny D. Anthony formally announced the programme. Dr Anthony declared: “Boundaries defined by the nation-state are diminishing which is preparing the new character of a global citizen.””

2.) Can you explain how St Lucia Citizenship by Investment has evolved?

“Although the focus of Prime Minister Anthony was on diversifying the economy, he was anxious to establish St Lucia CBI as a clean product. With that in mind, the Citizenship by Investment Unit limited the number of approved applications to 500 a year. But demand was so great, that there was an inevitable knock-on effect relating to supply.”

“A year after launch, on January 1, 2017, the St Lucia Government now led by Allen Chastanet announced amendments to the programme. There would be no annual limit on the granting of citizenships to foreign investors. They also made the programme more inclusive, removing the requirement for applicants to provide sworn affidavits to declare financial resources of at least $3 million.”

“There have since been a few changes that have made the programme more exclusive. St Lucia is committed to adhering to international standards. The country is an active participant in ongoing dialogue with the US, UK, and EU to maintain the integrity of its programme and ensure its sustainability.”

3.) What are the major requirements and investment options?

“To be eligible for St Lucia citizenship, there are certain requirements you must meet as the main applicant. Firstly, you must be at least 18 years old. Secondly, you need to have a clean criminal record and, lastly, you must be in good health.”

“There are three investment options for St Lucia citizenship. The first is a non-refundable contribution to the National Economic Fund (NEF) of $100,000 for you and $140,000 for you and your spouse. The fund contributes to reducing the country’s public debt and finances key economic sectors such as real estate, tourism, and transport.”

“The second St Lucia Citizenship by Investment option is a $300,000 deposit in National Action Government Bonds. You must maintain ownership of these for five years. The third, and final, route to St Lucia citizenship is via a $200,000 contribution to an approved real estate project, as in a tourist development.”

4.)  Can you walk us through the application process?

“Sure. First, choose an authorized agent such as the Latitude Group, the parent company of RIF Trust, to assist with your application as you can not apply directly to the Citizenship by Investment Unit. The success of your application depends on your approval by this government department. The Latitude Group is also a Global Marketing Agent approved by St Lucia.”

“We can help you collate all the required documents and complete the necessary forms. You will need to pay due diligence and processing fees. The next stage is to attend a mandatory interview.”

“You then will have to wait between three and five months to receive notification from the CIU about whether you’re been approved. Once approved, you need to make the qualifying investment. You will next receive your Certificate of Registration (citizenship certificate) which allows you to apply for a St Lucia passport.”

5.) What are the benefits of St Lucia citizenship? 

“It’s important to remember that St Lucia benefits as a country along with the individual investor. The first 500 economic citizens funded the construction of new highways on the island. As I mentioned earlier, the National Economic Fund was set up to receive qualifying investments of capital for facilitating government-sponsored projects.”

“For investors, one of the most significant benefits of St Lucia citizenship is that St Lucia is a tax-friendly country. There are no wealth, inheritance, or capital gains taxes to pay on the island. This makes St Lucia an attractive option if you’re looking to move there to minimize your tax burden.”

“If slow living is what you’re after, the island also offers a laid-back lifestyle. This makes it an ideal place to retire or raise a family. You can add dependants to your application such as your spouse, children, stepchildren, siblings, parents, and parents-in-law.”

Take the Next Steps Towards St Lucia Citizenship by Investment

Now you’ve read our interview with Christopher Willis, are you interested in St Lucia citizenship? If yes, we can guide you on your investment migration quest.

So, don’t delay. Contact RIF Trust, St Lucia Citizenship by Investment experts, today.