Saint Lucia's Economic Citizenship Programme was launched in Monaco on Wednesday October 7, 2015 by the island's Prime Minister and Minister for Finance, Economic Affairs, Planning and Social Security Hon. Dr. Kenny D. Anthony at the Global Citizen Forum. In his address, Dr. Anthony spoke about the citizenship by investment model that Saint Lucia will be instituting, calling it a “differentiated approach”. Thus, the tenets of this model will be rooted in transparency, independent regulation and oversight, and management by qualified professionals, as well as exclusivity. To that end, the PM indicated that the regulations require applicants to have a minimum net worth of US$ 3 million to qualify for consideration.
The Citizenship by Investment Act No. 14 of 2015 describes that the programme allows a person to apply for citizenship of Saint Lucia by registration upon satisfaction of the requisite qualifying investment and other requirements established by the Act. The qualifying four investment options are:
Minimum of US$ 200,000 investment in the Saint Lucia National Economic Fund
Minimum of US$ 300,000 investment in an approved real estate project;
Minimum of US$ 3,500,000 Investment in an approved enterprise project;
Minimum of US$ 500,000 investment by purchase of non-interest bearing Government bonds.
Applications for citizenship under the Act may be made by a person who meets the application requirements and is at least 18 years of age. Any person who is a qualifying dependent of an applicant may apply along with the applicant as a dependent applicant, provided they fall under the definition of qualifying dependents. Applications are submitted by authorized agents on behalf of the Applicant.
An application will comprise:
A completed, dated, and signed prescribed form accompanied by all requisite documentation and information
Non-refundable processing fees of US$ 2,000 (Each qualifying dependent US$ 1,000 additional);
Health certificate by a medical practitioner for each applicant and qualifying dependant;
Police certificate from the applicant’s country of residence;
Details and evidence of the proposed qualifying investment;
Sworn affidavit of support by each qualifying dependant
An applicant who has satisfied all the requirements and is granted citizenship under the Act shall take the oath or affirmation of allegiance to Saint Lucia. The applicant shall enjoy all of the rights of a citizen and is subject to the laws of Saint Lucia.
Some of the benefits of economic citizenship in Saint Lucia are:
- Second passport and citizenship for applicant and family members;
- Easy access and entry to your favorite island and to any island in the Caribbean;
- The ability to work or carry on a trade or business in Saint Lucia without a license;
- Increased employment and investment opportunities in other Caricom countries;
- Dual citizenship benefits
- Visa exemptions from over 121 countries including Commonwealth countries and EU member states;
- With appropriate tax planning, enjoyment of tax free status on inheritance tax, worldwide income and capital gains tax;
- Ability to invest in any area of Saint Lucia as no particular area is designated or restricted;
- A home in paradise to retire and escape whenever you need;
The programme will be administered by the Citizenship by Investment Unit which will commence accepting applications as of January 1, 2016.