St Lucia is a beautiful island country located in the eastern Caribbean and is popular for its volcanic beaches, extravagant resorts, and fishing villages. To further develop these amenities and strengthen the nation’s economy, the government of St Lucia has launched Citizenship By Investment (CIP) which lets people acquire nationality by making a significant fund contribution for growth.
There are multiple investment options through which one can apply for this program. People are highly interested in these contributions since there are some quite pleasing perks associated with the country’s citizenship.
This blog will explain how this program works and what benefits you should expect upon your successful citizenship approval.
About St Lucia Citizenship by Investment
St Lucia Citizenship by Investment (CIP) was introduced in 2016 and is a part of St Lucia’s economic growth strategy. Applicants need to invest in one of the different options available to apply for this program. Here are different choices one can use to invest in the country:
National Economic Fund :
In this program, one can acquire nationality by investing a minimum of $1,00,000 in the national economic fund. This funding goes to the country’s infrastructural and utility improvement. The funds’ amount increases if applying with a spouse or other dependents.
National Action Bond :
Through a National action bond, one invests through an avenue that involves a non-interest-bearing investment, which means you won’t earn through this investment. Also, you have to keep this investment bond for at least 5 years. The contribution amount for this program is US$ 300,000, with an additional administration fee of $50,000. The plus point about this program is that there’s no extra dependent fee to be paid.
Real Estate Project :
St. Lucia has luxurious resorts and boutiques, and the nation looks forward to expanding these offerings. Thus, let you invest in approved real estate projects, which include: Luxury hotels & resorts and boutique properties.
The investors get the deed of the property that proves ownership of the property.
The minimum amount to invest for this option starts from US $200,000 with additional administration, application, and dependents’ amounts.
Enterprise Project :
In this category, the applicants can make a proposal for these specific enterprises projects:
- Specialty restaurants
- Cruise ports and marinas
- Agro-processing plants
- Pharmaceutical products
- Ports, bridges, roads, and highways (Infrastructure)
- Research institutions and facilities
- Offshore universities
- Housing projects
- Social development projects
- Investment services
The investment amount for a single applicant starts at US$3,500,000, and for a joint venture, the minimum investment is US$6,000,000, where each applicant must contribute at least US$1,000,000. In both options, there’s a non-refundable administration fee of US$50,000.
Benefits of St Lucia Citizenship by Investment
Having St Lucia’s Citizenship, you will receive the following perks:
Global Travel Opportunities:
St Lucia’s nationhood gives you the opportunity to travel across 140 countries without needing a visa or with a visa-on-arrival option. It’s a worthwhile investment for those wanting to travel without indulging in the visa approval processes.
Dual Citizenship :
You do not have to leave your country’s citizenship to acquire St Lucias’s, as the nation gives the privilege of dual citizenship.
Great Opportunity for Portfolio diversification and wealth planning :
With programs like Real Estate Project and Enterprise Project, one has the opportunity to diversify his portfolio with some profitable investments. The island is popular as a travel destination, and thus, these investments have great potential to grow your financial status.
Tax :
The absence of different taxations, including wealth, inheritance, capital gains, and global income taxes, positions the island as an attractive location for investors seeking tax efficiency.
Quality of life :
Residing in this Caribbean island nation offers a great deal of relaxation, luxury, and sereneness. The country’s healthcare, education, and employment opportunities are outstanding, making it a safe option for an individual or entire family to live peacefully.
Eligibility Requirements and Application Process
Let’s start with the eligibility criteria that one needs to fulfill to apply for this program.
- The applicant must be 18 years of age or older to make an investment.
- Must be able to pay the minimum amounts in any of the four investment programs.
- The candidate has to submit proof of qualified investment amount.
- The applicant has to clear a due diligence check. All the dependents also need to pass this check, except those under 16.
- Pay the application fees, which cover processing, background checks, and administration. These fees are non-refundable.
Once you know your eligibility, here’s the application process to apply for CIP:
The document’s requirements:
- Birth Certificate
- Passport
- Proof of Address
- Financial Documents to demonstrate your source of investment funds.
- Marriage or Divorce Certificates
- Professional References
- Health Certificate
Fill out the form: You will need all of these documents to fill in the application form. You can also avail of assistance from an immigration consultancy in Dubai and Qatar to ensure everything goes in the right direction.
Choose Your investment option: Decide which one of the four investment options suits you the best, and then proceed to the next step.
Payments: along with the form, you need to make a payment for the application fee, administration fee, and due diligence fee.
Submit: Once all this information is filled out, submit it to St. Lucia Citizenship by Investment Unit (CIU).
Upon submission, your due diligence check will be performed, which includes the following:
- Whether or not you have a criminal record of any kind.
- If your source of income is genuine.
- Verification of the applicant’s personal and professional status.
From 2023, they have also started conducting interviews for the applicants.
Once everything is verified, you will soon receive your application’s approval or disapproval status.
Conclusion
St Lucia’s CIP is a great opportunity for people wanting to unlock travel opportunities, stabilize their financial status, and live in a peaceful environment. Having an understanding of the diverse investment possibilities and the application process, you can take a step forward toward this program.
If you need help or support, consult our Immigration Consultants in Dubai and Qatar. Contact GMRS Consultants so we can help you with documentation and finding the most favorable investment opportunity to settle in St Lucia!