St Lucia – Cost Effective CBI Scheme for Individuals
St. Lucia, a nation located on the southeast coast of North America in the eastern Caribbean, introduced new provisions in its citizenship law in 2016. These provisions grant immediate citizenship to foreign investors who invest in real estate or business ventures in the country. Additionally, in 2015, St. Lucia launched a brand new Citizenship by Investment Program (CBI) that enables individuals to obtain citizenship through qualifying investment in the country. The program is the only one in the Caribbean that offers citizenship against buying non-interest-bearing Government bonds and is also the Cost Effective CBI scheme for individuals and single persons.
St. Lucia’s unspoiled landscapes, warm climate, and world-class beaches make its citizenship program one of the newest and most popular ways to obtain a second passport. Our team can guide you through every step of the process to ensure your citizenship application in St. Lucia is successful. You will be assigned a dedicated account manager who will provide you with the necessary knowledge to make an informed investment and ensure you meet all the requirements.
St Lucia Citizenship Benefits – Why Choose St Lucia
Why Saint Lucia
- Beautiful country with mountains and beaches.
- Stable economic and political climate.
- Major Caribbean tourist destination with 1.2m visitor arrivals.
- Low crime rate, access to modern facilities, services, and infrastructure.
- Prime hotels and prime real estate market.
- Powerful Caribbean passport.
- Ease of doing business with offshore company incorporations.
- No inheritance, estate, or gift taxes in Saint Lucia.
- Newly launched citizenship by investment program in the Caribbean.
- Visa travel to visit over 145 countries including UK, EU Schengen states.
- Fast processing within 3 months.
- Lifetime citizenship for family and children.
- Profitable real estate investment.
- No physical residence requirements.
- Government bond option.
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Qualifying Investment Options for St Lucia
Under the St Lucia citizenship program, only selective individuals are eligible for immediate passport. Here are the investments that qualify for citizenship:
- One-time donation of $100,000 to the National Economic Fund
- Real estate investment of $200,000 in hotels, resorts, or boutiques
- Government bonds of $300,000 (available from Jan 1, 2023)
- Government bonds of $500,000 with a 5-year holding period
- Direct business investment of $3,500,000 in enterprise projects
Apart from the investment amount, applicants will also have to pay additional fees such as Government fee, due diligence fee, application fee, processing fee, among others.
Option 1: By National Economic Fund
The Saint Lucia National Economic Fund is a special fund established for receiving qualifying investments of cash for funding government projects. The following minimum investments are required for citizenship approval:
- Applicant applying alone: US$100,000
- Applicant applying with spouse: US$140,000
- Applicant applying with spouse and up to two (2) other qualifying dependants: US$150,000
- Each additional qualifying dependant, of any age: US$25,000
Additional fees include processing fees, administration fees, and due diligence fees.
The fees are as follows:
Processing fees (non-refundable)
- Principal applicant: US$ 2000
- Each qualifying dependent: US$ 1000
Administration fees (non-refundable)
For an approved real estate or enterprise project investment
- Principal applicant: US$ 50,000
- Each qualifying dependent: US$ 35,000
- Each qualifying dependent under 18 years: US$ 25,000
Due diligence fees (non-refundable)
- Principal applicant: US$ 7,500
- Each qualifying dependent over 16 years: US$ 5,000
Option 2: By Special Government Bonds
The Government has announced that effective from Jan 1, 2023, it will issue National Action Bond to replace Covid relief bonds. The primary objective of this Non-interest-bearing Government bond, which starts at USD 300,000, is to attract investments into Saint Lucia for the purpose of citizenship by investment.
Here are the details of the bond offering:
- Sole applicant: US$300,000 (fully refundable after a 5-year holding period)
- Family (with any number of qualifying dependents): US$300,000
Please note that this is a non-interest-bearing government bond and no processing fee is payable by the applicant. Only an administrative fee applies. An administrative fee of US $50,000 is payable by the applicant once the application for citizenship has been granted. Additionally, there are also due diligence fees paid by the applicants.
Option 3: By Government Bond
St Lucia’s Citizenship by investment program offers the option to purchase non-interest-bearing Government bonds, which must be registered and remain in the name of the applicant for a five (5) year holding period from the date of first issue, and do not attract a rate of interest. Government of Saint Lucia’s Bonds are issued under the National Savings and Development Bonds Act Ch.15.25 of 2005 of the Revised Laws of Saint Lucia.
To qualify for citizenship by means of an investment in government bonds, applicants must satisfy a minimum qualifying investment, as follows:
- Applicant applying alone: US$500,000
- Applicant applying with spouse: US$535,000
- Applicant applying with spouse and up to two (2) other qualifying dependants: US$550,000
- Each additional qualifying dependant: US$25,000
If the applicant’s investment in government bonds is approved, they must:
- Keep the government bonds which have been purchased as a qualifying investment for a five year holding period.
- Make their purchase of the non-interest bearing Government bonds through the Debt and Investment Unit in the Ministry of Finance, once their application for citizenship has been approved.
- Receive a Bond Certificate within 21 calendar days of completing the transaction.
- Submit a certified copy of the Bond Certificate to the Unit as proof of having made the qualifying investment.
- Upon receipt of the Bond Certificate, the Unit shall process the issuance of a Citizenship Certificate.
Option 4: By Real Estate
The Cabinet of Ministers will consider real estate projects to be included on the approved list for the Citizenship by Investment Program. The Government will consider citizenship for a minimum investment in real estate projects starting from USD 200,000 or more.
Approved real estate projects fall into two broad categories:
- High-end branded hotels and resorts
- High-end boutique properties
Once approved, the real estate project becomes available for qualifying investments from applicants for citizenship by investment. The applicant is required to:
- Execute a binding purchase and sales agreement for an investment in an approved real estate project
- Deposit investments equalling the agreed purchase price in an approved irrevocable escrow account
- The account is managed jointly by the developer and the Citizenship by Investment Unit in Saint Lucia.
Saint Lucia has approved two real estate projects as of now eligible for CIP:
- Canelles Resort – A luxury resort developed by the Galaxy Group and managed by AMResorts, a subsidiary of Apple Leisure Group. It has two brands, Dreams and Zoetry, plus Canelles Oceanfront Apartments, which offer a high level of luxury for couples on the beachfront.
- Alpina Hotel – The Alpina St. Lucia Hotel is located in the largely underdeveloped southern part of the island, approximately 2km from the Hewanorra International Airport, which the Government of Saint Lucia has announced will be undergoing a major re-development. The Alpina Saint Lucia Hotel, along with Alpina Square, are Government Approved Real Estate projects under the Citizenship by Investment program of Saint Lucia. Both projects form part of the “Equine Lagoon” under Site A of the PEARL OF THE CARIBBEAN Integrated Resort Development, which includes an international-standard Thoroughbred horse racing track already in operation and is managed by the Royal Saint Lucia Turf Club.
The applicant is required to execute a binding purchase and sales agreement for a minimum investment of US $ 300,000 in the already Government Approved Canelles Resort Saint Lucia Real Estate Project.
Option 5: By Business Enterprise Projects
The Citizenship by Investment Program in Saint Lucia also considers business enterprise projects for potential investors. The Cabinet of Ministers reviews and approves enterprise projects that qualify for the program.
Approved enterprise projects fall into seven broad categories:
- Specialty restaurants
- Cruise ports and marinas
- Agro-processing plants
- Pharmaceutical products
- Ports, bridges, roads and highways
- Research institutions and facilities
- Offshore universities
Once an enterprise project is approved, it becomes available for qualifying investments from applicants interested in citizenship by investment.
If an application for citizenship through investment in an approved enterprise project is successful, the following minimum investment is required:
- Option 1 – Sole Applicant – A minimum investment of US$3,500,000
- Option 2 – Joint Venture (more than one applicant) – A minimum investment of US$6,000,000 with each applicant contributing no less than US$1,000,000
As of today, the government has not approved any enterprise projects under the CIP.
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