After being passed in the Saint Lucia Senate – the country’s Upper House – in August 2015, Saint Lucia’s Citizenship by Investment Act (No. 14 of 2015) ushered in a new phase of economic development for the 238-square-mile island in the Eastern Caribbean.
The aim of the Citizenship by Investment Programme was to provide impetus for the island’s recovering economy in an effort to lessen the effects of declining foreign direct investment created by the global financial crisis and challenges faced by Government in raising money for its daily operations.
From the beginning, the Government had emphasized the need for the Citizenship by Investment Programme to be a transparent and structured programme to ensure that credibility and integrity remain paramount.
In January 2016, the Citizenship by Investment Programme began accepting applications, with applicants required to invest in any of the following four options: the Saint Lucia National Economic Fund, an approved real estate project, an approved enterprise project, or the purchase of Government bonds. In line with its initial promise to become the most innovative Citizenship by Investment Programme in the Caribbean, the Government of Saint Lucia added another option in 2020 – the COVID-19 Relief Bond.
Here are the breakdowns for each option.
The Government Bond Investment.
This option requires:
- A minimum investment of US$500,000.00 and must be held for five years.
- If the applicant’s spouse is also participating in the programme, the combined investment for both spouses will be US$535,000.00.
- Two spouses and two dependents participating in the programme requires an investment of US$550,000.00, while any additional dependent will each cost the applicant US$25,000.00.
Once your application for citizenship and been approved, the investment must be made. These bonds are non-interest bearing, and must be registered and remain in the applicant’s name for a five-year holding period from the date of first issue.
The COVID-19 Bond Relief.
A minimum investment of US$250,000.00 must be made, lasts until December 31, 2021, having been extended by another year last December. The terms are as follows:
- Single applicant: A minimum US$250,000.00 — (five-year holding bond).
- Applicant plus 1 qualifying dependent: US$250,000.00 — (six-year holding bond).
- Applicant plus up to 4 qualifying dependents: US$250,000.00 — (seven-year holding bond).
- Applicant plus up to 4 qualifying dependents: US$300,000.00 — (five-year holding bond).
- Each additional qualifying dependent (subsequent to applicant plus 4 qualifying dependents): US$15,000.00 each.
The COVID-19 Bond Relief.
This option is especially attractive for families, is low-risk, and offers a more favourable long-term value proposition.
The Real Estate Investment.
A minimum investment of US$300,000.00 is required.
The Enterprise Investment.
A minimum investment of US$3,500,000.00 is required.
Other requirements that must be met by the applicant are as follows:
- The primary applicant must be at least 18 years old.
- He/she must have a clean criminal record.
- He/she should be in good health.
- He/she must be able to prove his/her investment from legitimate sources.
- He/she should clear due diligence checks and gain approval.
Dependents who can be coupled with Saint Lucia’s second citizenship programme include:
- Spouse of the principal applicant.
- Children up to 30 years.
- Parents of the principal applicant above 55 years of age.
- Siblings of the principal applicant above 18 years of age.
By qualifying for citizenship in Saint Lucia, you also become the holder of a Saint Lucia passport which allows you ease of travel – visa-free, in some cases – to 146 countries around the globe! The Saint Lucia passport, which is valid for five years before being renewed, is ranked number 26 on the 2021 Passport Index. This high ranking translates to a mobility score that has been steadily increasing since the COVID-19 outbreak.
Getting your Saint Lucia passport is simple once you follow these basic steps:
Step 1 – Background check:
A preliminary background check is done via international databases to ascertain that there are no mitigating circumstances that would prevent you from being barred from obtaining citizenship in Saint Lucia.
Step 2 – Submission of documents for review:
After you would have provided all your relevant documentation to McNamara Citizenship Services Inc. – such as passports, birth certificates and financial statements – our team then prepares the necessary submissions to the relevant authorities for review.
Step 3 – Due diligence check:
These submitted documents undergo a thorough due diligence check by the appropriate government department/s to ensure that the information contained therein is sound.
Step 4 – Transfer of funds:
Once your request is approved, you must finalize your investment condition within 90 days by transferring the appropriate funds based on the investment option you chose.
Step 5 – New Saint Lucia passport issued:
After sending your birth certificate and oath of allegiance to Saint Lucia, you will receive your new Saint Lucia passport by courier within four weeks.
The Saint Lucia passport, which is valid for five years before being renewed, is ranked number 26 on the 2021 Passport Index. This high ranking translates to a mobility score that has been steadily increasing since the COVID-19 outbreak.
The top five reasons to get a Saint Lucia passport are as follows:
Reason #1
Dual citizenship: Dual citizenship is recognized in Saint Lucia, therefore Saint Lucian citizens do not lose their citizenship when they gain citizenship in another country.
Reason #2
Ease of travel: As the holder of a Saint Lucia passport, you will enjoy ease of travel to 145 countries, including the European Union Shengen countries, Hong Kong, Singapore, Germany, France, Switzerland, Ireland, and the United Kingdom. (However, Economic Citizens of Saint Lucia (passport holders) still need a visa to travel to Canada and the United States.)
Reason #3
Equal citizenship and rights: As the holder of a Saint Lucia passport, you will have the same citizenship and rights as native-born Saint Lucians, including the right to pass on citizenship to family members and the right to vote.
Reason #4
No residency requirement: As an applicant, there is no need for residency or travel to Saint Lucia during the application process because there is a quick processing turnaround within 3 months.Reason #5
Favourable tax environment: Saint Lucia offers a favourable tax environment with no capital gains tax, relatively low income and corporate tax, no taxation on worldwide income (once resident for under 183 days), and no estate or inheritance tax.
In 2020, the Citizenship by Investment Programme raked in more than $28 million in foreign investment for Saint Lucia. CIP Saint Lucia, which came into being in 2017, has since netted the Saint Lucia Government more than $90 million. So far, nearly 600 people have become citizens of Saint Lucia via the Citizenship by Investment Programme. The viability of the programme got a major boost earlier this year when the Government pledged to make the programme more competitive.
In August 2021, Professional Wealth Management magazine (PWM), a publication by the Financial Times, named Saint Lucia among the Caribbean countries that dominated the top five places on the 2021 CBI Index. The other countries were St. Kitts & Nevis, Dominica, Grenada, and Antigua & Barbuda. This is a major achievement for Saint Lucia, considering the fact that the island is among the most recent Citizenship by Investment entrants globally. This is just another reason why Saint Lucia’s Citizenship by Investment Programme is your best bet yet.
Based in Saint Lucia, McNamara Citizenship Services Inc. offers a full-service advisory agency providing all the relevant services associated with your acquiring citizenship in Saint Lucia. We are an approved authorized agent under the Saint Lucia Citizenship by Investment Programme and use our intimate knowledge of the programme to guide you through the process of obtaining your citizenship.
As the largest law firm in Saint Lucia, McNamara Citizenship Services Inc. takes great pride in our hallmarks of excellence and professionalism. From the initial application stage to you becoming a citizen of Saint Lucia, we keep you informed throughout the entire process.
Our portfolio includes a long list of satisfied clients whom we have represented successfully on their path to acquiring dual citizenship in Saint Lucia and we highly recommend that you select Saint Lucia’s Citizenship by Investment Programme.
For more information on how McNamara Citizenship Services Inc. can help you along the path to becoming a citizen of Saint Lucia, contact us today.
