Following St. Kitts and Nevis, Saint Lucia has made changes to its citizenship by investment program. The government has decided to make some of the investment options popular with investors less costly so that the program remains competitive with other Caribbean countries. However, some options, such as citizenship for a newborn child, have conversely become significantly more expensive.
Why look into Saint Lucia's investment program?
Saint Lucia's citizenship by investment program is the newest in the Caribbean. However, its economy is the most developed compared to other countries in the region, and St. Lucia has a lot to offer wealthy investors. Here are some of the benefits that come with St. Lucia citizenship:
- Visa-free entry to 146 countries
- Tax benefits
- Low cost of living
- High quality of life
- Dual citizenship is allowed
- No need to be physically present in the country
In addition, the cost of obtaining St. Lucia citizenship, like any other Caribbean citizenship, is significantly lower than the cost of obtaining any European citizenship or residence permit, and the process takes much less time.
Investment options and new prices for the CBI program
Saint Lucia’s citizenship by investment program has several options for investments. Here is the complete list:
- Investing in government bonds
- Investing in real estate
- Investing in enterprise projects
- Investing in Privileged Bonds
- Donating to the National Economic Fund
Now, let’s look at all the recent changes and how they affect the investment opportunities under Saint Lucia’s CBI program. Note that all the program amendments went into effect starting on January 1st, 2023.
How did the minimum investment requirement change?
The minimum requirement for real estate investment is now $200,000 instead of $300,000.
The minimum requirement for investors purchasing non-interest-bearing Government Bonds under the new Bond offer is now $300,000 instead of $500,000, which doesn’t depend on the number of participants.
These changes also coincide with the end of the Covid Relief bond offered at $250,000, which ended on Dec 31st, 2022.
Saint Lucia remains the only Caribbean country offering government bonds as a qualifying investment option for citizenship.
What are the other cost changes?
Developers applying for approved real estate under the CBI Program or enterprise projects now have to pay a $7,500 due diligence and background check fee.
Investors who have been a citizen of Saint Lucia for 12 months or less and are looking to include a newborn dependent through the country’s National Economic Fund will now have to pay a fee of $5000 instead of $500.
The replacement fee for a lost or damaged certificate increased from $100 to $500.
Saint Lucia became even more attractive to investors
Despite being the youngest Caribbean citizenship by investment program (launched in 2016), Saint Lucia’s program is considered one of the most advanced, secure, and transparent. Also, it is one of the most affordable CBI programs in the Caribbean. For example, the minimum non-refundable donation to the National Economic Fund to qualify you for citizenship in Saint Lucia is $100,000 for a single applicant. Meanwhile, in countries like Grenada and Saint Kitts, you would have to invest $150,000 or $125,000, respectively, to qualify for citizenship. Also, with the new changes announced, Saint Lucia now has one of the lowest minimum requirements for real estate investment, alongside Antigua & Barbuda and Dominica. These numbers put Saint Lucia on top of the Caribbean rank if you are interested in purchasing property for rental purposes or living.
And don’t forget to add to the list of benefits the spectacular beaches, splendid waterfalls, and numerous options for luxurious vacation destinations on the island. Saint Lucia offers investors an excellent opportunity to live in a heavenly place, travel around the globe, and obtain citizenship for a cost lower than getting a residence permit in any European country under the Golden Visa program.
