Competition in the Caribbean: Saint Lucia Revamps its CIP

• Posted on Jan 24, 2023
• In Industry News, St. Lucia

Effective January 1st, 2023, amendments to the CIP include a US$100,000 reduction in the minimum real estate investment, adjustments to fees, and a new government bond offer.

As we settle into the New Year, the investment migration industry is witnessing increased competition amongst the Caribbean nations for the best positioned citizenship by investment program. Shortly after St. Kitts and Nevis, Saint Lucia has revamped its CIP as well.

To replace the Covid-19 Relief Bond, which ended on December 31st, 2022, the CIU has announced the new National Action Bond. After the prescribed holding period, citizens can benefit from a government-guaranteed 100% return on investment, ensuring stable asset protection. While neighbouring Caribbean nations also offer real estate and donation options of their own, Saint Lucia is the only country in the region to offer a government bond as a path to qualify for citizenship.

For those interested in acquiring citizenship through the Real Estate path, the CIU has introduced a US$100,000 reduction in the minimum investment threshold, which has brought down the required amount to US$200,000 from the previous US$300,000. The reduced pricing places Saint Lucia’s real estate option in a highly competitive position relative to offerings by other CIPs in the region.

For a complete breakdown of the changes, read more below:

New National Action Bond

Applicants can now obtain citizenship by making a qualifying investment of US$300,000 into this non-interest-bearing government bond, which must be held under the applicant’s name for 5 years. Additionally, the bond is subject to a non-refundable administration fee of US$50,000, regardless of the number of dependents added to the application.

Reduction in Minimum Investment for Real Estate

A minimum investment of US$200,000 is now required into approved real estate projects. Applicants have the option to choose projects from a selection of branded hotels and resorts, as well as high-end boutique properties.

Amendments to other fees

From January 1st, 2023, the following changes will apply:

• Developers applying for a CIP-approved real estate or enterprise project will now pay a due diligence fee of US$7,500
• For lost or damaged certificates, and replacement of a certificate, the fees have been increased to US$500 from US$100
• Citizens granted citizenship through the Saint Lucia National Economic Fund, who wish to add new-born dependents aged twelve months or below, will pay a fee of US$5,000 instead of the previous US$500

Applicants to the Saint Lucian CIP benefit from the fastest processing time in the entire industry – citizenship can be obtained in a short period of just 3 months. Citizens also enjoy a substantial expansion in their global mobility, as over 135 countries can be accessed visa-free – this includes the Schengen Area, the United Kingdom, Hong Kong and Singapore. With its recognition of dual citizenship, no tax on worldwide income or physical stay requirements, Saint Lucia’s CIP is especially advantageous for those looking into business expansion and tax relief.

To discover how Arton Capital can help you unlock the potential of Global Citizenship, contact us today.