St Lucia, the “Pearl of the Caribbean” has reduced the cost of its citizenship to 100,000 USD. The exciting change means that its program has become the least expensive secondary passport solution in the region.
Throughout the last decade, Dominica has offered the cheapest citizenship solution. Primary applicants had to contribute 100,000 USD to obtain a passport. However, with the additional administration fees, its total cost almost reached the previous 200,000 USD price of St Lucia – and this year, the price of the Dominican program will increase by 75,000 USD.
Saint Lucia was the last of the tropical Caribbean countries to introduce its Citizenship by Investment program in 2015. The original legislation meant that it was not the most attractive program in the region. Since the first successful applicants received their citizenship certificates and the income from wealthy investors became more crucial for the country’s budget, the government have decided to ease the conditions of the CBI program.
From 2017, primary applicants can receive the citizenship in exchange for a contribution of 100,000 USD; prior to the changes, the price was 200,000 USD. In the case of additional family members, the amount of contribution has also decreased:
Applicant with spouse: USD 165,000 (it was USD 235,000)
Applicant with spouse having up to 2 children: USD 190,000 (it was USD 250,000)
Additional dependents: US$25,000 each (the price remains unchanged)
The other regulations of the Citizenship by Investment program remain unchanged, aside from the introduction of an administration fee of 50,000 USD for the Government Bond Option, where candidates should buy bonds for at least half a million dollars.
Another exciting development of the scheme is that the government have cancelled the annual limit of 500 applications, which means that it expects that more potential citizens will apply for the program.
The recent developments in the Saint Lucian program rocked the investment migration market – the following day saw St Kitts and Nevis announce a significant cost reduction and also the easing of the age requisites of additional family members.