St Lucia

 

Quick Facts

Capital city: Castries

Population: 185,000

GDP: $2.083 billion

Government: Parliamentary democracy under constitutional monarchy

Governor-General: Pearlette Louisy

Prime Minister: Allen Chastanet

Ethnic groups: 85.3% Black, 10.9%

Mixed, 2.2% Indian, 1.6% other

 

St Lucia at a glance

 

Saint Lucia is a small part of paradise located in the Eastern Caribbean Sea. The varied landscape has something to offer all visitors: from the vast expanses of sandy beaches to the awe inspiring Piton mountains, Saint Lucia makes for a sensational setting. Citizenship in Saint Lucia is the opportunity to escape to a tropical life surrounded by nature’s finest creations. The island hosts a variety of possible activities for its visitors and residents, with world class dining and luxurious spas being just two of the possibilities.

 

Geography

 

Saint Lucia is located on the boundary between the Eastern Caribbean Sea and the Atlantic Ocean. The island lies northeast of Saint Vincent, northwest of Barbados and to the south of Martinique. The capital city of Saint Lucia is Castries, which houses 60,263 Saint Lucians (32.4% of the population). In total, the island covers a land area of 617 km sq. Saint Lucia is the only country in the world to have been named after a woman. The local climate of the island is tropical. The year typically features a dry season from December until the end of May, and a wet season from June until the end of November. The average daytime temperature is an estimated 29 degrees; as the island is located near to the equator, the temperature does not vary greatly throughout the year. From 1663 until 1979, Saint Lucia was in both French and British control.

Between 1667 and 1814, control switched between French and British hands a total of 14 times.

 

Due to the development of the sugar industry, Saint Lucia was considered an attractive colony to hold.

In 1814, Saint Lucia was firmly under British control until it became an independent state of the Commonwealth of Nations associated with the United Kingdom in 1979. The official language of  Saint Lucia is English, however Saint Lucian, Creole and French are considered vernacular languages of the island.

 

Politics

 

Saint Lucia is a two party parliamentary democracy,and a Commonwealth nation. Queen Elizabeth II is the Head of State, and her presence is represented by a Governor-General. The Prime Minister is usually the head of the party that commands a majority in the House of Assembly. There are 17 seats in the House of Assembly, and 11 seats in the second chamber of Parliament, the Senate. As well as being a member of the Commonwealth, Saint Lucia is a member of CARICOM (the Caribbean community) and the Organisation of Eastern Caribbean States. It maintains friendly relations with all of the active major powers in the Caribbean – the United States of America, Canada, France and the United Kingdom.

 

Background

 

Saint Lucia Citizenship-by-Investment Program was founded in 2015 under the regulations of the Citizenship by Investment Bill 2015 making it the newest programme to join the other Citizenship by  Investment Programs (CIP) in the Caribbean region. The Saint Lucia Citizenship By Investment Program was launched at the Bay Gardens Beach Resort on December 29th, 2015. The program officially began accepting applications on January 1st, 2016.

 

Benefits

 

  • Application, including those with dependents, will be processed within 3 months
  • No residency requirements
  • Passport allows for visa-free movement to 100+ countries, including UK, Hong Kong, and 28 EU countries within the Schengen Zone
  • Application process does not include interview or visit to Saint Lucia
  • Education and managerial experience are not required
  • Global income is not taxed

 

How to qualify

 

Those wishing to secure a Saint Lucian passport through Citizenship By Investment Program must be at least 18 years of age, have no criminal record, and be in good health. Furthermore, in order to qualify for Citizenship in Saint Lucia, investors must fulfil one of the four following investment options.

 

Saint Lucia National Economic Fund

 

Saint Lucia National Economic Fund is a fund established to receive investments of cash from the citizenship program that will be used in the funding of government sponsored projects. The Finance Minister must seek approval from Parliament for the allocation of funds for his chosen purposes. Once an application for citizenship through investment in the Saint Lucia National Economic Fund has been approved, an investment as follows is required:

 

  • Single applicant: US$100,000
  • Applicants in a couple: US$165,000
  • Applicant applying with spouse and up to two other qualifying dependants: US$190,000
  • Each extra qualifying dependant, of any age: US$25,000

 

Real Estate Projects

 

The Cabinet of Ministers will evaluate proposed real estate projects for the possibility of citizenship.

Approved real estate projects can come under two categories:

  • Luxury branded hotels and resorts
  • Luxury boutique properties

 

The applicant must enter into a binding purchase and sales agreement for an investment in an approved real estate project. Investments, totalling the agreed purchase price, are deposited in an escrow account managed both by the property developer as well as the Saint Lucia based Citizenship by Investment Unit.

  • Minimum investment required: US $300,000

 

Enterprise Projects

 

The Cabinet will evaluate enterprise projects toappear on the approved list for the Citizenship by Investment Programme. Approved enterprise projects come under seven categories:

 

  • Specialty Restaurants
  • Cruise ports and marinas
  • Agro-processing plants
  • Pharmaceutical products
  • Ports, bridges, roads and highways
  • Research institutions and facilities
  • Offshore universities

 

Once approved the enterprise project becomes available for further investments from other applicants for citizenship by investment. The following minimum investment is required:

 

Option 1 – A sole applicant.

 

  • A minimum investment of US$3,500,000

 

Option 2 – More than one applicant (joint venture).

 

  • A minimum investment of US$ 6,000,000 with each applicant contributing no less than US$1,000,000

 

Government bonds

 

Citizenship by investment may be made through the purchase of non-interest-bearing Government bonds. These bonds 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 not attract a rate of interest. Once an application for citizenship by means of an investment in government bonds has been approved, the following minimum investment is required:

 

  • Sole applicant: US$500,000
  • Couple (Applicant and spouse): US$535,000
  • Applicant applying with spouse and up to two dependants: US$550,000
  • Each extra dependant: US$25,000

 

 

 

 

Posted in Country Spotlights.

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