Saint Lucia is a volcanic island in the eastern Caribbean sea. Best known for its pristine beaches and the Piton mountains, Saint Lucia is rising as a formidable force in the Citizenship by Investment (CBI) industry as an increasing number of investors identify it for the worthwhile investment that it is.
Saint Lucia’s Citizenship by Investment Programme is the newest in the Caribbean, having only launched in 2016, yet it has fast become a sought-after choice for those seeking to broaden their horizons through dual citizenship. Saint Lucia was able to implement best practices gleaned from the surrounding countries which have decades’ worth of experience.
Business in Saint Lucia
Saint Lucia has been commended for its advanced and modernized infrastructure and its robust healthcare and educational systems. The primary exports in Saint Lucia are bananas, cardboard products, coconut products, electronic goods, and clothing. The nation’s main trading partners include the United Kingdom, the United States, Dominica, Trinidad and Tobago, and Barbados. Saint Lucia imports fuel, food, and manufactured goods.
The country’s CBI programme provides countless opportunities to investors who do not want border restrictions to limit their business. When it comes to investing in Saint Lucia, there are four main options to choose from: The National Economic Fund (NEF), investing in real estate, pre-approved enterprise projects, or government bonds. You are able to read more about these options here.*
Saint Lucia ranked third in the CBI Index 2022 report
The CBI Index is a reputable rating system that ranks the performance of CBI programmes using various indicators. The CBI Index report saw Saint Lucia rank ahead of Grenada and claim the third spot in 2022. Out of the nine pillars of the CBI Index, Saint Lucia secured top spots in: Minimum investment outlay, Ease of processing, and Mandatory travel, and residence.
Saint Lucia according to the nine pillars of the CBI Index
Here is a simple breakdown of the nine pillars as they pertain to Saint Lucia.
• Freedom of movement: Saint Lucia is a parliamentary democracy and there are no major barriers to an individual’s freedom of movement when it comes to changing their place of residence, employment, or education.
• Standard of living: St Lucia has a low cost of living in comparison to the US and the UK. There is also a favourable tax regime and a relatively high quality of living for expats.
• Minimum investment: With a minimum investment $100 000 for a single applicant, St. Lucia offers one of the most affordable investment options.
• Mandatory travel or residence: There is no residency or travel requirement for Saint Lucia, and you are not obliged to physically stay in Saint Lucia at any stage before or after the application process.
• Citizenship timeline: Due to the swift application process, successful applicants can gain Saint Lucian citizenship in as little as 90 days. All successful applicants receive lifetime citizenship and will always be able to live and work in Saint Lucia.
• Ease of processing: The application process for Saint Lucia is streamlined and efficient. It consists of seven steps, which can be found here.
• Due Diligence: Saint Lucia has taken the necessary measures to ensure that the integrity of the CBI programme is of an increasingly high standard. They have recently introduced biometric passports to further their due diligence.
• Family: As a successful applicant, you are able to obtain citizenship for your spouse, dependent children (under 25), and parents (over 65). Kindly note that each dependent does come at an additional price.
• Certainty of product: This pillar refers to the stability, popularity, renown, reputation, and adaptability of the programme. Saint Lucia scored an 8/10.
Citizenship by Investment in Saint Lucia
Investing in Saint Lucia is relatively straightforward. The numerous investment options means that you’re likely to find something best suited to you in a short amount of time. Other notable advantages of the CBI programme include:
• Dual citizenship. Saint Lucia recognises dual citizenship so you will comfortably be able to hold two nationalities.
• Reasonable taxation. There is no inheritance, wealth, or capital gains tax.
• Invest after citizenship approval. Unlike some other CBI programmes, you will only need to make your investment after you have received your citizenship.
• Straightforward, remote application. No travel is required, and all paperwork can be done remotely. You can also apply for your Saint Lucia passport remotely.
• High quality of life. The island has seen an increase in foreign expats relocating to this tropical paradise – mostly coming from the US and Canada. Saint Lucia’s expat community is one of the friendliest on the globe and the high quality of life and relatively low crime rate makes it ideal for the whole family.
Saint Lucia: A worthwhile investment
With one of the Caribbean’s fastest growing economies, and extensive investment and business opportunities, Saint Lucia should be on every discerning investor’s radar. If you are looking to diversify your portfolio, increase your wealth, or provide better options for your family, reach out to one of our specialists today.