As the situation in the world is getting more and more tense, the demand for a second passport is growing. The supply is limited, so the question of the choice is as acute as ever. If you are predominantly looking for simplicity and affordability, you will hardly find a better option than the Caribbean countries. In this post, we will look at St. Lucia, a tropical paradise where the procedure of obtaining economic citizenship is pretty straightforward, and you will not have to pay an arm and a leg to acquire it.
Foreign citizens appreciate the opportunity provided by St. Lucia as they are under no obligation to leave their home country to obtain a second passport. They will not have to physically live in the country before/after they become citizens, which is very convenient. The immigration agent will send your passport to any address you may provide, so you will not even have to visit the state to collect it! Finally, it does not take long to become a St. Lucian citizen. Doesn’t that look ideal?
Cost and Procedure
There are four investment options you can choose from:
- You can invest in Government bonds (the amount is refundable).
- Choosing a development project approved by the Government (the investment can be returned after keeping the property for a certain period of time). You can acquire shares of a construction company, a piece of real estate to be its sole owner, or buy the same jointly with another investor.
- One more refundable option is investment in a business venture approved by the local government. Such projects may include investment in educational establishments, research undertakings, pharmaceutical industry, processing of agricultural products, construction of motor roads, building restaurants and all kinds of seaport infrastructural objects, such as quays and piers.
- Finally, you can make a non-refundable donation to the St. Lucia National Economic Fund.
If you opt for a refundable option, you will have to remain the property owner for five years, after which you can sell it if you want to. It will not deprive you of local citizenship.
The amounts you will have to invest differ depending on the number of people included in the application. Let’s look at them in more detail:
- Non-refundable donation to the local national fund. This is the cheapest option, which explains its popularity. If you apply solo, you will have to pay as little as 100,000 US dollars. In the case of a couple, the threshold is 140,000 US dollars. And if you have a larger family, you will need to pay 150,000 US dollars in the case of a three- to four-member family, and 15,000 US dollars per fifth, sixth, and so on.
- Buying a development project. No matter whether you are a single applicant or you have a large family, the property you buy has to be at least 300,000 US dollars worth. And if you opt for shares of a construction company, you have to hold securities for the same amount.
- Investment in a business project. In this case, the amount is also stable no matter how many family members are included in the application: you will have to invest 1 million US dollars and create at least 6 permanent jobs (if we are talking about participation in a joint project worth at least 6 million US dollars with no more than 6 participants). If you are a sole investor, the amount is considerably higher: you will need to invest 3.5 million US dollars and create no less than 3 permanent jobs to cover all family members.
- Investment in Government bonds. You have to invest 300,000 US dollars regardless of the number of applicants.
There are also non-refundable fees you will have to pay:
- Administrative fees. These vary between 30,000 and 50,000 US dollars for a single applicant, from 45,000 to 85,000 US dollars for a couple, and you will have to pay half of the amount payable for the solo applicant per each additional family member.
- Application processing fee. You will have to pay 2,000 US dollars per single applicant, 3,000 US dollars for a couple, 5,000 US dollars for a 3- to 4-member family, and 1,000 US dollars per extra application participant.
- Due diligence/security check fee. A solo applicant pays 7,500 US dollars, a couple is liable for 12,500 US dollars, and 5,000 US dollars is payable per each member above that.
St. Lucia Citizenship by Investment: Main Advantages
- St. Lucia allows dual citizenship. It means that you can keep your current passport and obtain the St. Lucian one at the same time. However, this is only possible if your country allows dual citizenship, too.
- When you get a passport from any Caribbean country, you receive a CARICOM passport which gives you the right to live, work, and study in countries with a stable economy and few political issues.
- The fact that you have received the local passport will remain confidential. The country’s authorities will not provide this information to the authorities of your home country unless they receive an official well-grounded request to do so.
- If you opt for a non-refundable donation to the local fund, you will make a valuable contribution to St. Lucian economic development.
- Returnable investment options can be profitable! You can resell your real estate in five years at a profit, and the business venture you participate in has every chance to be profit-making as well. That is, you will get your passport for free and even “get paid” for that! All you need is to have a proper amount to invest for five years and make wise arrangements for subsequent property sales or business organization.
- You may choose to live in St. Lucia to benefit from its high quality of life, well-developed infrastructure, safe environment, wonderful climate, a variety of settings to live in, and luxury accommodations.
- Last but not least, St. Lucia is a low-tax jurisdiction, which will give you the possibility to ease your fiscal burden if you become the country’s tax resident.
Interested in the citizenship of St. Lucia? You can follow the link to get more details or discuss your questions with an expert at no fee. Keep in mind that the local authorities only accept documents from local agents, and we will help you find a reliable one. See you in St. Lucia!
