Castries, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Saint Lucia has amended the regulations of its Citizenship by Investment Programme to remain increasingly competitive and ensure that the Caribbean country fulfils its mandate of growing demand for its investment products for the ultimate benefit of the people of Saint Lucia.
As one of the youngest Citizenship by Investment products in the market, Saint Lucia has made bold strides in offering an alternative investment option in the Caribbean’s most developed and diverse economies.
The country’s Citizenship by Investment Unit has taken a comprehensive review of its Citizenship by Investment offerings following approvals from the Citizenship by Investment Board and Honourable Deputy Prime Minister and Minister for Tourism, Investment, Creative Industries, Culture and Information, Ernest Hilaire. The below amendments to the existing regulations will take effect from 1 January 2023.
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Developers applying for approved real estate under the Citizenship by Investment Programme or enterprise projects will now have to pay due diligence and background check fee of US$7,500.
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The replacement fee for a lost or damaged certificate will increase from US$100 to US$500.
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Investors who have been a citizen of Saint Lucia for 12 months or less that are looking to include a newborn dependent through the country’s National Economic Fund will now have to pay a fee of US$5000, this has increased from US$500.
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There is also an introduction of a new Bond Offer for investors purchasing non-interest-bearing Government Bonds with the following qualifying investment sums:
| Category of applicant | Bond purchase sum | Bond holding period |
| Applicant and all qualifying dependents of any number | US$300,000 | 5-year holding bond |
| Administrative fee (regardless of the number of dependants) | US$50,000 |
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To qualify for second citizenship through the real estate option, investors will have to invest a minimum of US$200,000, a reduction from US$300,000.
Saint Lucia is emerging as one of the fastest-growing economies in the Caribbean region and the nation is well-known for offering various investment and business opportunities for people looking for options to plan their wealth and diversify their portfolios.
The country’s Citizenship by Investment Programme is a perfect choice as it offers ideal business opportunities to investors who do not want to be bound by border limitations.
The Caribbean country is recognized for providing a second home not just to investors but to their families too. The nation has been lauded for its advanced and modernized infrastructure. Saint Lucia has one of the most resilient, modernized education and healthcare systems in the region, which makes it ideal for investors and their families.