St Lucia Reduces Real Estate Price And Introduces New Bond Offer, Among Other Changes
02 January 2023
The Government of St Lucia introduced a host of changes to its Citizenship by Investment Programme (CIP) for the new year.
In a circular sent on the 29th of December 2022, St Lucia's Citizenship by Investment Unit (CIU) detailed the changes, including a reduction in the CIP's real estate investment requirement and a new bond offer.
Real Estate Minimums Reduced
One of the most significant changes is a price deduction, as the St Lucian CIP has lowered the real estate minimum investment requirement to $200,000 from $300,000.
This new price point puts St Lucia's real estate option on par with those of Antigua and Barbuda, Dominica, and St Kitts and Nevis, while Grenada's CIP threshold remains slightly higher at $220,000.
This new pricing is a big step forward for St Lucia's CIP as it looks to bolster the country's tourism sector and real estate sectors by attracting FDI into specific real estate projects.
New Bond Offer
For the past two years, St Lucia's CIP had its COVID Relief Bond option, which lowered the minimum bond investment threshold. However, since the COVID Relief Bond option ended on the 31st of December 2022, St Lucia has decided to add another bond offer for interested developers.
Under this option, investors can qualify for St Lucia's CIP by investing $300,000 in non-interest-bearing Government Bonds, instead of the typical $500,000.
This option also requires an administrative fee of $50,000, which remains constant no matter how many qualifying dependents are added to the application.
St Lucia remains the only CIP in the Caribbean that has a Government Bonds option, and the new bond offer ensures that it remains affordable and competitive for prospective applicants.
The last of the regulation changes come in the form of fee updates as follows:
- Real estate developers and enterprise projects applying for approval under the CIP must now pay a $7,500 due diligence and background check fee.
- The fee for replacing a lost or damaged certificate has increased from $100 to $500
- Investors that have held St Lucian citizenship for 12 months or less and who wish to add newborn dependents through the CIP's National Transformation Fund will now have to pay $5,000 instead of $500.
- Investors who obtain their citizenship through the CIP can now add future newborn dependents for a fee of $5,000 and a processing fee of $1,000. Investors can submit a newborn addition application while the dependent remains between the ages of 0-12 years old.
The new fee structure opens the door for reputable developers and businesses to apply for approval under the CIP, further enhancing the CIP's real estate and enterprise options.
A Competitive Programme
St Lucia's CIP has been one of the most popular in the world since its launch in 2015, and the new regulations are set to ensure its continued success.
Investors looking to obtain a second citizenship with no physical residence requirement, a straightforward procedure, and efficient processing times ranging between 3 to 6 months should consider St Lucia's CIP as an option.
To know more about St Lucia's programme and other CIPs available to investors, contact us today to book a free, comprehensive consultation with one of our experts.