St Lucia's Citizenship by Investment Programme Extends its COVID Relief Bond Option
01 February 2022
St Lucia's Citizenship by Investment Programme announced the extension of its COVID Relief Bond option to 31st of December, 2022 one week before its expiry date.
The COVID Relief Bond Option allowed investors to qualify for the St Lucia Citizenship by Investment Programme through purchasing US $250,000 in government bonds instead of the regular US $500,000 amount.
The COVID Relief Bond is a non-interest-bearing government bond, and it requires Citizenship by Investment Programme applicants to hold the bonds for a period of five to seven years.
Investment requirements for the COVID Relief Bond:
- Single applicant, 5-year hold period
- An applicant with 1 dependent, 6-year hold
- An applicant with up to 4 dependents, 7-year hold
- An applicant with up to 4 dependents, 5-year hold
- Up to 4 additional dependents can be added at US $15,000 per person
The St Lucia Citizenship by Investment Programme introduced the COVID Relief Bond back in May of 2020 to combat the economic crisis brought upon by the COVID pandemic. Since then, the government has extended its COVID Relief Bond twice, a testament to the importance of the investment option for both St Lucia and global investors. Nestor Alfred, the former Head of the St Lucia Citizenship by Investment Programme, echoed this sentiment saying: "St Lucia gains from a sustainable liquidity source. Investors gain a value catalyst from enhanced global mobility, lifelong yield, and the [discounted] bond pricing. It's a real win, win – which in the time of COVID is pretty rare."
Although the COVID Relief Bonds does not yield ROI, investors will get their investment back after the holding period.
Alfred also highlighted that these bonds play a vital role in assisting an economy that relies heavily on tourism, a key source of revenue that disappeared due to the pandemic. Alfred commented: "The Citizenship by Investment Programme St Lucia COVID Bond can be seen as the only Socially Responsible Investing (SRI) option in the investment migration industry. Our innovative investment structure means that investors can support a developing economy and sovereign state in a time of need. But this isn't charity; this is a sophisticated investment choice that creates value for St Lucia, St Lucians and investors alike.”
A Growing Demand
The St Lucian Citizenship by Investment Programme was created in 2016 and the programme has naturalised 813 individuals since the end of 2020. Nestor Alfred announced that the programme received a record number of applications during the height of the COVID pandemic.
“Since the start of our fiscal year — the 1st of April, 2020 — we have already recorded 154 applications received, the best in the five years that we have been in operation ", stated Alfred.
Investors applying for the St Lucian Citizenship by Investment Programme usually obtain their new passports - that provide visa-free travel to 146 countries and territories worldwide, including the EU and UK - within four to six months.
If you are interested in learning more about the St Lucia Citizenship by Investment Programme, contact us today to book a complimentary and comprehensive consultation with one of our citizenship advisors.