The Government of St Lucia has introduced a host of changes to its Citizenship by Investment Programme (CIP) for the new year.
In a circular sent on the 29th 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.
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.
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:
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.
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 learn more about St Lucia’s programme and other CIPs available, don’t delay and contact us today.