Rigorous due diligence. Check. Integrity and transparency. Check. Minimum financial outlay. Check. Booming economy. Check. Exemplary handling of the pandemic. Check. It’s easy to see why the Saint Lucia’s Citizenship by Investment programme, which has entered its fifth year of successful operation and undergone a recent rebrand, has proven so popular in the past few months.
Speaking during the launch of the rebrand (unveiling of a new visual identity and website) of Saint Lucia’s Citizenship by Investment Programme last month (October), Prime Minister Allen Chastanet announced that the programme had witnessed an impressive double-digit percentage increase in applicants in the last few months.
A combination of the programme’s integrity, transparency and high levels of due diligence combined with the country’s booming economy and efficient handling of the pandemic (the country has seen just 142 total cases and has had zero deaths) has given rise, explained PM Chastanet, to an increased interest by HNWIs in becoming citizens of Saint Lucia via investment.
Competitively priced, high standards
The current pandemic has “caused many business owners and investors to realise that they can operate remotely and that there’s no need to be based in the big cities,” PM Chastanet explained. “St. Lucia’s high-speed broadband network and direct flights to the US and London enable easy access to the rest of the world.”
This, coupled with “our uncompromising commitment to the highest standards of good governance” and “favourable head office legislative provision”, makes it attractive for companies to move their headquarters to Saint Lucia, he said. “We are still on track to meet our target of doubling our GDP in the next six years.”
Whilst Saint Lucia’s CBI Programme is the newest on the citizenship by investment block, having just entered its fifth year, it has really put itself on the global CBI map delivering not just a competitively priced and timed option (it offers the cheapest minimum outlay along with Dominica at US$100,000 and a processing time of three months), but a programme that’s known for its due diligence and transparency.
“What really sets us apart from other offerings in the region,” said Nestor Alfred, CEO of the Saint Lucia CBI Programme, “is our uncompromising commitment to the highest standards of good governance along with our dedication to ensuring rigorous due diligence”.
Chairman of Saint Lucia’s CBI Programme, Ryan Devaux, further stated how the programme had shown real leadership in the region, with integrity and transparency of utmost importance.
“We ensure that our Audit is done every year and the full report presented to Cabinet in compliance with legislative requirements,” he explained, adding that in the vital area of due diligence, “the Board reviews every single application even after it has gone through international vetting so as to ensure that we remain a highly reputable programme”.
Saint Lucia Citizenship by Investment Programme
Launched in 2016, Saint Lucia’s Citizenship by Investment program is the newest of the five CBI programmes offered in the Caribbean. It is also one of the cheapest, with a minimum outlay of just $100,000, and is one of the most straightforward in terms of ease and speed of passport processing.
In addition to offering the cheapest financial outlay for single applicants, St Lucia’s CBI programme is currently offering the most affordable second passport option for families, with its temporary special Covid-19 offer (a reduction of $40,000), which runs until December 2020. This temporary offer gives potential investors the chance to purchase a non-interest-bearing government bond for just $250,000 (that is half the original price of its usual bond investment) for a single applicant with $30,000 added on as an admin fee. Applicants can add dependents to the application for the exact same price, though number of years will increase with each add-on.
The average time for processing a St Lucia second passport is three months and the process of application for St Lucia’s CIP is known to be transparent and thorough. A further positive of St Lucia’s citizen investment programme is that there is no need for applicants to reside in or travel to the island during the application processing.
A second passport from St Lucia gives individuals free access to more than 146 countries, including the UK, Schengen area, EU, South America and Singapore.
St Lucia’s programme delivers five investment options, the most of any other country. As a location, St Lucia not only offers a very relaxing lifestyle, it also boasts the best economy in the Caribbean.
To find out more about the Saint Lucia CBI Programme, read our country profile by clicking here