With the aim of delivering an application and investment process that is friction-free and to combat delays caused by the pandemic, Saint Lucia’s CIU has unveiled its e-payment platform, making the Caribbean nation the first citizenship by investment programme to offer a wholly owned and managed e-payment platform as part of its recently launched website.
This new e-payment platform has been set up by Saint Lucia’s Citizenship by Investment Unit (CIU), which runs the country’s successful CBI programme, to combat issues caused by Covid-19, such as delays in bank wire transfer payments, according to a statement published on the country’s newly launched CBI Programme website.
“During the Covid-19 imposed international lockdown, arranging for bank wire transfer could either add weeks to the timeframe or by simply impossible for our investors to manage,” the statement by the CIU reads. This e-payment platform “will save our clients time and potentially capital, as there are no fees require to manage the transfer”.
Described as being entirely secure and utterly efficient, “we believe that our e-payment platform introduces time and cost efficiencies for investors, thereby creating additional value over and above the sustainable return that is guaranteed by our commitment to the utmost highest standards”.
During the four years Saint Lucia has been running its citizenship by investment programme, the CIU has worked hard to ensure that the programme’s processing time is within manageable expectations of the applicants. And certainly, according to the latest independent CBI Index 2020, Saint Lucia delivered a top score in the Ease of Processing pillar and a nearly top score in processing speed.
“We are proud to state that our average processing time from receipt of an application to the granting of citizenship is 56 days,” the CIU’s CEO stated.
Following a recent full diagnostic of the programme’s application process, Saint Lucia’s CBI Unit discovered numerous ways in which they could make significant savings in time, without affecting its commitment to, and excellent record of, security and due diligence.
“Efficiency does not equate to less due diligence, it means that we ensure all potential efficiencies are maximised to create the perfect combination of effective due diligence with no time wasted,” they state.
The country’s CIU has made no secret of its commitment to governance and transparency, and this commitment and dedication to the strictest of due diligence policies is at the heart of its recent relaunch (October 2020), with the re-branded programme and its new tagline of Authentic, Respected, Secured, reinforcing its identity as a CIP that delivers good governance and rigorous due diligence.
Nestor Alfred, CEO of the CBI Programme said that what sets the programme apart is its “uncompromising commitment to the highest standards of good governance along with our dedication to ensuring rigorous due diligence”.
And the proof is in the pudding with Saint Lucia’s CIP, now in its fifth year of operation, having witnessed a double-digit percentage increase in applicants in recent months.
Saint Lucia’s Prime Minister Allen Chastanet explained at the CIP’s relaunch that the country’s “high-speed broadband network and direct flights to the US and London enabling easy access to the rest of the world” coupled with “our uncompromising commitment to the highest standards of good governance”.
Saint Lucia CBI 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