Since launching in 2016, Saint Lucia’s Citizenship by Investment program has contributed millions to the socio-economic development of the country.
In the four years since its introduction, Saint Lucia’s CBI programme has contributed more than EC$130 million (US$48 million) to the country, according to the government.
Launched in 2016, and the newest of the five Caribbean CIPs on offer, the Saint Lucia citizenship by investment programme has certainly made itself competitive with its Caribbean counterparts. Its minimum donation of US$100,000 for a single applicant makes it one of the cheapest ways to secure a second passport worldwide, while its three months processing time and visa-free access to 146 countries makes it highly competitive.
And such a competitive CBI offer has certainly paid off, with revenue of EC$131.2 million (US$48.5 million) in the last few years, which contributes to the socio-economic development of the country.
Prime Minister Allen Chastanet said in Parliament last week: “Since its commencement, the CIP has contributed EC$131.2 million to this country. At a time of dwindling sources of granting funding and an ever-increasing demand for government services, government will leverage the demand for our passports, as a means of attracting investment into St Lucia.”
However, in order to remain competitive, Mr Chastanet acknowledged that “One must continually make changes to the legislation governing the programme”, which is why his administration had recently made some changes to the Regulations and Principal Act.
Recently, in an attempt to make the Saint Lucia CIP even more attractive, especially during the tough times of the pandemic, it was updated with a Covid-19 Offer, allowing a family of four to obtain citizenship for just $150,000, down from $40,000, and running until the end of the year. In addition, the CIP added its Covid-19 Relief Bond, also running until the end of year, allowing investors purchase a non-interest-bearing government bond for just %250,000 for a single applicant, half the price of its usual bond investment.
Saint Lucia’s CIP is known for being transparent and thorough, with the country applying strict due diligence.
Mr Chastanet added: “Government is pleased with the approach that the CIP Unit has used in focusing on the conduct of rigorous due diligence checks and working with our local law enforcement and then Regional Communications Centre (JRCC) of CARICOM. The CIP programme will therefore be a critical element of our funding, in implementing the medium-term development strategy.”
To find out more about Saint Lucia’s Citizenship by Investment program, visit the country profile by clicking here.