Saint Lucia Citizenship By Investment: Brief, changes made in 2020 & benefits

On 22 February 1979, Lucia became an independent nation with the status of a commonwealth member. Lucia is one of the members of CARICOM. With no international dispute, Lucia is maintaining healthy relations with other countries.

Lucia is the country with the quickest developing economy among all Eastern Caribbean States. Around 65% of GDP is run by tourism in Lucia. If you are a businessman, you are at the most profitable country land. Low tax rates are attracting business and salaried persons to come here and earn.

Yellow sandy seashores, blue marine life, and green canopy of rainforests are attracting tourism. Unspoiled seashores are inviting celebrities to enjoy their vacations in Saint Lucia.
Why Saint Lucia’s Citizenship is best?
In 2015, Saint Lucia’s Citizenship by Investment Program (SCIP) was officially launched in the Caribbean. It is launched after the Citizenship by Investment Act No. 14 of 2015.

Lucia offers an interesting offer for foreigners to become citizens of Lucia. Now foreigners can get the citizenship of Lucia by investing in various plans.

The Saint Lucia CIP stays the least expensive visa program for people right now, contrasted with other Caribbean citizenship programs.

Saint Lucia’s Citizenship By Investment Program: Brief Explanation
Under Lucia’s Citizenship by Investment Program, an applicant can apply for citizenship of Lucia by making a significant investment in the country’s economy. In return, and subject to a rigid application measure and due determination checks, the candidates and their families are allowed full citizenship.

The applicant of at least 18 years of age can meet the application requirements and select one of the accompanying investment plans:

1. Invest in Real Estate
2. Invest in a Local Business
3. Make a Donation
4. Invest in Government bonds

A) Invest in Real Estate
Applicants must invest at least USD 300,000 in a real estate project while applying for citizenship through real estate investment. Applicant should hold an investment for a base time of five years. Extra expenses may likewise be incurred relying upon the real estate project.

B) Invest in a Local Business
In the local business investment plan, the applicant must make a minimum investment of USD 3.5 million on a legally approved enterprise project. Alternatively, in a joint business, USD 6 million of contribution is compulsory, and the business must provide 6 permanent jobs (each applicant is contributing a minimum of USD 1 million).

Given below are the government services fee structure required in the above two investment plan:
· For the Main applicant, the government fee is USD 30,000
· For the Main applicant with a spouse, the government fee is USD 45,000
· For dependant aged 18 and over, the government fee is USD 10,000
· For each dependant 17 and older, the government fee is USD 5,000
· The government fee for each subsequent family member after sixth is USD 10,000

C) Make a Donation
Donation in government funds is a non-refundable contribution wherein you have to invest a minimum of USD 100,000 (for a single applicant). There are few categories in which an applicant may contribute with a minimum investment plan:
· USD 100,000 for the main applicant
· USD 140,000 for Main applicant and spouse
· USD 150,000 for the main applicant with the spouse, and qualifying dependents (only two dependants)
· USD 15,000 for each additional dependant while applying with the main applicant, spouse, and two dependants
· USD 25,000 for each additional dependant

D) Invest in Government bonds
Investment in government bonds is non-interest-bearing. Investment in government bonds must be held for at least five years.

a) The Citizenship by Investment plan under regulation 12(1), Cap. 1.20
· Investment required for the main applicant is USD 500,000
· Investment required for the main applicant and spouse is USD 535,000
· Investment required for main applicant, spouse, and qualifying dependents(two dependents allowed) is USD 550,000
· Investment required for each additional dependant is USD 25,000, no age limit
· Government fee for the application process is USD 50,000

b) The Citizenship by Investment plan under the Covid-19 Relief Bond (available until 31 December 2021)
· For the main applicant, investment of USD 250,000 is required for five years
· For the main applicant with one qualifying dependant, investment of USD 250,000 is required for six years
· For the main applicant with four qualifying dependents, investment of USD 250,000 is required for seven years
· For the main applicant with four qualifying dependents, investment of USD 300,000 is required for five years
· Investment required for each additional dependant is USD 15,000
· Government fee for the application process is USD 30,000

Note:
1. For the foreigners who already have Lucia’s citizenship can apply for their dependents’ citizenship within five years of their application being approved. For citizenship of additional dependant donation of
· USD 35,000 must be made while applying for spouses,
· USD 25,000 must be made while applying for each additional qualifying dependant (no age limit)

2. Also, the due diligence fee of USD 5,000 is taken for each qualifying dependent (aged 16 or more than 16).
3. Government fee for the application process is USD 1,000 for each dependant

Saint Lucia’s Citizenship by Investment Program: Eligibility

Before applicant is applying, check if you are qualified. Fortunately, the qualification necessities are quite standard and don’t make it excessively hard for applicants to qualify.
Eligibility criteria of the applicant for Saint Lucian citizenship:
1. Applicant must be at least 18 years of age
2. Applicant must not have any criminal record
3. Applicant must be mentally and physically fit
4. Applicant must not be a potential security hazard for the nation
Process Of Applying For Lucia Citizenship
1. Get ready with basic documents like a Birth Certificate, Passport ID, Medical certificate, and police certificate
2. Download the SL1 form for the application procedure
3. Get consul of an Authorized attorney
4. Pay Due diligence fee and wait until your application form got approval (2-3 months)
5. Pay the Government fee and remaining expenses.
6. Take an Oath
After all this, you can collect your visa from the office of your agent.

Saint Lucia’s Citizenship by Investment Program: CHANGES IN 2020

In 2020, significant changes were made to the citizenship investment program by the legal authorities of Saint Lucia.
1. Reduction in NDF costs for families
2. Decrease in Government fee for real estate to USD 30,000 from USD 50,000
3. Spouse and children can be added for flat fee charges later whenever inside 3 years

Saint Lucia’s Citizenship by Investment Program: Benefits

1. Fast Citizenship: the processing time of the application is 3-4 months.
2. Visa-Free Travel: Free travel to 145+ countries (including the United Kingdom, the European nations, and Ireland)
3. Minimum Passport Prices: St. Lucia is charging the lowest donation amount and fees
4. Favorable Taxes: there is no tax on income from abroad, wealth, or inheritance
5. Residence is not necessary: It is unnecessary to live in St. Lucia to receive or renew your passport.
6. Multiple Investment program: St. Lucia is offering four different investment options for citizenship.
7. Get lifetime citizenship.

Saint Lucia’s Citizenship by Investment Program: CONS

There aren’t numerous cons, according to the Saint Lucia CBI program. Notwithstanding, a couple of cons that remain are identified with its originality, and it’s one of a kind way to deal with foreign relations.

1. No admittance to Russia or China.
2. It is new to applicants
3. Saint Lucia’s citizenship program has a higher charge than its adjoining nations.

Contact Law Firm Istanbul WiklundKurucuk today!
Allow us to help you sort your citizenship issues, so you can differentiate and give yourself the alternative to go where you’re dealt with best for investment.