On December 29, 2016, Saint Lucia's PM, Allen Chastanet, has issued new amendment to the Citizenship by Investment Regulations 89 of 2015, to be put in effect from 1st of January 2017.
Those who may cringe at yet another notice, better read it! The modifications have only made acquiring Citizenship by Investment in St Lucia much cheaper and hassle free not only for a single applicant but for families as a well. Now ain't it a news to rejoice, for serious investors, indeed it is!
As per the latest modification to the previous regulations, the program is rendered much faster with enhanced efficiency in all of the Caribbean countries.
Amendments to Saint Lucia CBI Program:
Let's evaluate the amendments right away!
- No need to declare financial resources of minimum net worth of US $300,000
- Instead of swearing an allegiance oath at the Saint Lucian embassy, High Commisionar consulate or any such affiliate office, now the applicant is required to supply a sworn declaration before an Attorney-at-Law, Notary Royal, Notary Public, Consular Officer or Honorary Consul of Saint Lucia.
- Removing the restriction of 500 applicants annually
CHANGES in the PAYMENT STRUCTURE:
Apart from these procedural modifications, the Honorary Prime Minister of St Lucia has also declared some changes in the prevalent fee structure, which are summarised below:
- Single Applicant: US$100,000.00
- Applicant and spouse: US$165,000.00
- Applicant, spouse and up to 2 dependents: US$190,000.00
- Additional dependents: US$25,000.00 each
- For those investors intending to put their money in Government Bond option are obliged to pay an administration fee of US$50,000.00 per application now on.
- Those applicants who intend to invest in the National Economic Fund are not required to pay any administrative fees!
With these modifications put to effect from January 1st, 2017, the Prime minister has promised more revision and changes to follow up soon to ensure greater return on the capital invested by the applicants. To know more about the promised amendments, check out the original notice, a copy of which is attached below!
Noteworthy here is that the rest of the regulations and requirements remain intact as per the 2015 amendments.
Follow up for the Saint Lucia Citizenship by Investment Program amendment Notice, and all of what the new amendment mean and entail!
The Minister responsible for Saint Lucia’s citizenship by investment programme, the Honourable Allen Chastanet, Prime Minister, has issued an amendment to the Citizenship by Investment Regulations No.89 of 2015. The following changes have been made to the programme:
1) Removing the requirement for a sworn affidavit to declare financial resources of at least US$3,000.000.00.
2) Removing the requirement for a successful applicant to attend in person such office in Saint Lucia or before any Saint Lucia Embassy, High Commissioner or Consulate to take the oath or affirmation of allegiance. This is replaced with the requirement that the applicant supplies a sworn declaration before an Attorney-at Law, Notary Royal, Notary Public, Consular Officer of Saint Lucia or Honorary Consul of Saint Lucia.
3) Removing the maximum of 500 applications per year.
4) Amending paragraph 1 of schedule 2 to change the qualifying contribution amounts to the Economic Fund. The new qualifying contribution amounts are as follows:
Single Applicant: US$100,000.00
Applicant with spouse: US$165,000.00
Applicant with spouse and up to 2 dependents: US$190,000.00
Additional dependents: US$25,000.00 each
5) The Government Bond option has been reintroduced but there is now an administration fee of US$50,000.00 per application.
These changes which take effect from the 1st January 2017 will make the Saint Lucia programme the best value for money in the Caribbean, whether for single applicants or families. Contributors to the National Economic Fund do not have to pay any administrative fees. Saint Lucia is now the cheapest option for an applicant with a family and is on par with Dominica for a single applicant. However, since the processing fee in Dominica is higher than that of Saint Lucia, Saint Lucia is also cheaper and best value for a single applicant.
With these changes, an applicant is no longer required to demonstrate a net worth of US$3,000,000.00 to qualify. Further, the need to travel to a Saint Lucian Embassy or Consulate office to take the Oath of Allegiance has been done away with. This will eliminate the current cost and inconvenience associated with taking the Oath of Allegiance.
In Parliament on Tuesday 20th December 2016 the Prime Minister also announced that early in 2017 another option for qualifying for citizenship will be introduced. This will be the establishment of a Saint Lucia Sovereign Wealth Fund into which applicants can invest for a stipulated time. This fund will be managed by professional investment managers and will provide investors with a greater assurance of the return of their capital and a return on their capital than currently exists with the real estate option in the Caribbean.
Saint Lucia offers the following investment options for qualifying for citizenship by investment:
- Contribution to the Saint Lucia National Economic Fund – starting at US$100,000.00
- Investment in an approved real estate project – minimum investment of US$300,000.00
- Purchase of Government Bonds – starting at US$500,000.00, and
- Investment in an approved Enterprise Project.
Through any of the amendments and modifications in the Saint Lucia Citizenship by Investment Programme, CTrustGlobal is here to help!
For any queries, further information and or how to apply, contact us! We can arrange a free consultation as well!