St. Lucia; The Newest Updates and Opportunities in Investment Program valid till December 2020
The Government of St Lucia recently announced new and exciting updates to St. Lucia Citizenship by Investment program, making it even more attractive to future citizens and investors in respect to people’s safety and easing the economic pressure on the government caused by pandemic.
“The newly launched Covid-19 Relief Government Bond comes at a critical time, as a short-term concessionary opportunity thanks to our rapid response to the pandemic,” shares Prime Minister of Saint Lucia, Hon in Global Citizen Webinar Series – May 12, 2020.
The Investment Updates Include:
1- The New Investment Option (The Covid-19 Relief Bond):
According to Ryan Deveaux, Chairman of the Citizenship by Investment Unit of Saint Lucia, “with the Covid-19 Relief Bond, Saint Lucia aims to replace existing debt and ease the pressure on the government.”
The time-limited Investment in the bond not only qualifies the applicant for citizenship but also guarantees the return of their investment after the prescribed time.
The Investment Levels in Covid-19 Relief Government Bond:
Single applicant, 5-year hold period
Applicant with 1 dependent, 6-year hold
Applicant with up to 4 dependents, 7-year hold.
Applicant with up to 4 dependents, 5-year hold.
Up to 4 additional dependents can be added at US$ 15,000 per person.
2- Changes in Investment Procedure and NEF Program:
In addition to the new St. Lucia investment option, amended procedures and changes were also announced to the program, making it more attractive to the increased demand of foreign investors.
This includes pre-processing of law enforcement to help streamline the investment procedure as well as launching a remote way to proceed with file transfers, due diligence, and payments entirely online.
Significant changes were also made to the National Economic Fund (NEF), offering investors and their families a decreased investment for a Saint Lucian citizenship.
The New NEF Contribution Levels Are:
US$100,000 for a single applicant remains unchanged
US$140,000 for an applicant and spouse, down from US$165,000
US$150,00 for an applicant, spouse, and 2 dependents (family of 4) down from US$190,00
and Government Fee:
The US$ 50,000 administrative fees have also been reduced to US$30,000.
3- Precautions to Increased Citizens and Investors Safety:
Saint Lucia’s Prime Minister announced the island’s plan to open their borders as of June 4th, 2020.
The island’s leaders have been working closely with Harvard University and other leading institutions to develop systems to securely open their borders to visitors and tourists. In addition to diligent testing and sanitizing procedures, Saint Lucia has also opened a dedicated respiratory hospital and has flown over 100 specialized doctors from Cuba to be available on the island as a precaution to increased travel.
Saint Lucia has acted swiftly to ensure that pandemic not only would not harm their economy, their people, and all other investors rather protect them against any future crisis and offer Saint Lucia an economic stimulus at the same time. Although the St. Lucia Citizenship by Investment Program is the newest in the Caribbean, it is continuously striving to offer the best option to foreign investors.
For more information, please contact one of our advisors in UAE, Denmark or Canada, and we will do our utmost to guide you through your investment process of obtaining St. Lucia Citizenship.
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