Gorgeous, vibrant, and bucolic, St Lucia is one of the underrated gems in the Caribbean islands. The destination scores mark for offering a horde of tropical benefits and also staying true to its soul. Located towards the north of the eastern Caribbean Sea, northwest of Barbados, and south of Martinique, St Lucia is famous for its twin peaks and alluring beaches.
However, in recent years the major highlight of the country is its Citizenship by Investment program. The scheme provides investors unmatched benefits and has become a major pedestal for business exploration and tax exemptions. Let us now check some of the major things about the program.
Why Go For St Lucia Citizenship Program?
Launched in 2015, the St Lucia Citizenship program stands out as the most efficient for investors. The scheme provides access to around 146 countries, including the UK, the Schengen area, Singapore, and Hong Kong. The program also allows immigrants to contribute to real estate development, government funds, and investing in a business or government-approved enterprise. However, a thin line of difference is that the investment in bonds or real estate is refundable within 5-7 years after being granted citizenship.
What Are The Various Qualifications Required For The Program?
As with various other schemes, the St Lucia Citizenship program is also limited to the global elite only. The program comes with its share of qualifications that need to be met to qualify for citizenship. Every applicant interested in residing in the country must have a clean background with no criminal evidence. The health and character of the immigrant are also prioritized by the government and hence remain on the top of the list.
Time Frame For The Citizenship By Investment Program
The application for citizenship in St Lucia takes a time limit of 4 months to get approved. This includes everything right from the submission of the application to the issuance of the certificate. For the application to get processed without any delays, the individual must affix all necessary documents, along with due diligence and non-refundable processing fees. As St Lucia provides dual citizenship to the immigrants, the applicants have extendable benefits to embark upon. Also, they can apply for a 10-year tourist visa (B1 and B2) for the US, allowing them to attend conferences and conduct business meetings.
Benefits of the St Lucia Citizenship Program
The St Lucia citizenship program allows the main applicant to include a spouse, children( under 31), siblings (under 18), and parents over 56 years. There is no prerequisite of residence or visitation, and the program stands out for its attractive processing costs. Successful applicants gain visa-free travel to more than 140 countries and a better prospect for a career-driven future.
Different Investment Options To Consider
St Lucia Citizenship allows immigrants to invest a minimum of USD 300,000 in real estate. Depending on the real estate developer, the amount must be held for five years, and additional costs might be incurred on the same sum. For anyone looking forward to investing in an approved enterprise project, a minimum amount of USD 3.5 million and a joint contribution of 6 million is required. However, for the above two conditions, additional government fees also apply if:
- The main applicant goes for investment: USD 30,000.
- Main applicant and spouse: USD 45,000.
- Dependents above the age limit of 18 years: USD 10,000.
- Dependent is 17 years: USD 5000
- Subsequent family member after sixth: USD 10,000.
Apart from that, a non-refundable amount of USD 100,000 is also given to the NEF fund, which may increase or decrease under the above other circumstances.
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