With many people across the globe choosing to take up residence in countries where the socio-political climate and personal freedoms are more favourable, the demand for Citizenship by Investment Programmes (CIPs) has been growing exponentially. Inherent in such relocations lie many positives from an investment perspective, especially for the host country and the investors.
Since participants in Citizenship by Investment Programmes are often of high net worth, their investments tend to create a huge boost in the economy to which they relocate and earn a second citizenship. These investments, in turn, fund various government projects and create much-needed jobs. Since most Citizenship by Investment Programmes require participants making an initial investment in real estate or funding of government projects, the revenue generated is quite hefty.
Therefore, the positive influence of investors within the Citizenship by Investment Programme setting cannot be underestimated. These investors often assist in creating a more diverse economy because they often make investments in areas not previously explored due to many reasons, including lack of requisite financial resources by the State or the private sector, or perceived high risks.
But since investors are often looking for ways to grow their nest egg, they are more likely to take risk. And with the many attractive incentives being offered to participants in Saint Lucia’s Citizenship by Investment Programme, many investors are being drawn to the island to take up residence and get a second passport.
People participating in Citizenship by Investment Programmes are often motivated by more than just capital gains; they are also looking to invest in a country more substantially from a family, social or cultural perspective. They bring their families with them as dependents and commonly contribute to the economy in various ways, including paying for private schooling, purchasing real estate, extending their businesses, and creating employment.
A 2014 study found that investors plunked down nearly US$2 billion across the globe via foreign investments. The International Monetary Fund (IMF) also found that foreign investment and government revenues from investment migration in some island states account for between 10% and 40% of gross domestic product (GDP). This level of revenue injection into an economy is essential as it often serves to make up for the shortfall experienced in other sectors of the economy.
Globally, investors migrating to second countries have created a US$21.4 billion industry that helps to create jobs, protect countries vulnerable to the effects of climate change, boost infrastructure investments, widen social programmes, and redound in economic growth.
These are huge investments by any standard, and with investors increasingly looking for ways and different locales to invest, Saint Lucia stands to gain a great deal through its Citizenship by Investment Programme.
With nearly 600 people from across the globe already gaining a second citizenship in Saint Lucia through the Citizenship by Investment Programme, government is now able to tap into an alternative source of revenue to fund its various activities.
Current options in Saint Lucia’s Citizenship by Investment Programme are as follows:
Within the next few weeks, the best of Saint Lucia will be on show in Dubai as a local delegation will travel to the city in the United Arab Emirates (UAE) for Expo 2020 Dubai. At the Expo, the island’s accommodating landscape for tourism, investment and trade opportunities will be showcased to millions of people expected at the October 2021 to March 2022 event. Among the agencies representing the island at that Expo is CIP Saint Lucia.
Advertising and marketing the island at such a high-level Expo augurs well for Saint Lucia, as the United Arab Emirates has and attracts many high net worth investors seeking to invest and live in other locales that are fertile for investment. The economic power of these investors not only influences the business climate in Saint Lucia, but also the cultural and social elements.
With the COVID-19 pandemic dealing a huge blow to the world economy, many investors are finding ways to invest creatively. Many are familiar to the old adage that the best time to invest is often when faced with adversity. Since 2015, when Saint Lucia launched its Citizenship by Investment Programme, and now more than ever, the island remains a viable option for investors.
At McNamara Citizenship Services Inc., we recognize the important role that investors play in the socio-economic development of an economy. As a full-service advisory agency providing all the relevant services associated with acquiring citizenship in Saint Lucia, we have seen how participants investing in the Programme have made meaningful contributions to our island’s development.
As an approved authorized agent under the Saint Lucia Citizenship by Investment Programme, we use our intimate knowledge of the Programme to guide you through the process of obtaining your citizenship.
Contact us today and let us help you make investing in Saint Lucia the best investment you’ll ever make.
