For many decades now, Saint Lucia has shared a magnetic attraction with investors the world over. Despite its mere 238-square mile geographical size, the Caribbean island nation offers a stable political, social and political environment – key factors that lead to sound return on investment (ROI).

After decades of heavy investments in three main economic sectors – banana production, tourism, and manufacturing – the island is now broadening its revenue inflows by opening up opportunities in other sectors. For instance, within recent years, the growth of call centres on the island has created hundreds of jobs for many Saint Lucians and lucrative return on investment for investors.

In response to the economic downturn caused by the COVID-19 pandemic, the Government of Saint Lucia has expressed its commitment to stimulating the economic by generating revenue inflows and improving efficiency in various ways. These include:

• Expansion of the digital economy.
• Considering a Digital Nomad Visa programme for overseas workers and their families, whose work is location- independent, to live and work in Saint Lucia. 
• Encouraging and facilitating the broadening of existing services available in the financial services sector.
• Reviewing all taxes, duties and government’s business processes with a view to easing the challenges faced by affected businesses.
• Reviewing the Value Added Tax (VAT) legislation as it relates to the manufacturing sector to ease the burden of the tax on manufacturing operations.‍
• ‍Encouraging and monitoring the deepening of linkages between the tourism sector and the rest of the economy, especially the agricultural sector.
• Promoting domestic and foreign investments in service industries.
• Revamping the Citizenship by Investment Programme (CIP).
  

By focusing on these key policies, the Government hopes to not only attract foreign direct investment (FDI), particularly via its Citizenship by Investment Programme, but also ensure that Saint Lucia remains competitive as a destination of choice for investors. With the pandemic forcing many countries around the world to adopt new and creative measures to remain viable, these policies present investors with a palatable investment portfolio.

As part of Government’s effort to generate more investor interest, more of its administrative services will continue to be streamlined to reduce unnecessary bureaucracy that often results in costly delays. Through the Citizenship by Investment Programme, investors are assured of quick processing turnaround – even from the very beginning when they apply for Saint Lucian citizenship and a second passport.  

Over the past six years since its Citizenship by Investment Programme was introduced, Saint Lucia has attracted nearly 600 people from across the globe who now have Saint Lucian citizenship and hold a Saint Lucian passport. These new citizens would have invested in Saint Lucia via one of the following options offered under Saint Lucia’s Citizenship by Investment Programme:

• The Government Bond Investment. This option requires:

• A minimum investment of US$500,000.00 and must be held for five years. 
• If the applicant’s spouse is also participating in the programme, the combined investment for both spouses will be US$535,000.00. 
• Two spouses and two dependents participating in the programme requires an investment of US$550,000.00, while any additional dependent will each cost the applicant US$25,000.00.

       Once your application for citizenship and been approved, the investment must be made. These bonds are non-interest bearing, and must be registered and remain in the applicant’s name for a five-year holding period from the date of first issue.

• The COVID-19 Bond Relief option. For this option, a minimum investment of US$250,000.00 must be made, lasts until December 31, 2021, having been extended by another year last December. The terms are as follows:

• Single applicant: A minimum US$250,000.00 -- (five-year holding bond)
• Applicant plus 1 qualifying dependent: US$250,000.00 -- (six-year holding bond) 
• Applicant plus up to 4 qualifying dependents: US$250,000.00 -- (seven-year holding bond)
• Applicant plus up to 4 qualifying dependents: US$300,000.00 -- (five-year holding bond)
• Each additional qualifying dependent (subsequent to applicant plus 4 qualifying dependents): US$15,000.00 each

• The COVID-19 Bond Relief. This option is especially attractive for families, is low-risk, and offers a more favourable long-term value proposition. 
  

• The National Economic Fund Investment. For this option, a minimum investment of US$100,000.00 is required. 
  

• The Real Estate Investment option. For this option, a minimum investment of US$300,000.00 is required. 
  

• The Enterprise Investment option. For this option, a minimum investment of US$3,500,000.00 is required.

CS Global Partners, a UK-based legal advisory that specializes in providing citizenship and residency solutions, recently reported that, over the past year, interest in citizenship by investment programmes has “grown significantly”.

The company said that, based on the statistics, there was a 42% increase in interest in citizenship by investment programmes from Americans compared to the previous year. Among the principal factors for this marked increase was the catastrophic COVID-19 pandemic which has forced many Americans to protect their nest egg and plan for the future.

Another reason for the upsurge in interest in citizenship by investment programmes among Americans was a decline in the power of the U.S. passport, which limited the ability of high net-worth people to travel freely as they would have during the pre-pandemic era. 

This decrease in passport privilege power for the U.S. passport stemmed from the United States’ high number of COVID-19 cases in 2020 and the politicization surrounding the handling of the pandemic there. 

Even in other parts of the world, especially Asia, Africa and the Middle East, people continue to seek a second citizenship in other countries. Some do so for economic reasons while other do so for better education and healthcare and social and political stability. Whatever the reason, investing in Saint Lucia is a great way of ensuring good return on investment.

As an Authorized Agent for Saint Lucia’s Citizenship by Investment Programme, McNamara Citizenship Services Inc. recognizes the importance the Programme plays in changing the lives of our clients for the better. We have literally guided people from across the globe seamlessly to becoming citizens of Saint Lucia. We can also do it for you!

As a full-service advisory agency providing all the relevant services associated with your acquiring citizenship in Saint Lucia, our intimate knowledge of the Programme allows us to guide you through every stage of obtaining your citizenship. 

Contact our capable team today!

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