The Government of St. Lucia's Citizenship-by-Investment Programme (CIP) has indeed introduced several changes in December 2022 to make it more competitive and attractive to prospective investors. Here is a summary of the key changes:
- Real Estate Investment Requirement: The minimum real estate investment requirement has been reduced from $300,000 to $200,000. This price reduction makes St. Lucia's real estate option more competitive with other Caribbean countries offering citizenship-by-investment programs like Antigua and Barbuda, Dominica, and St. Kitts and Nevis. Grenada still has a slightly higher threshold at $220,000.
- New Bond Offer: The COVID Relief Bond option, which allowed for a lower minimum bond investment threshold, ended on December 31, 2022. St. Lucia has introduced a new bond offer where investors can qualify for the CIP by investing $300,000 in non-interest-bearing Government Bonds, compared to the typical $500,000 investment. An additional administrative fee of $50,000 is required, which remains constant regardless of the number of qualifying dependents added to the application. St. Lucia remains the only Caribbean CIP with a Government Bonds option, making it an affordable choice for prospective applicants.
- New Fees: Several fee updates have been introduced:
– Real estate developers and enterprise projects applying for approval under the CIP now need to pay a $7,500 due diligence and background check fee.
– The fee for replacing a lost or damaged certificate has increased from $100 to $500.
– Investors with St. Lucian citizenship for 12 months or less who wish to add newborn dependents through the CIP's National Transformation Fund will now have to pay $5,000 instead of $500.
– Investors who obtain their citizenship through the CIP can now add future newborn dependents for a fee of $5,000 and a processing fee of $1,000. This option is available while the dependent is between the ages of 0-12 years old.
These changes aim to make St. Lucia's CIP more competitive and attractive to investors and developers. St. Lucia's CIP has been popular since its launch in 2015 due to its straightforward application process, efficient processing times, and the absence of a physical residence requirement. These new regulations are expected to further enhance the program's appeal for those seeking a second citizenship. If you're interested in exploring St. Lucia's CIP or other similar programs, it's advisable to contact the relevant authorities or consult with immigration experts for the most up-to-date information and guidance.
