The Caribbean is one of the most idyllic locations in the world for holidaymakers and expats alike, making any opportunity for relocation an interesting prospect worth looking into further. If you are in the process of either considering or making applications for residency and or citizenship in different countries, perhaps the information we will share with you today could present a new choice to add to your list. A Commonwealth member and island nation in the Lesser Antilles, St Lucia is the perfect candidate to consider. Not only does it exhibit the charm and beauty of the Caribbean we mentioned before, but since 2016, there is also a citizenship by investment scheme on offer to foreign investors with the requisite level of capital assets to place into the nation in return for their passport and all of the benefits that come with it. But let us not get too ahead of ourselves, in today’s article, we will cover the requirements, stages and benefits of St Lucia’s program, and hopefully help you decide if it could be a viable option for you.
First and foremost, you will most likely want to know the eligibility criteria, as the fine print can often be the deciding factor when weighing up decisions of any magnitude. Please find below a short list outlining the requirements for applicants:
1. 18 years old minimum
2. Good health and character
3. Clean criminal record
4. Have sufficient funds to make the investment
It has to be said, the lack of exclusivity is part of what makes this program so appealing to people from across the globe. Yes, the investment is a large amount, we will cover this in more detail in a minute, however, in terms of people being allowed to apply, there are no nationality restrictions and comparatively few hurdles to jump over before obtaining citizenship in St Lucia.
We can now take a more in depth look at the investment itself and the steps involved in the process.
1. Documents are gathered for submission and attaching to the application
2. The Citizenship-by-Investment Board are in charge of the application reviewing process and are the barrier between acceptance and denial for any prospective investor
3. Payment of due diligence and other government fees
4. Make investment within 90 days of approval
5. Swear an oath and receive citizenship
This timeline spans roughly four months should everything run smoothly, allowing for you to not have to wait an extensive period between making your investment and receiving your passport. This is most definitely another upside to the scheme and makes it even more worthwhile considering for relocation this year.
In terms of the investment itself, here are your options:
· Real estate of value US$300,000 or more
· Investment in enterprise project of US$3.5 million or more
· US$100,000 investment into a government fund
· Investment in COVID-19 relief bonds held for 5 years (available until 31/12/2021) US$250,000
These values can increase exponentially as more applicants are added to a single submission, for example, the inclusion of a spouse. However, the lowest option of US$100,000 is on par with the most cost-effective citizenship by investment schemes in the world, making this particular program extremely attractive.
Other benefits that are on offer to successful applicants include:
· Visa-free travel to 132 countries (UK and EU inclusive)
· No residency requirement
· No payment pre-approval
· Citizenship can be passed on to family members
· Reliable international aviation travel links
So, if you are interested in finding out more, get in touch with us today! At Creimerman, we are a team of global citizens, working with each client and providing a tailor-made service in order to help make their cross-border ventures a success, and we would love you to be the next.