Saint Lucia Citizenship by Investment Unit has announced a set of reforms to the country’s Citizenship by Investment Program, which will come into effect on January 1, 2023. One of the most significant reforms calls for a reduction of the minimum price for the real estate investment option, as well as the introduction of a new CBI scheme, government bonds investment, which will replace the temporary COVID-19 relief bonds investment option).
Saint Lucia Citizenship by Investment Program Reforms
The following list contains the reforms applied to the Saint Lucia Citizenship by Investment Program as of early 2023 (as announced by the Saint Lucia Citizenship by Investment Unit):
- Reduction to $200,000 (from $300,000) of the minimum amount required for real estate investment to obtain Saint Lucia citizenship.
- The addition of a new option to obtain Saint Lucia citizenship through investment in government bonds, whereby applicants may purchase $300,000 USD worth of Saint Lucia government bonds and retain their ownership for 5 years, regardless of the number of dependents on their CBI application. These bonds are non-interest bearing and the main applicant will be charged with a non-refundable administration fee of $50,000 USD.
- Increase of the Registration Certificate replacement fees (levied in instances of loss or damage to citizenship certificates) to $500 USD from $100 USD.
- Imposition of $7,500 USD due diligence fee on all real estate and corporate projects developers who wish to apply to be approved for the Saint Lucia Citizenship by Investment Program.
Saint Lucia Citizenship by Investment Program Options
As per the new reforms, the Saint Lucia Citizenship by Investment Program will henceforth be composed of four available citizenship options. These include donation to the National Economic Fund, real estate investment, investment in government bonds, and the enterprise project investment for major contributors. The program enables applicants and their eligible family members to obtain Saint Lucia citizenship by investment within three to four months, along with a Saint Lucia passport, which grants holders the right to travel to more than 140 countries worldwide without a visa, including the 27-Schengen area states, the UK, Singapore, and many additional major tourist, business, and trade destinations.