Saint Lucia fast becoming ideal Citizenship by Investment location
Castries, March 23, 2023 (GLOBE NEWSWIRE) -- Saint Lucia’s Citizenship by Investment Programme is fast becoming a firm favourite for global investors looking for a destination with attractive investment options and the opportunity to gain second citizenship.
CEO of the Citizenship by Investment Unit, Mc Claude Emmanuel, is working hard to increase the reputation and stature of the CIP which is now one of the most sought-after investment programmes – this is despite it only being around for less than a decade.
Recent strategies that have been implemented have been successful in contributing to a positive view of the programme – one that offers lucrative investment options in a safe and peaceful destination.
With a number of countries offering CIP solutions, most of them concentrated in the Caribbean, Saint Lucia competes with some top award-winning brands that have been recognised by the annual CBI Index, an instrument of The Financial Times’ PWM magazine to rate top CIP programmes around the world.
The CBI Index report saw Saint Lucia claim the third spot in 2022. Out of the nine pillars of the CBI Index, Saint Lucia secured top spots in: Minimum investment outlay, Ease of processing, Mandatory travel, and Residence.
As uncertainty becomes the norm around the world, entrepreneurs and families alike are looking for stable destinations to hedge and protect their investments.
A report by global citizenship planning firm, CS Global Partners, found that CIP is an effective tool for the world's wealthiest to protect and grow their wealth as it forms part of an effective financial plan that considers inheritance and wealth taxes – especially for those who want an alternative and time-effective solution.
Various campaigns and initiatives have been launched by the Citizenship by Investment Unit of Saint Lucia in an effort to encourage more investors to make the right choices to build, grow, and invest in the country. In order to increase the integrity and competitiveness of the programme, CEO Emmanuel has been working to strengthen the programme.
The due diligence procedures of the Citizenship by Investment Programme of Saint Lucia have become more robust and stringent. The CIP Unit ensures that citizenship is only granted to good-standing applicants, along with rigorous due diligence checks. All applicants are qualified after a rigorous due diligence check is applied.
Investors are interested in the Saint Lucia CIP as it offers business opportunities through investment options that are designed to benefit the local community, the economy, infrastructure development, developers, investors, and education and healthcare.
Investment options include:
The National Economic Fund (NEF) option allows investors to fund government-owned projects aimed at developing infrastructure and facilities that will advance St Lucia’s economy. The minimum contribution amount is US$100,000 per single applicant.
Government Approved Real Estate Projects provide investors with the opportunity to purchase government-approved property that is from US$200,000. After the applicant receives citizenship through this investment option, they must own and manage the property for five years. There are fees applied for due diligence per applicant.
National Action Bond (NAB) is the latest investment option introduced to CIP that started on 1 January 2023. It is a government bond that is a non-interest bearing that must be in the name of the investor for five years, from the date of the first purchase. The minimum investment amount with any number of dependants is US$300,000, with a fixed administration fee of US$50,000, per applicant. There are due diligence and processing fees per application.
The Pre-Approved Enterprise Project is another investment option that the main applicant may apply independently or as a joint investment. Independent applicants must invest in a project valued at US$3.5 million and create a minimum of three permanent jobs. The joint investment requires each investor to contribute US$1 million each, totaling the project valued at US$6 million, and create a minimum of six permanent jobs. From 1 January 2023, applicants must contribute US$7,500 for due diligence and background check fees.
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