Castries, Saint Lucia: Saint Lucia has announced new reforms in its existing Citizenship by Investment Programme(CIP) for the upcoming year. To enlist, these changes include a reduction in investment amount for real estate, due diligence for a developer who will be applying under real estate and others, which will come into effect from January 1, 2023 onwards.
As the head of Citizenship by Investment Unit(CIU), MC Claude N. Emmanuel stated, the CIU has reviewed the CIP of Saint Lucia’s offerings, and the reforms will be approved by the Citizenship by Investment Board and the Deputy Prime Minister and Minister for Tourism, investment Creative Industries, Culture and Information, Ernest Hilaire, before being effective from January 1, 2023.
The Latest Amendments to the Saint Lucia CIP are as follows:
1: The replacement fees for a lost/damaged certificate will now be USD 500 instead of USD 100.
2: Developers will now be liable for a USD 7,500 fee, which includes due diligence and background verifications, for those applying under the CIP-approved real estate or enterprise project.
3: The amount of investment into Saint Lucia National Economic Fund, for an additional dependant aged 12 months or below, will also increase to 5000 USD.
4: The amount of real estate investment option will be reduced to USD 200,000, which earlier stood at USD 300,000.
5: The unit has brought in a new ‘Bond Offer’ for investment by the purchase of non-interest-bearing Government Bonds. The Bond Purchase sum for the applicant and all qualifying dependents of any number will be USD 300,000 for five years term. The administrative fees for the same will be USD 50,000.
The Deputy Prime Minister Ernest Hilaire, about the due diligence aspect, addressed the concerns and fears related to Saint Lucia’s CBI Programme. In his address, he assured that the Government of Saint Lucia and its CBI unit performs a strict and rigid due diligence process.
Hilaire further explained that mulit-layered due diligence process that the unit carries on all applicants, which is followed another due-diligence checks by the banks. After this, the international intelligence units also conduct the on-the-ground assessments.
Further, he noted that Government of Saint Lucia and the Citizenship by investment unit had been reviewing the country’s citizenship programme to make it more competitive and attractive, while maintaining the rigorous but seamless vetting process.
The CEO MC Claude Emmanuel stated that the recently introduced reforms are directed towards making the programme more competitive and ensuring that it fulfils the demand of the investment options for the ultimate benefit of Saint Lucian Citizens. CEO Emmanuel recently addressed global investors through a video message, where he outlined the benefits of CIP for the citizens of Saint Lucia.
Emmanuel highlighted that despite being the newest CBI Programme in the region, the programme has improved tremendously. The improvements in the due-diligence process , which provide that each and every application will undergo comprehensive checks, and only reputable people will be provided the country’s citizenship.
The CIP head also participated in the 7th Annual Private Wealth Florida Forum, where private wealth and institutional investors were welcomed. The event aimed to bring the investment management community to bring peer-driven thought leadership experiences offering the perfect platform for business development, networking and education, where Emmanuel highlighted Saint Lucia as the ideal choice for wealth managers who seek an investment option.
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