Hit hard by the near-total shutdown of international travel and tourism due to the COVID-19 pandemic, St. Lucia has announced a temporary reduction in minimum investment requirements under its citizenship by investment program.
With just 26 cases, 25 recoveries and zero deaths, St. Lucia has controlled the spread of the COVID-19. Now, it seeks to leverage its CIP to attract foreign investment into its pandemic-hit economy.
In the past, Caribbean countries have relied on temporary reduction in CIP minimum investments to finance repair of public infrastructure damage caused by hurricanes and other natural calamities. Hit by the pandemic, St. Kitts and Nevis was the first to announce temporary CIP measures and now St. Lucia has followed suit.
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COVID-19 Relief Bonds
St. Lucia’s CIP offer four investment options under its investment immigration program.
- Contribution to the National Economic Fund: $100,000
- Approved real estate projects: $300,000
- Approved enterprise projects: $3.5 million
- Government Bonds: $500,000
To attract foreign investment, St. Lucia has announced a temporary reduction in investments to investors buying St. Lucia’s COVID-19 Relief Bonds. These non-interest bearing bonds must be held for a period of five years. This investment option is available until December 31, 2020.
St Lucia: Temporary Investment Reduction
|No. of Applicants||Minimum Investment||Holding Period|
|Single Applicant||$250,000||Five years|
|Applicant + One Dependent||$250,000||Six years|
|Applicant + Up to four dependents||$250,000||Seven years|
|Applicant + Up to four dependents||$300,000||Five years|
National Economic Fund
For National Economic Fund investments, the minimum contribution for a single applicant is unchanged. However, contribution requirements for couples and families of four, and for every additional dependent has been reduced.
St. Lucia: National Economic Fund Investments
|No. of Applicants||New Requirement||Earlier Requirement|
|Applicant + One Dependent||$140,000||$165,000|
|Applicant + Up to four dependents||$150,000||$190,000|
|Every Additional Dependent||$15,000||$25,000|
Further, St. Lucia has reduced the government administrative fee from $50,000 to $30,000 and the fee for newborns from $25,000 to $500.
Changes to Definition of Qualifying Dependent
St. Lucia has also expanded the definition of qualifying dependents, which means a wider range of family members can be included by the investor in the CIP application.
St. Lucia: Qualifying Dependents
|Category||Earlier Requirement||New Requirement|
|Children||Not more than 18 years and a full time student||Not more than 21 years with no full-time student requirement|
|Children fully supported by the applicant||Not more than 25 years||Not more than 30 years|
|Parent fully supported by the main applicant||65 years||55 years|
|Unmarried brother or sister of the main applicant only||NA||Below 18 years with consent of parent/guardian for citizenship application|
Finally, the option of adding dependent family members to an approved CIP application is now available to all applicants irrespective of their choice of investment option. Earlier, an add-on to the application was available only to those making a contribution to the National Economic Fund.General Information: Contact us to receive more information about this article.
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