Does acquiring second citizenship on a serene island surrounded by pristine waters and breathtaking landscapes sound like a bucket list dream? What of an opportunity to reside in a politically stable country as you pursue lucrative investments in its thriving economy?
If all these describe you, then what you need is a Saint Lucian passport.
In this article, we shall unpack a comprehensive guide to becoming a St. Lucia national through the citizenship by investment (CBI) route.
What Is Citizenship By Investment All About?
Citizenship by investment is an immigration program that grants foreign nationals the opportunity to acquire second citizenship in exchange for a commitment to invest in the destination country.
The initiative is also known as golden visas or simply investment citizenship. It’s the most convenient option for aliens who cannot obtain citizenship through traditional channels like birth and naturalization.
Saint Lucia is one of the several countries that provide golden visas. The island’s CBI program was launched in December 2015. Since its inception, the initiative has granted St. Lucia passports to hundreds of applicants and generated millions in inward foreign investment.
Why Go For St. Lucia’s CBI Program?
St. Lucia’s golden visa is an attractive option for second citizenship seekers due to the following reasons;
- Visa-Free Access to 100+ Destinations
Saint Lucia passport holders enjoy visa-free entry to over 140 destinations. These include the United Kingdom, Singapore, Hong Kong, and the European Union (EU) and Schengen Area countries.
With a St. Lucian passport, you can stay in any Schengen Area country for up to 90 days within every six months.
- Chance to Invest In a Flourishing Economy
St. Lucia may not be the richest Caribbean country – that title goes to Bermuda. However, the island nation boasts a fairly vibrant economy.
St. Lucia has enjoyed political stability for decades, creating an enabling environment for economic growth.
Unsurprisingly, tourism is St. Lucia’s economic mainstay, accounting for up to 65% of the country’s GDP. Other leading economic sectors include real estate, transport, and agriculture.
- Fewer Trade Barriers
Setting up a business in St. Lucia is remarkably easier than in many countries.
For starters, the Caribbean nation stands out for its attractive tax incentives. Citizens are exempt from paying capital gains, inheritance, and dividends taxes. There are also exemptions for income generated from agriculture, manufacturing, and fishing.
Moreover, St. Lucia is a member of the Caribbean Forum (CARIFORUM). CARIFORUM member states maintain an Economic Partnership Agreement (EPA) with the European Union, which fosters free trade between the two regional blocs.
- Access to Ready Markets
The overarching goal of golden visas is to enable beneficiaries to diversify their investment portfolios. So, any CBI applicant would prefer a country that grants a ready market for their produce. Well, that’s another major selling point of Saint Lucia’s citizenship-by-investment program.
Thanks to minimal trade barriers, St. Lucian investors can make their produce available to millions of prospective customers in Europe. The island’s location in the Caribbean further makes it accessible to potential markets in both North and South America.
Other perks of acquiring a Saint Lucian passport include;
- Ability to tag several relatives (dependent children, siblings under 18 years, and parents over 55 years)
- Opportunity to immerse in a multicultural utopia characterized by African, French, and British influences
- Diverse investment routes, including making donations and real estate investments
- Quick application and processing (3 – 6 months), as there are no interviews or language tests
How to Apply For St. Lucia’s Golden Visa
Any St. Lucia’s golden visa applicant must make specified financial contributions.
The first of these investments is a minimum donation of $100,000 to the National Economic Fund for a single applicant, or $150,000 for a family of up to four members. The figures are exclusive of an additional $15,000 administration fees payable by the primary investor and $5,000 per dependent.
Prospective St. Lucia’s CBI applicants can also invest $200,000 (exclusive of administrative fees) into a government-approved real estate development scheme. Such investments must be held for five years, after which they qualify for liquidation.
Lastly, there’s the provision of investing $300,000 (less administrative fees) into a refundable government bond known as the National Action Bond. Like the real estate option, this investment must be held for five years before an investor qualifies for a refund.
Besides making financial contributions, St. Lucia’s second passport applicants must also provide the following documentation;
- National identity card
- Birth or marriage certificates (where applicable)
- Bank statements
- Medical records
- Police clearance reports
Further, the primary applicant must be at least 18 years old and have no previous visa refusals.
After getting all the relevant documentation ready, apply for second citizenship through an authorized agent. The agent will handle all correspondence on your behalf and keep you updated on your application status.
Enlisting Professional Assistant
Navigating the second citizenship landscape can prove challenging for newbies. Fortunately, you can always enlist the help of immigration experts.
Immigration experts take pride in helping you acquire second passports in your destinations of interest.
Final Word
Saint Lucia has one of the most attractive citizenship by-investment programs worldwide. Obtaining a St. Lucian passport enhances your global mobility while opening you up to lucrative investment opportunities in the Caribbean and Europe.
We hope you can reference this blog when you finally decide to pursue a second home in one of the world’s most idyllic islands.
