The new regulations for the inmigration policy in St.Lucia
In the immigration market the rules are changing all the time. That is why it is important to always be aware of the new regulations in the countries where you are interested in investing or emigrating. It is for this reason that in this article we bring you the latest changes to obtain citizenship in St. Lucia.
What are these new regulations?
Saint Lucia has announced a list of regulation amendments to their Citizenship by Investment Program that include fee adjustments, a real estate investment requirement reduction, and a new government bond offer.The new rules will take effect on January 1st.
One of the main changes are the fees. Saint Lucia amended the fee structure for three different components:
Real estate developers and enterprise projects applying for approval under the CIP must now pay a US$7,500 due diligence and background check fee.
The fee for replacing a lost or damaged certificate has increased from US$100 to US$500
Investors who have held Saint Lucian citizenship for 12 months or fewer and who wish to add newborn dependents through the citizenship by investmentNational Transformation Fund will now have to pay US$5,000 instead of US$500.
What are the benefits of this new law?
Reduce the minimum investment required for real estate investment
No doubt the most salient change announced was the slashing of the minimum investment threshold for the real estate option. To qualify for citizenship through this path, an applicant must now invest a minimum of US$200,000 instead of the previous US$300,000. This reduced pricing puts the Saint Lucia CIP real estate option on par with those of the other regional citizenship by investment.
New bond option
Finally, Saint Lucia announced a new government bond investment option for its citizenship by investment investors that may henceforth qualify for citizenship by acquiring (and holding for five years) non-interest-bearing government bonds for US$300,000. This option is also subject to a flat US$50,000 administrative fee, regardless of the number of dependents included in the application.
The introduction of the new bond offer coincides with the end of Saint Lucia’s US$250,000 COVID Relief Bond option, which will officially end on the 31st of December. Saint Lucia’s citizenship by investment remains the only one in the region to offer government bond investments as a route to qualification.
So, if you are interested in finding out more about citizenship by investment program and its opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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