The Citizenship by Investment unit of Saint Lucia has made an announcement about the fresh amendments to already existing rules of the CIP. The recent announcement will bring changes by reducing the sum of investment for real estate, fees of due diligence for developers, who are applying under real estate, and several other major changes. As per the announcement, the changes will be taking effect from January 1, 2023.
Following the announcement of changes, the CEO and head of the Citizenship by Investment programe, Mc Claude Emmanuel stated that the recent made changes have been made after a comprehensive review of offerings by CIP Saint Lucia and approval of the citizenship by investment board and the Minister with the responsibility for the Citizenship by Investment Programme.
The amendments to the existing Regulations will take effect from January 1, 2023, which are as follows:
- To include a due diligence and background check fee of USD 7,500 for developers applying for a Citizenship by Investment (CIP) approved real estate or enterprise Project;
- To increase the replacement fee for a lost or damaged certificate from USD 100 to USD 500.
- To increase the investment into the Saint Lucia National Economic Fund for a new born child of a citizen who is twelve months or below from USD 500 to USD 5,000.
- To introduce reduction in the minimum real estate qualifying investment option sum from USD 300,000 to USD 200,000.
- It has also announced about the introduction of a new Bond Offer for investment by purchase of non interesting bearing Government Bonds with the following investment sums, which are as follows that the bond purchasing sum for the applicant and all qualifying dependants of any number will be USD 300,000 for period of 5 years. At the same time, the Administrative Fee for the same will be USD 50,000.
While applauding the due diligence aspect of the CBI Programme of Saint Lucia, Deputy Prime Minister Ernest Hilaire said that, “Due Diligence is performed by CBI unit of Saint Lucia on each applicant, which is then followed by due diligence checks by international intelligence units who also lead to do on the ground assessments.”
He has also revealed that the Government and Unit are currently in talks to review the CBI programme, making it more attractive as well as more prestigious in the field.
Chief Executive Officer, Mc Claude N Emmanuel further announced that, “The above stated amendments are geared towards making our Programme increasingly competitive and ensuring that we fulfill our mandate of growing demand for our investment products for the ultimate benefit of the people of Saint Lucia.”
The Citizenship by Investment Programme of Saint Lucia was first launched in 2016 and is one of the newest CBI Programmes in the Caribbean. While inheriting years of experience from its neighbouring islands, the CBI Programme of Saint Lucia is a mix of practices from its surrounding islands and provides a wide range of benefits for investors and locals alike.
An idyllic location for those seeking nature seekers, history buffs as well as those seeking relaxation in the lap of nature. Saint Lucia offers its people all of the tropical benefits of the Caribbean.
Along with this, it also offers numerous benefits to the applicants seeking Saint Lucia citizenship:
– Global Mobility
– Right to hold dual citizenship
– Four Investment Options
– Citizenship for life, with the right to live and work in the nation.