Every few years, a citizenship by investment program will announce changes to its structure that make it much more appealing to the larger audience; this year, it was St. Lucia that took the plunge.
Early 2023, St. Lucia’s Citizenship by Investment Unit issued a circular with monumental price changes to its program, making it more attractive, competitive, and economical for investors, and in this piece, you can look at why those changes may make St. Lucia the right program for you.
Reduced Real Estate Pricing
Historically, investors who wanted to obtain citizenship by investing in real estate would ponder why St. Lucia had a significantly higher real estate minimum investment than the rest of its Caribbean counterparts.
Before 2023, St. Lucia required an investment of $300k, but now that price point has been slashed to $200k, putting it on par with the rest of the Caribbean countries’ minimum investment threshold.
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This reduced real estate investment requirement mirrors the country’s aim to attract more real estate investment, as it is also encouraging more projects to apply for certification under its Citizenship by Investment Program.
Investors who are considering a real estate investment can now look to St. Lucia alongside Antigua & Barbuda, Dominica, Grenada, and St. Kitts & Nevis, as they all have the same minimum investment requirement, and it is the finer details that will affect an applicant’s choice of destination.
Saint Lucia has huge appeal for visitors and investors, and has a wide range of real estate investment options.
New Bonds Option
St. Lucia’s new changes coincided with the end of its popular COVID Relief Bond (CRB) investment option. The CRB helped St Lucia attract more significant interest in its bond investment category, which only received six applicants between 2016 and 2020.
Then the CRB saw 65 applicants in the 20/21 fiscal year and a 30% year-over- increase in 21/22 to reach 81 applicants. The number of applicants that chose government bond investments in 21/22 made up about 14% of all applications, emphasising the growing interest among global investors in the bond option.
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But the end of the CRB meant that St. Lucia could once again see those numbers dwindle, so from 2023 going forward, they introduced the National Action Bond (NAB) as their default bond option.
The NAB requires a $300k investment in non-interest-yielding government bonds (reduced from $500k) alongside a $50k administrative fee. The investment amount and fee remain constant, no matter how many family members are added to the application.
The Same Outstanding Benefits For A Reduced Price
St. Lucia managed to reduce the prices of the program, making it more alluring without having to sacrifice any of the benefits it provides to investors.
Its passport remains one of the best in the world, offering visa-free travel to over 140 destinations worldwide, including the EU and the United Kingdom. The country also doesn’t levy worldwide income, wealth, inheritance, or capital gains tax on its citizens.
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The processing of the program also remains highly efficient, even with the increasing number of applications it is receiving, as the citizenship by investment unit continues to grow alongside global demand, and processing times continue to average between 3-6 months.
The program’s reduced pricing and magnificent benefits make St. Lucia an excellent option for many, and by decreasing the investment requirement for both the real estate and bond options, both of which have constant investment amounts regardless of applicant family composition, the program becomes even more attractive for larger families who want to get the best value for money.
Did You Know:
- The real estate investment threshold has been lowered, with the minimum investment now at $200k.
- Government fees can now be paid with a credit card.
- The program has one of the most secured investment options into a government bond of $300K with a holding period of 5 years.
To know more about the St Lucia Citizenship by Investment Program and how you can take advantage of the recent changes, contact us today to book a comprehensive consultation with one of our experts.
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