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Beginning January 1, 2016, St Lucia will begin offering citizenship through investment to wealthy investors. It will become the fifth Caribbean country to promote a citizenship by investment program, joining Antigua and Barbuda, St. Kitts and Nevis, Grenada and Dominica.
In the Caribbean, countries like Dominica and St. Kitts and Nevis are tapping into new investment and revenue streams through economic citizenship. Economic citizenship has been embraced by a handful of countries as a source of substantial capital inflow. Yet it has evoked mixed response from its citizens. For many, the idea of finding new ways of attracting investment is appealing, given the country’s large debt load. Government officials have stated that effective security measures will be a priority.
The St Lucia citizenship by investment program will require a minimum net worth of US $3M for applicants to qualify. Applicants will be required to invest in a choice of asset classes, including US $200,000 in a government economic fund, US $300,000 in real estate, US $500,000 in government bonds or US $3.5M in a business.
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About the author:
Colin R. Singer is immigration counsel for www.immigration.ca. He is one of Canada’s foremost senior corporate immigration attorneys. He is recognized as an experienced authority on Canadian immigration matters as well as the international residence-by-investment industry through investmentimmigration.com. He is a licensed immigration lawyer in good standing with a Canadian Law Society during the past 25+ years.