Castries, Saint Lucia: Mc Claude Emmanuel- the head of and CEO of citizenship by investment unit of Saint Lucia announced the new amendments to the existing regulations of Citizenship by Investment which will take effect from January 1, 2023. The amendments featured a reduction in the minimum real estate qualifying investment option sum from US$300,000 to US$200,000.
Mc Claude Emmanuel stated that the Saint Lucia Citizenship by Investment Unit has taken a comprehensive review of CIP Saint Lucia’s offerings and further to the approval of the Citizenship by Investment Board and Minister with Responsibility for the Citizenship by Investment Programme, amendments to the existing Regulations will take effect from January 1, 2023, as follows:
- A due diligence and background check fee of US$7, 500 for developers applying for a CIP-approved real estate or enterprise Project;
- There will also be an increase in the replacement fee for a lost or damaged certificate from US$100 to US$500 as per the new amendments.
- The investment has been increased into the National Economic Fund option for a newborn child of a citizen who is twelve months or below from US$ 500 to US$ 5,000
- Reduction in the minimum real estate qualifying investment option sum from US$300,000.00 to US$200,000.00.
Introduction of a new bond offer
Along with the recent changes, the CIP Saint Lucia has also introduced a new Bond Offer for investment which will work by the purchase of non-interest-bearing Government Bonds with the following qualifying investment sums:
- The applicants and all qualifying dependents of any number will have to pay a Bond Purchase Sum of US$300,000 with a Bond Holding Period of 5 years.
- The applicants will have to pay an administrative of US$50,000.
The Citizenship by Investment Programme of Saint Lucia has been emerging as one of the perfect investment options for people looking for opportunities to plan their wealth and diversify their portfolios. The Programme was introduced in 2016 and become the newest programme in the Caribbean region. Since then, it has improved tremendously.
Due to its significant growth, the Citizenship by Investment Programme of Saint Lucia secured the third position in the CBI Index 2022 released by the PWM Magazine of Financial Times. The CIP Saint Lucia has been working efficiently to maintain the integrity and competitiveness of the programme.
Despite being the newest, the CIP Unit has made sure to set the bar of the CBI Programme very high. The Programme has been regarded as one of the most advanced, secure as well as transparent programmes. The Unit also assured that citizenship is given to credible applicants and investors. All applicants and their dependants over the age of sixteen have to undergo multi-layered due diligence checks to qualify for alternative citizenship.
Outlining the significance of the due-diligence process, Deputy Prime Minister of Saint Lucia- Ernest Hilaire also took note of the concerns and fears related to CIP Programme. He assured that every application will undergo a strict and rigid due diligence process. He noted, “Due diligence is performed by our Unit on all applicants, this is then followed by another due diligence check by the banks. This is then followed by due diligence checks by international intelligence units who also do on-the-ground assessments.”
Ernest Hilaire further mentioned that the government and Unit have been working diligently to review the country’s programme so that it will become more attractive and gather the attention of HNWIs across the globe. Lauding the amendments to the existing regulation, he asserted that the updates will help to strengthen the background checks of the Citizenship by Investment Programme of Saint Lucia.
Mc Claude Emmanuel stressed that the above-stated amendments are geared towards making the Programme increasingly competitive and ensuring that they fulfil the mandate of growing demand for investment products for the ultimate benefit of the people of Saint Lucia.
Earlier, Mc Claude Emmanuel also outlined the significance of the due-diligence procedures and asserted, “We always ensure that the comprehensive background checks should be applied on every application so that only reputable people could be able to get citizenship.”
Emmanuel also appreciated the CBI Programme of Saint Lucia for securing the third rank in the CBI Index 2022 and stated that it proves the efficiency of the programme, the standard of living in Saint Lucia and many more.
CEO Emmanuel recently asserted that Saint Lucia is an ideal destination for many people who wants to live in paradise, especially for those who want to experience the diversity in their history, the culture. “Just recently, Saint Lucia received the privilege for the 13th year in a row to be named as the Caribbean’s leading honeymoon destination. Also, for the first time, the country received the award for leading in adventure,” said the CEO of CIP Saint Lucia.
Citizenship by Investment Programme of Saint Lucia has assisted the country in its overall development and helped to construct the infrastructure such as schools, healthcare facilities, roads, bridges and many more. The funds from the programme have been directly contributing to advancing the standard of living of Saint Lucians.
