The Caribbean region is a good option, not for having an amazing vacation only. This is a superior region for doing business, including internationally. Antigua and Barbuda, Dominicana, Grenada, St.Kitts and Nevis, and many other attractive destinations in this region offer exclusive business opportunities to foreign entrepreneurs.
Some countries in this region are so interested in attracting as many investors as possible that they grant them citizenship for investment. St. Lucia is among such jurisdictions. You may wonder what the point is. In fact, the St Lucia passport gives its owner lots of benefits. We will cover the essentials in this brief review.
What Benefits Does St.Lucia’s Citizenship by Investment Give?
Getting citizenship in this jurisdiction is more than a good option. It envisages a bunch of benefits for investors:
- Applicants are also entitled to lodge the documents for their family members, such as spouses, children, siblings, and parents. They will also get citizenship.
- Travel without getting any type of visa to more than 140 countries across the Earth.
- Extremely beneficial tax regime. There are no taxes applicable on income, inheritance, and wealth. This feature makes St.Lucia extremely beneficial for doing business, especially globally.
- It takes very fast to process the application – around 3-6 months, depending on the background and the number of family members.
- There are no physical residency requirements. You and your family members can easily obtain St.Lucia’s passport even remotely.
What Kind of Investment Is Needed to Get St.Lucia’s Passport?
First and foremost, you don’t need to invest before your application is approved. This feature greatly streamlines the process, making it extremely easy and comfortable for an applicant.
It also envisages several formats in which the investment can be made:
- Government donation. This option is centered around a non-refundable contribution valued at $240,000 minimally. It will be later redirected to the country’s National Economic Fund. If an applicant joins their family members, it is required to add an extra payment per family member.
- Investment in real estate. The government typically approves all real estate options, provided that such an option is valued at more than $300,000. However, there is one restriction. The real estate object used to get St.Lucia’s citizenship can’t be sold within the next five years.
- Business projects. An applicant has to invest more than $250,000 in five-year business projects at least.
Aside from the investment itself – whatever option has been chosen – it is also required to pay the admission fees, including for every family member. If you need more precise assessment and calculations, contact Astons lawyers.
Eligibility for the Citizenship by Investment in St.Lucia
St. Lucia is well-known for being a destination where getting citizenship by investment is one of the easiest ones in the world. Take a look at the requirements an applicant has to follow:
- Make the investment in a specific amount, as highlighted above. However, there is a valuable aspect to highlight. The expat must officially prove the legal origin of funds and the availability of a sufficient amount of funds for investment and covering living expenses.
- Must have clean criminal records and pass the due diligence. The primary requirement is to provide enough details about the clean criminal records in the country of origin and any country the applicant(s) lived in over one year within the last ten years.
Aside from that, the applicants are required to provide their personal documents, such as passports, IDs, birth certificates for children, proof of address, etc. If you need more detailed information about the documents needed, contact Astons lawyers.
- Need to confirm their sufficient health state status. All of the applicants, including the family members of the main applicant, must have and confirm a good state of health. This aspect is included in the requirements to prevent the extra burden for the local healthcare system.
- Pass the interviews successfully. These interviews can be done remotely and are the must-have parts of the due diligence process. If you are unsure about how to pass them and increase your chances for approval, Astons lawyers are ready to consult you on the matter in detail.
Bottom Line
Investing is sometimes associated with getting pleasant bonuses. What about having citizenship in a reputable Caribbean jurisdiction? St.Lucia is the exact destination.
A warm climate, friendly people, zero taxes, and less bureaucracy make this country an attractive option for many investors across the globe. The scope of investment options is huge. If you are unsure which one will benefit you most, contact Astons lawyers for more detailed considerations and assessments.