Across the globe, nearly a dozen countries are now offering citizenship by investment programmes, including five in the Caribbean. After much deliberation and observation with how the programmes were being run in other countries, Saint Lucia finally launched its Citizenship by Investment Programme in 2015, capitalizing on the country’s high brand value.
By definition, citizenship by investment programmes enable applicants to rapidly obtain citizenship with no residence period, or only a short nominal period measured in days or weeks. Under these programmes, successful applicants receive “golden passports”, so termed because of the visa-free travel and possible tax advantages that come with them.
Following the 2009 global economic recession, which was triggered by the global financial crisis, many people became aware of the volatility that existed between a secure life and conventional sources of income. That realization triggered the need to explore new ways of ensuring financial security. Thus, citizenship by investment became a viable option. Under Saint Lucia’s Citizenship by Investment Programme, participants benefit from the following:
- An escape from security threats: With the dual citizenship get is the freedom to leave their country of origin easily in the event of political unrest or economic turmoil and relocate to a more secure environment and establish new life until the situation in their home country returns to normal. This arrangement trumps choosing to immigrate, which may impose restrictions for a certain period of time as it relates to returning to one’s country of origin.
- Access to more benefit programmes: Dual citizenship entitles you access to a new set of basic services in your new home country, including healthcare, education, security, and transport benefits, thereby elevating your quality of life.
- Greater value for money: The money you earn in your home country may have stronger buying power in your new home country, allowing you the opportunity to grow your wealth through more investments.
- The ability to tap into a new market for your business: Entrepreneurs can extend and establish their operations to a different country more easily due to fewer requirements as they would now have dual citizenship status and are no longer categorized as foreign investors.
- The ability to earn tax breaks: Having a second citizenship can earn participants favourably lower tax breaks. If you hold a second citizenship in, say, a Caribbean country, and choose to become tax resident, you can enjoy lower tax rates.
- Gaining an expanded knowledge of the world: By immersing themselves into a different culture, participants can gain a broader understanding of social dynamics and a better perspective of how the world works. Learning a new language and strengthening their communication skills are also key plusses.
In many of the countries offering citizenship by investment programmes, governments use the proceeds generated to fund key activities such as housing projects for the under-privileged, education, health care, and disaster relief.
In fact, in its 2021 party manifesto, the Saint Lucia Labour Party (SLP), which took office following the July 26, 2021 general elections, promised to revamp the country’s Citizenship by Investment Programme in its drive to diversify the Saint Lucian economy. Such a move can only redound to creating greater interest from prospective participants in the programme.
Currently, foreign nationals can participate in Saint Lucia’s Citizenship by Investment Programme via the following five options:
- COVID-19 Bond Relief: A minimum investment of US$250,000.00 (Limited time offer)
- Enterprise Investment: A minimum investment of US$3,500,000.00
- Government Bond Investment: A minimum investment US$500,000.00
- National Economic Fund Investment: A minimum investment of US$100,000.00
- Real Estate Investment: A minimum investment of US$300,000.00
These options position Saint Lucia’s Citizenship by Investment Programme among the smoothest routes to a second citizenship. The island’s fertile business climate, sustained political stability and idyllic geography makes it perfect for especially entrepreneurs and retirees.
Based in Saint Lucia, McNamara Citizenship Services Inc. offers a full-service advisory agency providing all the relevant services associated with your acquiring citizenship in Saint Lucia. We are an approved authorized agent under the Saint Lucia Citizenship by Investment Programme and use our intimate knowledge of the programme to guide you through the process of obtaining your citizenship.
As the largest law firm in Saint Lucia, McNamara Citizenship Services Inc. takes great pride in our hallmarks of excellence and professionalism. From the initial application stage to you becoming a Saint Lucian citizen, we keep you informed throughout the entire process.
Our portfolio includes a long list of satisfied clients whom we have represented successfully on their path to acquiring dual citizenship in Saint Lucia and we highly recommend that you select Saint Lucia’s Citizenship by Investment Programme.
For more information on how McNamara Citizenship Services can help you along the path to becoming a national of Saint Lucia, contact us today.