For many decades now, Saint Lucia has shared a magnetic attraction with investors the world over. Despite its mere 238-square mile geographical size, the Caribbean island nation offers a stable political, social and political environment – key factors that lead to sound return on investment (ROI).
After decades of heavy investments in three main economic sectors – banana production, tourism, and manufacturing – the island is now broadening its revenue inflows by opening up opportunities in other sectors. For instance, within recent years, the growth of call centres on the island has created hundreds of jobs for many Saint Lucians and lucrative return on investment for investors.
In response to the economic downturn caused by the COVID-19 pandemic, the Government of Saint Lucia has expressed its commitment to stimulating the economic by generating revenue inflows and improving efficiency in various ways. These include:
By focusing on these key policies, the Government hopes to not only attract foreign direct investment (FDI), particularly via its Citizenship by Investment Programme, but also ensure that Saint Lucia remains competitive as a destination of choice for investors. With the pandemic forcing many countries around the world to adopt new and creative measures to remain viable, these policies present investors with a palatable investment portfolio.
As part of Government’s effort to generate more investor interest, more of its administrative services will continue to be streamlined to reduce unnecessary bureaucracy that often results in costly delays. Through the Citizenship by Investment Programme, investors are assured of quick processing turnaround – even from the very beginning when they apply for Saint Lucian citizenship and a second passport.
Over the past six years since its Citizenship by Investment Programme was introduced, Saint Lucia has attracted nearly 600 people from across the globe who now have Saint Lucian citizenship and hold a Saint Lucian passport. These new citizens would have invested in Saint Lucia via one of the following options offered under Saint Lucia’s Citizenship by Investment Programme:
Once your application for citizenship and been approved, the investment must be made. These bonds are non-interest bearing, and must be registered and remain in the applicant’s name for a five-year holding period from the date of first issue.
CS Global Partners, a UK-based legal advisory that specializes in providing citizenship and residency solutions, recently reported that, over the past year, interest in citizenship by investment programmes has “grown significantly”.
The company said that, based on the statistics, there was a 42% increase in interest in citizenship by investment programmes from Americans compared to the previous year. Among the principal factors for this marked increase was the catastrophic COVID-19 pandemic which has forced many Americans to protect their nest egg and plan for the future.
Another reason for the upsurge in interest in citizenship by investment programmes among Americans was a decline in the power of the U.S. passport, which limited the ability of high net-worth people to travel freely as they would have during the pre-pandemic era.
This decrease in passport privilege power for the U.S. passport stemmed from the United States’ high number of COVID-19 cases in 2020 and the politicization surrounding the handling of the pandemic there.
Even in other parts of the world, especially Asia, Africa and the Middle East, people continue to seek a second citizenship in other countries. Some do so for economic reasons while other do so for better education and healthcare and social and political stability. Whatever the reason, investing in Saint Lucia is a great way of ensuring good return on investment.
As an Authorized Agent for Saint Lucia’s Citizenship by Investment Programme, McNamara Citizenship Services Inc. recognizes the importance the Programme plays in changing the lives of our clients for the better. We have literally guided people from across the globe seamlessly to becoming citizens of Saint Lucia. We can also do it for you!
As a full-service advisory agency providing all the relevant services associated with your acquiring citizenship in Saint Lucia, our intimate knowledge of the Programme allows us to guide you through every stage of obtaining your citizenship.
Contact our capable team today!