Major price reduction under the Government Bonds option
The Prime Minister of Saint Lucia announced several significant amendments to the citizenship by investment programme in light of the Covid-19 pandemic, including a reduction by half of the investment required to qualify for citizenship through bond acquisitions.
The Citizenship by Investment Unit of Saint Lucia has been the first in the Caribbean region to introduce various amendments to attract more foreign direct investment during the Covid-19 pandemic. The amendment involves the introduction of a Covid-19 Relief Bond which qualifies international investors for citizenship of Saint Lucia. The amendment is intended to attract foreign direct investment through a reduced cost bond investment.
St Lucia Bond Option
Prior to the introduction of the Covid-19 Bond Option, applicants opting for the Government Bonds option were required to invest at least USD$500,000 in non-interest bearing bonds and retain such for a five year period. Before the newly introduced amendments, once an application for citizenship by means of an investment in government bonds had been approved, the following minimum investment applied.
- Main Applicant: USD$500,000
- Main applicant with spouse: USD$535,000
- Main applicant applying with spouse and up to two dependants: USD$550,000
- Additional qualifying dependant: USD$25,000
In addition, a government processing fee of US$ 50,000 applies.
New Covid-19 St Lucia Bond Option
Under the new option, prospective applicants will benefit from a 50% reduction in investment. Applicants will be able to apply through the purchase of a non interest bearing bond with a five year holding period, called the COVID-19 Relief Bond, for an investment of USD$250,000, as opposed to US$500,000 under the previous bond option for a single applicant. In addition, the government administrative fee has been reduced from $50,000 to $30,000 and is now only payable upon approval.
The new investment requirements under the Covid-19 Bond Option are the following:
- Main Applicant: USD$250,000 (5 year holding period)
- Main Applicant with spouse: USD$250,000 (6 year holding period)
- Main applicant applying with spouse and up to two dependants: USD$250,000 (6 year holding period) or USD$300,000 (5 year holding period)
- Additional qualifying dependant: USD$15,000
In addition, a government processing fee of US$ 30,000 applies.
How can we Assist?
Our Residency & Citizenship team will guide prospective applicants on the requirements, eligibility and benefits of the Saint Lucia Citizenship by Investment programme and indicate expected time frames based on the specific circumstances and nature of your application.
