Saint Lucia CIP Cuts Minimum Investment for Real Estate, Introduces New Bond Option
Saint Lucia has announced several regulatory changes to their citizenship by investment program (CIP), including fee revisions, a lowering in the real estate investment requirement, and a new government bond offer. The announcement follows St. Kitts and Nevis’ announcement of significant program adjustments just one week prior. The new regulations have taken effect from January 1, 2023.
The pricing schedule for three distinct CIP components was altered by St. Lucia:
- Developers of real estate and business projects requesting CIP permission now have to pay US 7,500 for due diligence and background checks the cost.
- The cost to replace a misplaced or damaged certificate has gone up from US $100 to US $500.
- Investors who have had St. Lucian citizenship for less than 12 months and want to add newborn dependents through the CIP’s national transformation fund must now pay US 5000 instead of US 500.
Minimum Investment For Real Estate Option Reduced
The most notable adjustment that was made public was the reduction of the real estate option’s minimum investment requirement. And as opposed to the prior requirement of US $300,000, an applicant now needs to invest a minimum of US $200,000 to be eligible for citizenship through this route.
Due to the St. Lucia CIP real estate option’s lower price, it is now on pace with that of the other regional CIPs.
Only two authorized development projects are currently listed on the website of St. Lucia’s citizenship by investment unit (CIU): Alpina Square and the Alpina Saint Lucia Hotel.
Both received approval years ago, but have not yet started the construction process properly.
New Bond Option
St. Lucia has introduced a new government bond investment option that allows investors to qualify for citizenship by acquiring(and holding for five years) non-interest-bearing administrative costs for USD 300,000. In addition, this option requires a USD 50,000 administrative fee, regardless of the number of dependents included in the application.
St. Lucia’s CIP is still the only one in the area that allows government bond investments as a path to qualification.