Saint Lucia: The Saint Lucia Citizenship by Investment Unit announced the new amendments to the existing regulations of the Citizenship by Investment Programme (CIP) on Thursday. The changes will take effect from January 1, 2023, as announced by the Unit.
The new amendments include due Diligence and a background check fee of US$7, 500 for developers applying for a CIP-approved real estate or enterprise Project. He also stated that there would be an increase in the replacement fee for a lost or damaged certificate from US$100 to US$500 starting from 1 January 2023 onwards.
Furthermore, the CBI Programme of Saint Lucia will also feature an increase in investment if the investor applies for alternative citizenship through the Saint Lucia National Economic Fund for a newborn child of a citizen who is twelve months or below from US$500 to US$5,000.
Due Diligence is the most important aspect in this industry, on this, the Deputy Prime Minister of Saint Lucia, Ernest Hilarie, stated that it is performed by their Unit on all of the applicants. After that, it is followed by due diligence checks by international intelligence units, who also perform background checks.
The CEO and head of the citizenship by investment programme Mc Claude Emmanuel said the changes have been made following a thorough review of CIP Saint Lucia’s offerings and approval of the citizenship by the Investment Board and the Minister with Responsibility for the CBI Programme.
The CIP also announced the introduction of a new Bond Offer for investment that can be made by purchasing non-interest-bearing Government Bonds with the following qualifying investment sums:
The Bond Purchase Sum for an applicant and all qualifying dependants of any number will be US$300,000 for a Bond Holding period of five year
The administrative fee for the same will be US$50,000.00
The Saint Lucia Citizenship by Investment Unit stated that the amendments mentioned above had been made while keeping in mind that the programme becomes increasingly competitive and ensuring that it fulfils that mandate of rising demand for investment products for the utmost benefit of the government and people of Saint Lucia.
The Citizenship by Investment Programme of Saint Lucia is among the best such programme in the world, and investors consider it the best option because of the minimum investment outlay and multi-layered due diligence process.
Earlier during an event, the head and CEO of CIP MC Claude Emmanuel had said that Saint Lucia has the newest citizenship by investment programme in the Caribbean region as it was launched in 2016. Since then, the Unit has worked hard to make its place in the international market, and notably, this year, it established itself in the top three programmes in the CBI Index 2022, released by the PWM Magazine of Financial Times in August 2022.
In his message, he highlighted that the Saint Lucia citizenship by investment programme (CIP) had transformed tremendously to a better version, which is beneficial for investors around the globe and added, “The unit pays special attention to the due-diligence procedure and ensures that only the people with a reputable background get to be a part of the country.”
While outlining the 3rd rank of Saint Lucia CIP in the CBI Index 2022, Mc Claude Emmanuel said, “This displays the advancement and modernization in Saint Lucia’s standard of living.” He said the country’s minimum investment under a fund option is USD 100,000, and it is home to countless opportunities for investors across the globe without any boundaries.
Besides this, he highlighted that the CIP Programme is an opportunity for foreigners to live a peaceful and stable life in an excellent environment, as Saint Lucia also has an excellent and smooth political system.