St Lucia citizenship to reduce tax burden for business and relocate to a tropical paradise
I have a vast network of branches of intimate apparel online stores in Europe. Under UK law, the more income I earn, the higher the tax amount to pay. I was thinking about reducing the tax burden.
Also, I wanted to live for a while in some exotic place. Caribbean regions seemed an excellent destination to kill two birds with one stone.
Bill, 37 years old
Online sales entrepreneur
Clients’ names and photos have been changed
Bill is living in London. He managed online shops in France, Italy, Spain and Portugal. In 2021 Bill’s expenses for renting storehouses in Europe doubled. He started looking for a region to relocate to and reduce costs and taxes.
His last vacation he spent in the Caribbean, visiting St Lucia, Grenada, Barbados and Dominica. He found out that the region is not only a honeymoon destination anymore. An island attracts business people from the US and Europe because of the possibility of optimising taxes.
St Lucia, Grenada, St Kitts and Nevis, Dominica and Antigua and Barbuda offer participation in citizenship by investment program. If a foreigner meets the requirements, he will obtain a second passport in 3—4 months. Caribbean passports are also popular because of visa-free travelling to Europe and the UK. For example, among Indian citizens.
After returning home, Bill started collecting information about Caribbean investment programs and their benefits. He contacted Immigrant Invest to get the consultation.
Caribbean region: overview
Bill discovered that it is possible to register an international company with 0% income outside the country in St Lucia. The St Lucia government does not limit the amount of foreign ownership or control in establishing a business in Saint Lucia, allowing 100% foreign ownership of companies in any sector.
In addition, Saint Lucia hosts a dynamic workforce, from varied professionals to highly-skilled tradespeople and labourers. It was helpful for Bill’s company in planning, organising, executing and controlling his business.
Global Income tax in the UK and St Lucia comparison
We informed Bill that Dominica, St Lucia, Antigua and Barbuda, Grenada and St Kitts and Nevis are members of the Organisation of Eastern Caribbean States and the Caribbean Community — CARICOM. Citizens of the country can come to any state of these associations without a visa. Bill was interested in freely travelling through Caribbean countries in case of launching a store chain.
The OECS Economic Union constitutes a single financial and economic space within which all factors of production, including goods, services, capital, enterprises and people, can move freely.
Choosing St Lucia investment option
An investor came to St Lucia to obtain citizenship and prepared to launch a business. He didn’t want to buy real estate. The cheapest option in the St Lucia investment program is a non-refundable contribution of $100,000.
The investor wanted to get the investment money back in the future. So, Bill used a refundable COVID‑19 Relief Bonds purchase for $250,000. It’s a limited offer with 50% discount until 31 December 2022.
In 5—7 years, the investor will get money back with 0% of profitability. Closer to the date of redemption, the investor must sign the Certificate and send it by courier to the agent, a certified copy of the St Lucia passport, and a letter authorising the agent to redeem the bond in his name.
Castries is the capital and the largest city of St Lucia, located in the northern region of the Caribbean island and has a cruise port
Obtaining St Lucia citizenship for $250,000
1. Preliminary Due Diligence takes place before the citizenship application. Anti-Money Laundering experts estimate an investor’s chances for successful participation in Cyprus golden visa program. Experts concluded that Bill could participate in the application with minimal risk.
2. Preparation of documents. Bill collected documents under the list provided Immigrant Invest lawyers passport, birth certificate, bank statement, and other financial documents.
3. Due Diligence. St Lucia CBI Unit registered Bill’s application for inspection. In one month, we got a positive response.
4. Bond purchase. Within 90 days after approval, investors must fulfil investment conditions. Bill made a transaction for government bonds of $250,000. Also, he paid a $30,000 administrative fee.
5. Application approval. After Bill’s payment was received, the bond certificate was prepared and delivered to the Immigrant Invest office. The Certificate indicated the value of the bonds, the date of issue and redemption.
6. Receiving a passport. In two months, the St Lucia CBI Unit issued a passport for Bill.
$288,000 and 5 months spent Bill for obtaining St Lucia passport
25 April 2022
Signing a contract with Immigrant Invest
+ 1 day
Preliminary Due Diligence check
+ 2 weeks
Preparing and sending documents
+1 months
Due Diligence$7,500
+1 months
Bond purchase$250,000
+2 months
Application approval$30,000
15 September 2022
Receiving passport$500
Bill’s life in St Lucia
One month later, Bill registered a company in St Lucia and opened an account. He told us that the procedure was quite simple. He started to hire people and order goods for sale.
Also, he diversified his business. He will offer customers swimwear and sunscreen. Considering the economic growth in St Lucia due to the tourist flow, Bill is completely sure of good sales for the next high winter season.
Bill is going to expand his online shops across the Caribbean islands. He can travel without restrictions to CARICOM countries, which helps implement the idea.
Some of his friends from London are considering investing in the accommodation and hospitality field in St Lucia. They have discovered significant opportunities for gaining superior returns on minimal-risk investments.
Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean.
