In May 2020, St Lucia issued a new interest-free government bond, the Covid-19 Relief Bonds. Buying these bonds is half the cost, with a minimum transaction amount of $250,000 instead of $500,000.
The discount for buying government bonds has been extended until 31 December 2021. Initially, the discount was set to expire at the end of 2020.
The government will amend the rules of the programme shortly. Once they take effect, the department will continue to accept applications at the discounted price.
St Lucia was the first Caribbean country to reduce the cost of participating in the programme because of the pandemic. The investment from the purchase of government bonds is used to recoup losses due to the crisis and support the country’s economy.
Costs and term of holding government bonds
Government bonds are a repayable investment. Under the terms of the programme, the investor holds the securities for 5 years, after which they can redeem the bonds.
The minimum transaction amount does not change if family members are added to the application. But the number of applicants depends on how long the bonds are held.
Investment amount and holding period of government bonds
|Main applicant||250 000 $||5 years|
|Main applicant and spouse||250 000 $||6 years|
|A family of up to four people||250 000 $||7 years|
|300 000 $||5 years|
|A family of four or more|| 250 000 $ |
+ 15 000 $ for each additional applicant
The government of St Lucia has also reduced the administrative fee on the purchase of government bonds. Investors now pay an administrative fee of $30,000 instead of $50,000 as before.
The administration fee, due diligence and application processing fee can now be paid online on the programme department’s website. However, it is not possible to pay for the purchase of government bonds through the website, which requires a bank transfer to the department’s account. We talked about the new payment system in the article “2 minutes instead of 2 weeks: St. Lucia has simplified payments for the citizenship programme”.
What else you can invest in under the programme
A St Lucia passport can be obtained by making a contribution to a government fund, buying real estate or investing in a business project.
The non-refundable contribution to the National Economic Fund starts from $100,000 and depends on the number of applicants. In May 2020, the Government of Saint Lucia reduced the cost of participation for families up to four people.
Non-refundable contribution to the St. Lucia State Fund
|Applicants||Under the old rules||Under the new rules|
|Main applicant||100 000 $||100 000 $|
|Main applicant and spouse||165 000 $||140 000 $|
|A family of up to four people||190 000 $||150 000 $|
To add more than four people to the application, the investor pays $15,000 for each additional dependent. Previously, the fee for adding relatives was $25,000.
Buying a property will cost from $300,000. Construction projects are approved by the Government of Saint Lucia. The property must be owned for a minimum of 5 years.
Investments in businesses are accepted if the project is approved by the country’s government. Under the terms of the programme, the investor invests from $3.5 million and creates 3 jobs in the country.
Obtaining a second citizenship
without leaving home
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