Saint Lucia: new conditions for family members, timeline for payment of fees and postponement
Changes have been made to the Saint Lucia citizenship programme for investment. The new rules relate to the participation and affiliation of the applicant’s family members, the timing of payment of the administrative fee and the investment. The terms and conditions of the programme have become even more comfortable.
Author •Lyle Julien
Investment programs expert
Saint Lucia: new conditions for family members, timeline for payment of fees and postponement
A number of changes have been made to the conditions for obtaining citizenship of Saint Lucia for investment. These relate to the applicant’s family composition, the children and spouses joining the programme, and the timing of the administrative fee and investment.
Requirements for Investor Family Members
The requirements for the investor’s family members have changed. Passports can now be obtained:
children under the age of 21, including from previous marriages;
children between 21 and 30 years of age who are fully financially dependent on the investor;
parents over 55 years of age who are fully financially dependent on the applicant;
unmarried siblings of the investor under the age of 18 with the permission of a parent or guardian.
Brothers and sisters of investors did not participate in the program before. Parents from 65 years old and children up to 25 years old could get passports. Children over 18 years of age had to study full-time in a university and not have their own income.
Change in age requirements for the investor's family members
The accession of family members to the citizenship program
The time limits for joining some family members have been lifted after the main applicant received a passport.
Terms of accession of the investor's family members to the program
*The law never mentioned it before
**The term is counted from the moment an investor submits an application for citizenship
Payment of administrative fees and investments
Most of the options in the St. Lucia Citizenship for Investment Program include an administrative fee: bond purchase, real estate purchase and business investment. The only exception is a non-refundable contribution to the National Fund.
Applicants shall pay the administrative fee upon approval of the application. Under the new rules, they have 60 days to do so. There used to be no statute of limitations. In the experience of "Immigrant Invest", the fee was paid immediately after the approval of the application.
The applicant still has 90 calendar days to make the investment. As before, he can request a delay of another 90 days. However, it can now be extended due to unforeseen circumstances. The law does not specify a deadline for extension.
Changes in terms of payment of administrative fees and investments
Summary of recent changes in the program
These changes made the Saint Lucia program even more comfortable for investors.
Now you can get a second passport for brothers and sisters. Opportunities for children and parents to participate in the program have been expanded.
Newborn children, siblings and new spouses can be joined at any time, not only during the first 5 years after the application by the investor.
In case of force majeure, the investor can take advantage of a grace period. He will not lose the time and money spent on the application.
This is not the first change in the citizenship programme of Saint Lucia in recent times. Earlier we said that the country had reduced the minimum amount of investment in bonds and contributions to the National Economic Fund for Families. In addition, the contribution for the accession of a newborn is now only $500.
Investors who are planning to obtain a passport of St. Lucia for the purchase of bonds should hurry: the minimum amount of investment was reduced by 2 times until December 31, 2020. "Immigrant Invest" offers financing for the purchase of government bonds of Saint Lucia. This reduces the cost of a Caribbean passport by an average of 30%.
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