St Lucia Will Stop Accepting Citizenship Payments From 21 Countries
Applicants for St. Lucian citizenship will not be able to pay for participation in the program from accounts held in blacklisted countries. Banks in St Lucia will also begin to vet investors: a fee will be charged for the vetting.
St Lucia Will Stop Accepting Citizenship Payments From 21 Countries
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The changes will come into force on 1 December 2021. Let’s find out whom they will affect and how to get a second passport in time to save up to $250,000.
St Lucia Will Stop Accepting Citizenship Payments From 21 Countries
From where no more payments will be accepted under the St Lucia program
Investors pay fees, make contributions, buy property and government bonds under the St. Lucia citizenship program in two ways:
By bank transfer using details from the program department.
By bank card online through the secure portal.
From 1 December 2021, all bank transactions under the program will not be accepted in Saint Lucia if the payment is made from an account registered in:
Ukraine;
Afghanistan;
Burundi;
Central African Republic;
Democratic Republic of the Congo;
Egypt;
Haiti;
Iran;
Iraq;
Lebanon;
Libya;
Myanmar;
North Korea;
Nicaragua;
Sudan;
South Sudan;
Guinea;
Syria;
Somalia;
Venezuela;
Yemen.
The government of Saint Lucia plans to regularly review the list of countries from which it does not accept payments under the citizenship program.
Vladlena Baranova,
Head of Legal & AML Compliance Department, CAMS, IMCM
The listed jurisdictions are on the sanctions lists of Saint Lucia, EU states, and the US. Some are also excluded for terrorist financing or refusing to cooperate in combating money laundering. Saint Lucia blacklisted Ukraine because Saint Lucia itself recognized Crimearnas Russian, while Ukraine did not.
But this does not mean that citizens of Ukraine or Egypt cannot obtain Saint Lucian citizenship by investment. The Department does not accept applications only from citizens of Iran, Iraq, and North Korea.
New bank due diligence fee
Financial institutions in Saint Lucia will conduct their own bank Due Diligence before accepting payments from investors. A separate fee of up to $1,000 will be charged for the bank due diligence. The amount of the fee will be independently approved by the bank.
Up to $1,000
Investor due diligence fee at a bank in St Lucia
The St. Lucia Department of Citizenship Program also checks investors for credibility: before approving an application and accepting an investment. The state values its reputation and does not grant citizenship to people who cannot prove the legality of their income, have a criminal record, or are on sanctions lists.
There is a fee for due diligence at the Department of Citizenship Programme of Saint Lucia:
7500 $ — for the investor
5000 $ — for each family member over the age of 16
How to get St Lucian citizenship and save up to $250,000
To become a citizen of Saint Lucia, an investor:
makes a non-refundable contribution to the National Economic Fund - from $100,000;
Purchases government bonds valued at $250,000 or more; buys a share, apartment or villa in an approved real estate project worth $300,000 or more;
invests in a local business for $1,000,000 or more.
Reduced contribution amount for families. If the investor participates alone in the program, he/she makes a contribution of $100,000 to the state fund. When family members are added to the application, the amount increases. But in 2021, the maximum contribution amount for a family of four is $150,000, not $190,000 as before.
For each family member from the fifth onwards, the investor pays an additional $15,000.
The amount of the contribution to the St. Lucia State Fund
Aplicants
Under the old rules
According to current regulations
Investor
$100,000
$100,000
Investor with souse
$165,000
$140,000
Investor with spouse and two children
$190,000
$150,000
A 50% discount on the purchase of government bonds and reduced fees. In May 2020, the government of Saint Lucia issued new interest-free government bonds, Covid‑19 Relief Bonds. The investment from the purchase of these bonds goes towards rebuilding Saint Lucia’s economy from the effects of the pandemic.
Covid‑19 Relief Bonds are priced from $250,000. Previously, investors bought government bonds for $500,000 and above.
The administrative fee for buying government bonds has also been halved to $25,000 instead of $50,000. The application processing fee has been abolished: previously an investor paid $2,000 for themselves and $1,000 for each family member.
The government bond special offer is valid until 31 December 2021.
Costs for a family of four when buying St Lucia government bonds
Costs
Until 31 December 2021
From 1 January 2022
Purchasing a government bond
$250,000
$500,000
Administrative fee
$25,000
$50,000
Application processing fee
$0
$5,000
Checking due diligence with the program department
$22,500
$22,500
Other fees and charges
$1,350
$1,350
Total
$298,850
$578,850
Investors are granted St Lucian citizenship to travel visa-free to 146 countries, keep their savings in European and Caribbean banks, and optimize taxation. The benefits of the passport, speed of application processing, and favorable conditions for investors have made Saint Lucia’s program one of the best in the region in 2021.
Citizenship of St Lucia at 50% discount by purchasing government bonds: the real story of investors Investors Yuri and Denis took advantage of a special offer and received Saint Lucian passports for the purchase of Covid-19 Relief Bonds
Immigrant Invest is a licensed agent of the Saint Lucian citizenship program. If you want to obtain a second passport by investment, seek advice from investment program experts.
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