In November 2020, Saint Lucia is the first and only country to accept online payments under its Citizenship Investment Programme. The investor now spends a few minutes processing the payment. The rest of the programmes accept payments only in the form of bank transfers with details. A transfer using the details is more complicated to process, it takes about 2 weeks.
The investor can pay online:
contribution to the National Economic Fund;
a security check fee for the investor;
application processing fee;
administrative fees for options with the purchase of real estate and government bonds.
Direct purchase of real estate and government bonds cannot be paid for via the programme website. Payment under the purchase agreement must be transferred to the developer’s escrow account. The purchase of government bonds can only be paid by bank transfer to the account of the programme department.
How to pay for the programme costs online
Online payments are accepted only through a special platform on the official website of the programme department.
The investor should specify the name and surname, application number and payment amount in US dollars. You can only make payments from the main applicant’s bank card.
The Government of Saint Lucia understands that due to the pandemic, bank transfers may be delayed. The new online payment system will enable investors to pay for the programme’s costs more quickly and thus obtain a second passport more quickly.
56 days – that’s how long it takes on average to apply for St. Lucia citizenship, from application to passport. The country’s investment programme is the fastest in the Caribbean.
Cost of participation in the programme and payment term in 2020
St Lucia Passport can be obtained for an investment under one of the 3 programme options:
- non-refundable contribution to the National Economic Fund;
- real estate investments from the list of approved properties;
- purchase of government bonds.
In addition to the investment itself, the programme participant pays the cost of due diligence and government fees.
In May 2020, Saint Lucia reduced the cost of participation for 2 citizenship programme options. The minimum investment amount changed for the purchase of government bonds and the non-refundable contribution to the National Economic Fund. The administrative fee and joining fee for additional family members have also been reduced. The fee for joining a newborn child of an investor decreased by a factor of 50.
Costs of participation in the programme before and after changes
|Expense item||According to the old rules||Under new rules|
|Purchase of government bonds||500 000 $||250 000 $|
|Contribution to the National Economic Fund||
100 000 $ for one investor
165 000 $ for an investor and spouse
190 000 $ per family of 3-4 people
100 000 $ for one investor
140 000 $ for an investor and spouse
150 000 $ per family of 3-4 people
|Administrative fee||50 000 $||30 000 $|
|Contribution for joining additional family members when buying bonds||25 000 $||15 000 $|
|Contribution for the connection of a newborn child||25 000 $||500 $|
The minimum purchase amount of the government bond under the programme has been reduced to 31 December 2020.
The deadline for payment of administrative fees and investments has been extended. In case of delay, the investor will not lose the time and money already spent on preparing the application.
Under the new rules, the investor has an application as soon as it is approved:
- 60 days to pay the administrative fee;
- 90 days to pay the investment for the selected option.
In addition, the investor can receive a 90-day grace period for the payment of the investment. The grace period can be extended in the event of unforeseen circumstances. The maximum period of such delay is not specified. We explained this in the material St Lucia: “New conditions for family members, terms for payment of the fee and the delay”.
The government is changing the terms of the citizenship programme to make it more comfortable for investors. Innovations are making the programme more competitive and the influx of foreign investment is supporting the economy of Saint Lucia during the crisis.