June 22, 2024
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5 upcoming changes in St Lucia CBI program that investors need to know about

The Prime Minister of Saint Lucia has announced that the country will participate in a Memorandum of Agreement (MoA), which includes a stipulation to raise the investment threshold for citizenship to $200,000.

While the exact date for Saint Lucia’s signing has not been specified, the country is required to increase the investment threshold and enforce the changes by June 30th, 2024.

Lyle Julien
Lyle Julien

Investment programs expert

St Lucia citizenship program updated

5 upcoming changes in St Lucia CBI program that investors need to know about

In March 2024, several other Caribbean nations, including Antigua and Barbuda, Saint Kitts and Nevis, Dominica, and Grenada, signed a Memorandum of Agreement.

In May 2024, St Lucia already confirmed their intention to sign the agreement at the Caribbean Investment Summit.

One of the main goals of the MoA was to unify the CBI programs in the Caribbean. St Lucia is the last to join; however, according to the MoA itself, the country will have to apply new rules no later than June 30th.

In a recently published statement, St Lucian PM indicated that the country also proposes additional changes for other Caribbean CBI units to consider.

Here’s what to expect apart from the investment amount being up to $200,000:

1. Introduction of annual quotas for investors. St Lucia considers that limited opportunity will ensure the safety of the country, as well as prevent abuse by Russian or Belarussian applicants.

2. Stricter Due Diligence checks. As part of the MoA agreement, St Lucia is to check investors even more thoroughly than they do now.

3. Savings required. Applicants may need to demonstrate savings in a bank account — the exact amount is currently unknown and is to be discussed.

4. Escrow accounts must be held in Saint Lucia. This is also to ensure general safety since off-island escrow accounts were considered inappropriate.

5. Mandatory interviews for candidates. St Lucia has already made interviews part of the Due Diligence check, but now, to unify the procedure, these interviews would be shared between all MoA countries, as well as with other applicants' information.

How to get second citizenship by investment in St Lucia

St Lucia’s Citizenship by Investment (CBI) program continues to be a sought-after route for acquiring a second passport in 2024. Established in 2015, this program has garnered global attention for its efficiency, affordability, and the benefits it offers to investors.

The program offers several investment pathways, ensuring flexibility for potential applicants. As of 2024, the main investment options include:

  1. National Economic Fund (NEF) contribution. Investors can make a non-refundable contribution to the NEF, with the minimum amount set at $100,000 for a single applicant.

  2. Real estate investment. Applicants can invest in pre-approved real estate projects with a minimum investment of $200,000. This option requires the property to be held for at least five years before it can be sold.

  3. Government bonds. Applicants can purchase government bonds starting at $300,000, with a holding period of five to seven years.