On June 3, 2024, the Prime Minister of Saint Lucia, Philip J. Pierre, issued a statement announcing that state’s accession to the other Caribbean CIP Founders’ Memorandum (MoA). A key fact for the entire industry is the change in the cost of participation in citizenship by investment programs. Now the minimum donation investment in the Saint Lucia Citizenship program today is USD 100,000. Whereas, according to the Memorandum, none of the Caribbean CIP countries will offer to applicants an investment lower than USD 200,000.
This Prime Minister’s statement was released shortly after the Caribbean Investment Summit, CIS24, which took place in Grenada in this May. During event the Head of CIU Mc Claude Emmanuel told attendees that PM Pierre intended to sign the MoA. And know we have the full statement including some special points:
- An annual quota
A net-worth for applicants - Escrow accounts to be held in Saint Lucia or in the individual islands
- A requirement that only licensed promoters will be allowed to submit applicants to local authorized agents and these promoters will have to submit a due diligence report on each applicant.
Nuri Katz, Founder and President of Apex Capital Partners, with the Minister of Foreign Affairs of Grenada, Peter David, at the Caribbean Investment Summit, CIS24
When does it start? Lots of unanswered questions
According to the Memorandum, the new conditions will come into force on July 1, 2024. However, changing the entire procedure in such a time frame is not easy. Moreover, the Prime Minister of Saint Lucia did not indicate a specific effective date for all new requirements in his statement. We can only wait for additional clarifications on the document. For example, what quota will be imposed on applicants for citizenship of Saint Lucia? How will the investment requirements change if the application is submitted for a family? Will duties be changed?
Citizenship of Saint Lucia by Returnable investment
Nevertheless, citizenship of Saint Lucia by investment program has a unique option to put your money into the government bonds and then get them back in 5 years. So, Memorandum or not Caribbean CIP countries will have their personal touch to their terms and conditions when it comes to CBI.
Citizenship of Saint Lucia. Benefits
– The Saint Lucia passport allows you to visit more than 120 countries of the world without a visa, including South Korea and Singapore, Hong Kong, Macau.
– The citizenship application process is completely remote and there are no residency requirements.
– This program is valid not only for the investor, but also for the spouse, children under 30 years of age and parents over 55 years of age. And also, for brothers and sisters under 18 years of age (single, without children).
