Dual citizenship has always been in demand. In 2022, many countries offer their passports to foreigners. In return, they usually require investment in the development of the country’s economy. Island nations in the Caribbean, such as Saint Lucia, annually replenish the list of their citizens through a Citizenship by Investment program. What is the point of getting a second passport in these countries? x
The passport of St. Lucia attracts foreigners for several reasons:
- Visa-free regime with almost 150 countries;
- Recognition of dual citizenship;
- Favorable tax regime;
- Lifetime citizenship, which is passed on to children;
- No requirement for compulsory residence in the country;
- Opportunity to obtain citizenship for the whole family;
- High level of education.
How to access the St. Lucia passport benefits
To become a citizen of Saint Lucia, a foreigner must take part in the citizenship by investment program, which has been running for more than 5 years. At the moment, there are 4 ways for a foreign investor to obtain a Saint Lucia passport:
- Donation to the Saint Lucia National Economic Fund
- Investment in a real estate project approved by the government
- Purchase of government bonds
- Investment in business
1) In the first case, the foreigner must donate at least $100,000 to the government. Approximately $10,000 more must be paid as necessary fees for verification and processing of the application.
One of the Saint Lucia citizenship by investment benefits is the opportunity to obtain a passport not only for the main investor but also for their family. You can include the applicant’s spouse, children under 25 years old, and parents and grandparents over 65 years old in the application. However, in this case, the required donation amount will increase. The investor must pay another $65,000 for a spouse or $90,000 for a spouse and two children. For each additional family member, the investor must pay an additional $25,000. At the same time, fees also increase.
2) If a foreigner wishes to purchase a Saint Lucia government-approved property to obtain a passport, they must invest a minimum of $300,000. At the same time, it is prohibited to sell the purchased property for 5 years.
The amount of government fees is much higher compared to the previous method. About 50,000 USD in fees the investor pays for themselves and several tens of thousands of USD for their family members.
3) Foreigners who are going to participate in the program until the end of 2022 can use one of the most important benefits of Saint Lucia citizenship by investment. Typically, the amount required to purchase bonds is $500,000. But until the beginning of 2023, investors can buy government bonds worth as much as $250,000. The amount of fees reaches almost 40,000 US dollars.
4) The Government of Saint Lucia has approved several business projects for foreign investment. The minimum amount to obtain a passport is $3,500,000. However, co-investments totaling $6 million are also available, with each investor having to invest at least $1 million.
According to expert Victor Esik (Immigrant Invest company), citizenship of Saint Lucia allows you to travel to almost 150 countries of the world on a visa-free regime, including the UK and the countries of the Schengen zone. Since immigration to Saint Lucia is not required to obtain a passport, the citizenship of this country can be used as a pass to many destinations.
Getting a Saint Lucia passport means that the future children of the investor will also become citizens of this country for life, check all the information by link https://immigrantinvest.com/blog/how-to-get-saint-lucia-passport-en/. They will be able to live in a safe state and receive local education.
Dual citizenship in Saint Lucia may allow a foreigner to become a tax resident of the country. This is beneficial as Saint Lucia residents do not pay:
- Inheritance tax
- Tax on capital gains
- Tax on world income
The advantages of getting St. Lucia citizenship allow a foreigner to get the right to live in comfortable conditions on the shores of the Caribbean Sea, open a business with an advantageous place of registration for international relations, and travel the world without serious restrictions. The entire family can use the pros of a Saint Lucia passport without giving up their native citizenship.