Saint Lucia ? a Place With a Myriad of Opportunities for People Looking for Alternative Citizenship Options

BY GlobeNewswire | ECONOMIC | 10/10/22 09:00 AM EDT

CASTRIES, Saint Lucia, Oct. 10, 2022 (GLOBE NEWSWIRE) -- Saint Lucia is one of the fastest-growing economies in the Caribbean region. Offering a wide range of holistic investment opportunities for individuals seeking to diversify their portfolios Saint Lucia is considered one of the best places for people to invest as its citizenship by investment programme is on par with the best.

The Economic Commission for Latin America and the Caribbean (ECLAC) projects Saint Lucia?s economy will grow by 8% this fiscal year, the highest GDP growth among Eastern Caribbean Currency Union [ECCU] Member States in 2022.

The Prime Minister of Saint Lucia, Honourable Philip J. Pierre, has been engaging investors who will be developing properties in the country and introducing internationally recognised hotel brands to the island. The Prime Minister has confirmed the prospective value of these development proposals will exceed US$320 million.

Saint Lucia?s Chamber of Commerce, Industry and Agriculture published its Business Performance Survey in July this year which assessed the performance of its members for the first quarter of the year - January to March 2022 ? and found that Saint Lucia?s capable of withstanding various external pressures and shocks.

  • 59% of the Chamber?s membership made more money between January and March of 2022 when compared to the same period last year.
  • 83% of the Chamber?s membership retained and added more jobs during the first quarter of this year.
  • 59% of businesses forecast increased revenue for the period April to June 2022.
  • 71% of businesses forecast increased profitability over the next 12 months.

According to the Executive Director of the Chamber of Commerce Mr Brian Louisy, ?Business confidence appears to be on the rise with 66% of respondents forecasting increased turnover over the next twelve months while 71% of respondents forecast an increase in business profitability over the same period.?

The benefits of Saint Lucia CIP are well-known by High Net-Worth Individuals. As it offers a favourable environment for businesses and entrepreneurs, allowing them to increase their profits through the progressive tax structure and wide range of offshore banking services. The country offers favourable tax regimes to investors, along with providing passage to global markets and opportunities to diversify portfolios and wealth planning.

Saint Lucia is also popular for providing a family-friendly environment to the investors/applicants. The nation recognises dual citizenship and offers a chance to pass citizenship on to future generations. The alternative citizenship of Saint Lucia provides rights and equality, the same as those afforded to a natural born citizen of the country. Additionally, an investor can add dependents under one application.

Saint Lucia has climbed up the rankings to secure third position in CBI Index 2022, published by PWM Magazine, a publication of the Financial Times in association with CS Global Partners. Despite being one of the newest Citizenship by Investment Programmes in the Eastern Caribbean, Saint Lucia offers a myriad of opportunities for investors, driven by its vision and drive to continually improve.

The turmoil of recent years has shown that the world is an uncertain place where safety and security are key priorities for people, especially for those who can afford them. Many people, particularly High Net-Worth Individuals (HNWIs), view Saint Lucia as a stable destination to hedge and protect their wealth and secure the future of their families.

Citizenship by Investment Programmes have been proven to be an effective tool for people across the globe to grow their wealth while opening doors to multiple business opportunities, including portfolio diversification, financial planning, and providing access to major business hubs.

One of the leading benefits alternative citizenship offers investors is the freedom to leave their country of origin amid political unrest, economic disaster or turmoil giving an entrepreneur the ability to establish or extend enterprise operations in a different country more easily. There are fewer requirements for an individual to meet as a citizen than as a foreign investor.

Saint Lucia?s alternative citizenship provides countless opportunities to plan and protect wealth but is also well known among HNWIs for its efficient citizenship application timelines, the ability to extend citizenship to family members, a high standard of living and the enjoyment of the benefits that come with living in a modern and diverse country.

Saint Lucia's freedom score is around 64.3, placing its economy as the 65th freest in the Index 2022, however when considered in the American region, Saint Lucia ranked 13th out of 32 countries, the overall scores well above regional as well as world averages.

After seeing a decline in their economy during 2019 and 2020, there is noticeable improvement in 2021. The country has also not been burdened with government spending and taxation which has contributed towards moderate economic freedom over the last five years.

Saint Lucia has attracted foreign business and investment via their tourism sector and through offshore banking. The tourism sector of Saint Lucia is the primary source of jobs and income, accounting for 65 percent of GDP. As a strong competitor in the banana industry and growth in export crops such as avocados and mangoes the agriculture sector is also a big contributor to the upliftment of the economy as Investors or High Net Worth individuals can obtain alternate citizenship by investing in the National Economic Fund which is also known as the "Fund Option" which was established under Section 33 of the Citizenship by Investment Act.

The motivation for launching this option was to generate funding for government-sponsored projects. Under this investment option, funds are allocated once the Ministry of Finance gets approval from Parliament for specific projects. The minimum investment required under the fund option is USD 100,000 and as a result Saint Lucia received a perfect score in the "Minimum Investment Outlay" pillar of the CBI Index 2022.

The country recently won the award for the Caribbean's Leading Honeymoon Destination at the 28th Annual World Travel Awards for the eighth consecutive time. It?s not hard to see why the island is so popular for couples with its array of outdoor options ? the majestic Piton Mountains, drive-in volcano, spectacular hiking trails and waterfalls and beautiful beaches. Couples can spend a day basking on the glorious Sugar Beach or they can explore the coast and the historic town of Soufriere.

Saint Lucia is the latest Caribbean country to open its borders to Citizenship by Investment. Although the programme was launched just six years ago, it is already considered one of the top three countries for Citizenship by Investment, according to the CBI Index of 2022. The CIP of Saint Lucia provides numerous benefits such as:

1: Providing investors with global citizenship

2: Delivering opportunities for diversifying investors? portfolios

3: Planning wealth and business expansion overseas

4: Gaining a citizenship that can be passed down to future generations.

Saint Lucia?s Citizenship by Investment programme is also notable for the ease of its application process. This includes five steps:

Step 1: Completion of the application by applicants.

Step 2: Submission of the application via the CIP Portal.

Step 3: Document verification by the CIP Unit and the undergoing of due-diligence processes.

Step 4: The selection or rejection of the application by the board.

Step 5: The provision of certification, subject to selection

St Lucia PR
T: +44 (0)20 7318 4343


Image: Primary Logo

Source: Government of Saint Lucia

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