Why does Citizenship by Investment programme on Caribbean island of Saint Lucia focus on integrity?
- Passport holders of West Indies tourist destination, known for volcanic beaches, reef-diving sites and luxury resorts, have visa-free access to 145 countries
- Dual citizenship available through investment programmes, including approved enterprise or real estate projects and purchase of Government 5-year bonds
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Saint Lucia, a sovereign island in the West Indies, located in the Eastern Caribbean Sea, is the second largest of the Windward Islands.
Known for its volcanic beaches, reef-diving sites and luxury resorts, the island covers an area of 617 square km (238 square miles) and has a population of 170,000.
The island and six other Eastern Caribbean islands share a common currency, the Eastern Caribbean dollar, which is pegged to the United States dollar.
Per capita, the island holds the record for the highest number of Nobel laureates, with two winners – the late Sir Derek Walcott, winner of the 1992 Nobel Prize for Literature, and the late Sir Arthur Lewis, winner of the 1979 Nobel Prize for Economics.
Tourism, which is Saint Lucia’s main source of foreign exchange earnings, accounts for 65 per cent of its gross domestic product.
The island – one of many places affected by the 2008 global economic crisis – sought to encourage investment by embarking on the Citizenship by Investment programme in December 2015.
There were already Eastern Caribbean islands offering the programme and, given the economic union status shared among the islands, it made good sense for Saint Lucia to follow suit.
The newest entrant in the Citizenship by Investment programme, Saint Lucia quickly established itself as a viable option for people seeking a second citizenship.
It also had the opportunity to learn from the strengths and weaknesses of similar programmes offered by other Easter Caribbean islands and to establish a legislative framework that made it competitive.
From the start, the island’s officials made a deliberate decision to create a programme focused on integrity. This led to the conduct of due diligence becoming the hallmark of the programme.
Undertaking this approach means that those people who acquire citizenship of Saint Lucia are assured of possessing a well-respected passport that gives them visa-free access to 145 countries.
The legislative provision of Citizenship by Investment allows citizenship to be granted through four primary routes:
- Saint Lucia National Economic Fund
- Approved Real Estate Project
- Approved Enterprise Project
- Purchase of a Government 5-year Bond.
The Citizenship By Investment programme provides:
- Dual citizenship
- Visa-free access to 145 countries, including the United Kingdom and Schengen Area (comprising 26 European states that have officially abolished all passport and all other types of border control at their mutual borders)
- Ability to include qualifying dependent(s)
- No travel or residency requirement
Citizens of this island not only can enjoy limitless access to beautiful landscapes and scenery and feel at home among its welcoming population but also have the opportunity for doing business.
The island has the second-best ranking among the Caribbean economies featured in the 2019 World Bank’s Ease of Doing Business list.
Its dynamic domestic and international financial services sector enables citizens to carry out asset/wealth management and international trust and private banking.
Its favourable tax regime/ legislation also ensures tax planning/optimisation and the relocation of head offices to Saint Lucia.
We are really proud to share this charming island with you – let her inspire you.
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