Like many countries, St Lucia offers foreigners the opportunity to invest in the island to become a full-fledged citizen. The scheme has been operating since 2016 when many wealthy emigrants have used it. Read more about the conditions and St Lucia citizenship benefits that await the new residents of the republic below.
What is St Lucia Citizenship program?
The main objective of such algorithms is to support the local economy. This region’s scheme is fast and does not set complex criteria for the applicant. The candidate can be of any nationality. Under the terms of the St Lucia citizenship program, an applicant may include close relatives who are supported in the application. The applicant’s expenses vary according to the chosen investment path and the number of dependents.
The main requirements for cosmopolitan citizenship are as follows:
- 18 years of age or older;
- reliable and legitimate source of income;
- no criminal record.
The government offers three options for investment:
- A donation to maintain local infrastructure and utilities is $100,000 per candidate.
- Purchase of approved apartments of $300,000 or more.
- Investment in bonds. Minimum value of $500,000.
Thus, everyone can choose the program that best suits him.
Benefit 1: Visa-Free Travel
Most applicants resort to obtaining a passport from another country because it is stronger in contrast to their native country. For example, St Lucia passport visa-free countries have more than 140 regions. The island’s document allows travel, making international deals, and going for studies or medical examinations to these regions without additional permits.
Benefit 2: Economic Stability
People in business and entrepreneurs appreciate the island for the stability of the economic system. The constant and comfortable climate and geographical location contributed to tourism development. This industry brings half of the income. For this reason, investors favor purchasing real estate, which they rent out.
Benefit 3: Attractive Tax Regime
The region is famous for its low tax rate. Some types of income are not taxed at all. Therefore, foreigners consider Saint Lucia citizenship advantages as an opportunity to optimize taxes and improve their own financial situation. Loyal conditions are created not only for individuals but also for large enterprises.
Benefit 4: Access to Citizenship by Investment Program
A significant advantage of the scheme is cost. It is one of the most affordable programs. An irrevocable donation of $100,000 allows you to get a document and related benefits. Meanwhile, if the applicant chooses bonds or immovable property, the main thing is to retain ownership for five years. Then the investor can sell and recover their investment.
Benefit 5: Quality of Life
The island provides a high standard of living for its citizens. Affordable cost of living is another advantage. The population receives quality medical services. Another of the St Lucia passport benefits is the opportunity to travel to other states and receive the best care in renowned world clinics. Couples and wealthy retirees often consider the island not just as an alternative opportunity to receive additional benefits but also as a second home. Many of them move to the region full-time.
Benefit 6: Dual Citizenship and Anonymity
The Caribbean government guarantees complete anonymity and confidentiality to cosmopolitans. Foreigners can retain their rights in their home country and not worry about dual citizenship becoming publicized.
Benefit 7: Simple and Speedy Application Process
Expert of Immigrant Invest Vladlena Baranova notes that the process takes only six months. In general, it is a simple and transparent algorithm:
- Submission of an application. These are accepted through a licensed agency. Therefore, it is necessary to contract with one of the authorized companies.
- Determining the most appropriate naturalization route from the three options.
- Collecting the list of necessary papers, filling in the application form.
- Translation of documents, their certification by lawyers.
- Sending the papers to the state department for migration and citizenship.
- Payment of fees.
- Making other payments after receiving approval.
- Receiving the document.
Cooperation with specialists makes the process of drawing up and receiving documents simple, avoids mistakes and increases the chances of approval.
Conclusion
The citizenship document does not oblige the foreigner to learn the language or to resettle on the island. At the same time, it provides a wide range of opportunities. Saint Lucia passport advantages concern many spheres of a person’s life. Foreigners can improve their social and economic status. Affordable cost of the scheme makes it popular and in demand. Despite the fact that it is one of the young programs, it has already received positive feedback and earned a good reputation.
