Saint Lucia CIP Cuts Minimum Investment for Real Estate, Introduces New Bond Option

 

Saint Lucia has announced a list of regulation amendments to their Citizenship by Investment Program (CIP) that include fee adjustments, a real estate investment requirement reduction, and a new government bond offer the news comes merely one week after Saint Kitts & Nevis revealed sweeping changes to their program. The new rules will take effect on January 1st.

Updated fees

Saint Lucia amended the fee structure for three different components of the CIP:

  • Real estate developers and enterprise projects applying for approval under the CIP must now pay a US$7,500 due diligence and background check fee. 
  • The fee for replacing a lost or damaged certificate has increased from US$100 to US$500
  • Investors who have held Saint Lucian citizenship for 12 months or fewer and who wish to add newborn dependents through the CIP’s National Transformation Fund will now have to pay US$5,000 instead of US$500.

Minimum investment for real estate option reduced

No doubt the most salient change announced was the slashing of the minimum investment threshold for the real estate option. To qualify for citizenship through this path, an applicant must now invest a minimum of US$200,000 instead of the previous US$300,000. 

This reduced pricing puts the Saint Lucia CIP real estate option on par with those of the other regional CIPs.

The website of Saint Lucia’s Citizenship by Investment Unit (CIU) currently lists only two approved development projects: The Alpina Saint Lucia Hotel & Alpina Square and the Saint Lucia Canellese resort. Both received approval years ago but have yet to begin construction in earnest.

New bond option

Finally, Saint Lucia announced a new government bond investment option for its CIP; investors may henceforth qualify for citizenship by acquiring (and holding for five years) non-interest-bearing government bonds for US$300,000. This option is also subject to a flat US$50,000 administrative fee, regardless of the number of dependents included in the application.

The introduction of the new bond offer coincides with the end of Saint Lucia’s US$250,000 COVID Relief Bond option, which will officially end on the 31st of December. Saint Lucia’s CIP remains the only one in the region to offer government bond investments as a route to qualification.

Ahmad Abbas AuthorSubscriber
Director of Content Services , Investment Migration Insider

Ahmad Abbas is Director of Content Services at Investment Migration Insider and a six-year veteran of the investment migration industry.

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