Key changes you need to know in Saint Lucia Citizenship by Investment program
The Citizenship by Investment unit of Saint Lucia has announced important changes and price cuts in its Citizenship by Investment program, The changes are aimed at increasing the attractiveness of the program by giving more values to Investors.
The amendments are as follows:
Bond option discount (validity till 31st December 2020)
- To qualify for Citizenship by Investment program, clients can opt for a non-interest bearing bond with five year holding period, termed as COVID-19 relief bond, for US $250,000 which is effectively half the price of conventional $500,000 bonds for a single applicant, the government has also reduced their administrative fee to US $30,000 down from $50,000, which is payable when citizenship is approved.
- If you want to add one dependent in your application form, you can opt for it with the same bond purchase amount of US $250,000 but with a holding period of 6 years.
- For adding applications with more than 4 dependents, an additional US $15,000 applies.
Changes in the National Economic Fund option
- For the addition of spouse in your application, the contribution amount is reduced from US $ 165,000 to US $140,000
- For the addition of spouse and two dependents under this option, the contribution amount is reduced by 21% to US $150,000.
- For the addition of any more dependents in the family of 4, you have to pay the additional US $15,000 per dependents, down from the previous US $25,000.
Addition of Newborn in Application
- The cost of adding a newborn has been reduced to US $500 (reduced by 98% from the previous US $25,000).
Changes related to the age of dependents
- Age limit for considering a child dependent has increased from 18 years to 21 years without the requirement of demonstrating full financial support for the dependent.
- The maximum age limit of dependents is now increased from 25 years to 30 years who are fully supported by the main applicant or spouse along with the removal of the requirement for this dependent to be enrolled at a tertiary institution.
- Now parents and grandparents can be qualified as dependents at an age of 55 years (Previous qualifying age criteria was 65 years) and it is not mandatory that this dependent has to live at the same address as the main applicant.
Other changes related to dependants
- Now, the Main applicant may include unmarried brothers or sisters who are below the age of 18 years in the application with no special or increased investment for the addition of siblings. All fees related to siblings are the same as any other qualifying dependent.
- A legally adopted child can be now included as dependent
- A child born to a citizen or a spouse who married a citizen may be added to the application at any time.
- A person who was a qualifying dependent before the application for citizenship was made may be added to the application up to 5 years from the date of the initial application.
- Dependents may be added to an application irrespective of the investment option of the citizen.
Know about Saint Lucia Citizenship by Investment program
To apply for Saint Lucia citizenship by Investment program, there is no requirement to travel to Saint Lucia citizenship by investment program. It offers you the opportunity to reside in one of the mesmerizing locations in the Caribbean.
- Visa-free travel to over 133 countries
- Citizenship starts with donation $100,000
- Time to citizenship 3 to 4 months
Perks of obtaining citizenship in Saint Lucia
- Mobility and visa-free or visa-on-arrival travel allowed to Hong Kong, Singapore, the UK, and the Schengen area.
- Dual Citizenship is allowed.
- Right to reside and work in the country.
- Inclusion of spouse, dependent children up to the age of 25, and dependent parents above the age of 65.
- No interview, education, or management experience required.
- Physical residency or visitation not required.
- Travel to St. Lucia during the application process not required.
- No tax on worldwide income.
- No capital gains or inheritance tax.
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