Saint Lucia recently passed the Citizenship by Investment Act No. 14 of 2015 enabling individuals to acquire citizenship of Saint Lucia upon making a qualifying investment in the island.
As of 1st January this year, the country’s newly-established Citizenship by Investment Unit is accepting applications and St. Lucia has become the fifth and newest Caribbean country with a citizenship-by-investment programme, following St. Kitts and Nevis, Antigua and Barbuda, Grenada and Dominica.
Saint Lucia has limited the number of citizenship applications that may be granted each year to 500 and stipulated that applicants must demonstrate a minimum net worth of US$3 million. The imposition of a quota and a minimum net worth requirement has been widely interpreted as an attempt by St Lucia to emphasise the exclusivity, and thus raise the calibre of its programme.
The programme has four investment options comprising (i) government bonds; (ii) contribution to a national development fund; (iii) real estate; and (iv) investment in, or establishment of, a business.