Saint Lucia: why is it worth to get citizenship in 2020?

Saint Lucia: why is it worth to get citizenship in 2020?

Saint Lucia is an island State. The economy of this country is based on tourism and offshore business. The main industry is service-based. The traditional branch of the economy is service for tourists and agriculture. Textile production and processing of agrarian raw materials are well developed.

Features of the citizenship program for investment

In 2015, a legislative framework was adopted for a citizenship programme for investment in Saint Lucia. Related laws and regulations have been enacted providing information on the rules and requirements for the acquisition of citizenship. Adjustments were made the following year, making the programme more attractive.

Advantages of investing are the following:

  • No capital gains, property or inheritance taxes;
  • The passport allows travelling to different countries without a visa;
  • The application is processed relatively quickly;
  • It is possible to open companies with a second passport;
  • No need to visit the island for passport processing;
  • There are profitable investment options;
  • It is possible for relatives to apply for citizenship. 

There is a total of 4 investment options. After making a deposit or buying real estate you may get second citizenship in 12-16 weeks for yourself and your family members. For registration of the passport, you are not required to know the language and detailed data on the history of the state, and there are no conditions regarding residence in the country.

Investment options

One way to obtain citizenship is to make a contribution to the NEF. The organization was established in 2015. The money donated is used for development projects in the country. The cost of participation can vary according to how many family members are involved.

Another option is to invest in real estate. To apply for citizenship, you can invest in luxury hotels and resorts. It takes at least 5 years to  acquire the ownership of the purchased object. In addition, the funds are taken for security checks and administrative fees.

Requirements for investors must be taken into account as well. They have to be at least 18 years old with mandatory security check and no criminal record. A recommendation from a bank should be provided. When applying for citizenship for parents, their age must exceed 65 years. It is possible to obtain citizenship for children under 25 years.

You may also invest your money in government bonds. It takes at least 5 years before your investment can be repaid. In Saint Lucia, it is recommended  to invest in business projects that are approved by the government. Learn more about the nuances of investing from our experts at IT-OFFSHORE.

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