Every month, thousands of people visit St Lucia – the pride of the Caribbean region. This tiny island nation is full of natural wonders. The island’s Caribbean coast has extensive stretches of coral reefs, and on the other side, there are amazing windsurfing spots. The island’s inner regions are lush with tropical rainforests and forest reserves full of endangered animals. So, it’s one of the most exciting tourist spots in the world. But of late, many people have taken up permanent citizenship in this Caribbean country. This increase in citizenship is largely down to the local government’s initiative to attract foreign investments into its economy. Its Citizenship by Investment (CBI) initiative is extremely exciting and lucrative. But is it worth it? Let’s explore.
What is CBI?
Launched in 2015, the St Lucia Citizenship by Investment program was designed to attract foreigners who wish to live as part-time citizens of the country. St Lucian authorities declared that any foreign adult with a clear track record and good health can invest at least $100,000 into the country and become citizens. This investment can be in government bonds, real estate, or deposited to the country’s national fund. St Lucia isn’t the first Caribbean country to launch such a program. But, unlike other Caribbean giants like Antigua or Barbados, St Lucia is relatively unexplored. Despite requiring foreign investments, the country doesn’t allow people with criminal records or poor health to become citizens. As a result, the emerging societies on the island are full of healthy, freedom-loving, and like-minded people.
Is it Worth It?
In simple words, yes. St Lucia’s CBI program is much more affordable compared to similar programs offered by neighboring Caribbean countries. For instance, to become a citizen by investment in Grenada, applicants have to invest a minimum sum of $200,000. So, St Lucia’s CBI program is quite cost-effective. The relaxed and calm lifestyle that citizens of the country receive is also worth the money. More importantly, the country has lax taxation laws. After making the initial investment, citizens of the country are not compelled to stay on the island, nor are they forced to pay taxes on income generated outside the island.
The local authorities have made the application process super-fast and simple. They are very conservative when it comes to disclosing the data or transactions of foreign investors. New citizens receive total anonymity, a St Lucian passport that allows them to travel to over 140 countries visa-free, and an amazing lifestyle!