The state, located on an island, attracts with its exceptional views, tropical forests, and mountains. However, one can also pay attention to living in a new place for another reason. Honorable conditions for foreigners are created here. Wealthy people in business can expand their horizons.
A unique Saint Lucia CBI program has been prepared for such foreigners. One of the reliable experts has decided to introduce the offer’s peculiarities and talk about the opportunities offered. Svetlana Gorchakova, an expert at Immigrant Invest, is ready to share her observations with those concerned.
What is St Lucia’s Citizenship by Investment?
Contributions to the treasury allow a foreign resident to participate not only in the development of the country but also in a unique program. Citizen status means that the applicant enjoys numerous benefits. The state acts as a guarantor of receipt. Thus, the basic steps include the following:
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- Application for participation in the unique investment program remotely;
- fulfillment of obligations to make investments in the selected ways;
- obtaining the St. Lucian passport.
After completing the bureaucratic procedure, moving on to the benefits listed is possible.
Benefits of St Lucia Citizenship by Investment
When listing the citizenship advantages, it is worth starting with its opportunities. Since negotiating with partners requires personal contact, crossing the borders of other countries is a problem. One can get rid of this by having a passport, which opens up a world of accessible travel. Due to the extensive list of St. Lucia passport visa-free countries, visa documents are not required.
The lenient requirements for the investor allow other family members to apply for citizenship. As a result, relatives can claim official status in the country without a visit. In addition, passport holders can reside, conduct activities and complete their studies at one of the country’s prestigious universities.
The offer to invest in Saint Lucia citizenship is also attractive because citizens are exempt from paying taxes. Thus, Saint Lucia does not tax capital gains, inheritance, and other income options. The country’s laws describe the tax rate for residents and other system features, which allow one to keep the first passport and obtain a second.
Eligibility Criteria for St Lucia Citizenship by Investment
Investors who meet several criteria can apply for the program. Verification of the applicant’s data includes examining the following:
- presence of open and closed cases relating to criminal and other types of liability;
- health conditions to avoid the development of a complicated epidemiological situation within the country;
- financial capacity to reside in the country, as well as to make investments in the prescribed manner.
Processing the application takes no more than a month and a half, so that you can get a decision quickly.
Step-by-Step Guide for St Lucia Citizenship by Investment
The presence of advantages stimulates interest in going through the procedure. To avoid dealing with unforeseen difficulties, studying the step-by-step process in advance is enough. To do this, consider the suggested description “in plain language” without complicated legal terminology.
Step 1: Choose a Suitable Investment Option
Participants in the St. Lucía citizenship by investment program decide on their own about the appropriate option for investing. The legislation offers the following ways of investing:
- state-approved foundation funding (from $100,000);
- purchase of stock or property (from $200,000);
- acquisition of a company (from $1 million);
- purchase of interest-free bonds (from $300,000).
The total amount depends on the number of applicants and includes additional costs. For example, application processing and other services also require a deposit, but the fees are not refundable.
Step 2: Prepare and Submit the Application
To process the application, one must follow the established procedure. First of all, one must have certified copies of the documents listed in St Lucian’s list of requirements. The applicant must provide translated papers with information about the following:
- the existence of a criminal record;
- state of health;
- financial condition;
- marital status.
One can clarify the requirements and submit the collected package of documents on their own or with the help of verified experts. After the preparatory stage is completed, the information will be transmitted to the appropriate department of the Migration Service.
Step 3: Due Diligence and Background Check
The documents attached to the application have been checked for some time. The processing time depends on the number of applicants. Usually, the procedure takes about 1.5 months. A processing fee is charged before a decision is made. Details are provided by the consultant or a representative of the migration service.
Step 4: Invest in St Lucia
Investing in chosen direction allows one to qualify for citizenship. Since the paperwork takes time, it is worth getting confirmation of determination in advance. Received papers are provided to the consulate upon request. A personal visit is not envisaged.
Step 5: Receive Approval in Principle
The decision on the application is given in the specified order. Other services and customs fees must be paid if the investor is approved. An indication of the reasons explains the refusal to grant second citizenship. Finding ways to correct the deficiencies will allow the application to be resubmitted for official status receipt.
Step 6: Pay Government Fees and Receive a Certificate of Citizenship
Payment of state fees and duties is the final stage of St Lucia citizenship by investment processing. After paying the funds, the investor receives the documents, which allow him to obtain a passport in a prescribed manner.
Processing second citizenship is a complex process that takes time. Saint Lucia investment program participants receive a decision within 4-6 weeks from the date of application. The investor and dependents enjoy the rights of state citizens as soon as the passport is issued.