Saint Lucia takes bold move, increases minimum investment for CBI to US$240,000

The CIP Saint Lucia officially released a document describing changes to the minimum legislative prices to qualify under the programme.

Monday, 1st July 2024

Saint Lucia takes bold move, increases minimum investment for CBI to US$200,000

The Saint Lucia government also followed the suit of other OECS countries in increasing the minimum investment under the country’s Citizenship by Investment Programme (CIP). The CIP Saint Lucia officially released a document describing changes to the minimum legislative prices to qualify under the programme. Effective from July 1, 2024, the minimum contribution to invest under the country’s Citizenship by Investment Programme has been set to USD 240,000. According to the information, the Saint Lucia CIP has increased the minimum amount for all three investment options including the Saint Lucia National Economic Fund, Approved Real Estate Project and Approved Enterprise Project. Saint Lucia National Economic Fund As part of the new requirements for the National Economic Fund, the main applicant will now have to invest USD 240,000 to qualify for citizenship and same amount is for the applicant applying with up to three qualifying dependents. CIP Saint Lucia said that each additional qualifying dependent under the age of 18 will have to contribute US$10,000 and above the age of 18, US$20,000. Further, the cost to include a newborn child 12 months or below is set at US$5000. While for the spouse of a citizen, the contribution is amounted at US$35,000 to apply for the citizenship, the fee for qualifying dependents of a citizen other than a spouse is set at US$25,000. Real Estate The minimum investment amount in the approved real estate project for any applicant and any number of qualifying dependents has been raised to US$300,000 plus applicable administration fees. Enterprise Project Meanwhile, to investment in an approved enterprise project, the main applicant applying with up to three qualifying dependents will have to pay US$250,000 plus applicable administration fees.

Saint Lucia vows to align with all recommendations within MOA

These adjustments were announced in keeping up with the Memorandum of Agreement (MOA) which was signed between the five OECS nations offering CBI Programmes. These include Antigua and Barbuda, Dominica, Grenada, Saint Lucia and St Kitts and Nevis. This historic agreement was signed in March this year and paved the way for these countries to stand above the minimum pricing competition and showcase mutual cooperation. The Board and management of the Saint Lucia Citizenship by Investment Unit said that they are committed to implementing all the recommendations mentioned within the MOA.

“We are dedicated to working with all stakeholders to ensure a seamless transition whilst we continue to build on our mandate of going beyond the passport,” outlined CIP Saint Lucia.

While the major provision of the MOU was to raise the minimum investment threshold to USD200,000, other provisions called for information sharing and transparency standards, regulation, security screening, regulation of agents, joint training, dispute resolution as well as amendments and terminations. This significant agreement was signed virtually by the Leaders of Antigua and Barbuda, Dominica, Grenada and St Kitts and Nevis earlier this year but Saint Lucia joined them in May, aligning with other OECS nations and forging future collaborations.