More and more people are getting passports from this country by buying houses.

label： 2024-10-31

The St. Lucia Immigration Department recently released statistics for the Citizenship by Investment Program for the fiscal year 2022-2023.

The release of the report was delayed by more than a year. In response, Saint Lucia's Deputy Prime Minister, Ernest Hilaire, publicly apologized and stated that “going forward, the Board will release its annual report within three months of the end of each financial year.”

According to the report, the St. Lucia Citizenship by Investment Program (CIP) saw a record number of applications and approvals for the 2022-2023 fiscal year.

Fiscal Year 2022-2023

Record high number of applications

Saint Lucia, located in the Caribbean, is known globally as an offshore financial center and tax haven despite its small size.

The government of St. Lucia created a dedicated Investment Immigration Department in 2015 to allow foreign investors to acquire St. Lucian citizenship by investing in government-approved projects.

The figures for the past four fiscal years are as follows:

★ FY 2019-2020: 218 received, 134 approved, 13 denied;

★ FY 2020-2021: 408 received, 313 approved and 14 denied;

★ FY 2021-2022: 583 received, 433 approved, 9 denied;

★ FY 2022-2023: 1,076 received, 544 approved, 8 denied.

Clearly, applications for the St. Lucia Citizenship by Investment Program (CIP) jumped significantly in FY 2022-2023, with an 85% increase compared to FY 2021-2022, a total almost equal to the previous three fiscal years combined.

The number of approvals also rose, with a 25% increase over the 2021-2022 fiscal year. However, it can also be seen that the increase in applications has led to the USCIS facing a backlog of cases.

70% of investors opt for property projects

According to the latest revision of the Immigrant Investor Act by the St. Lucia Immigrant Investor Service, investors can choose one of the following two ways to acquire St. Lucian citizenship:

By Investment (Either way):

Contribute to the National Economic Fund (NEF) with a minimum contribution of $240,000 USD;

② Investment in Real Estate: The principal applicant must invest a minimum of US$300,000 in a local government approved real estate project such as a high end branded hotel, resort or high end boutique property and hold it for at least 5 years.

However, in the 2022-2023 fiscal year, investors can obtain St. Lucian citizenship through donations, investment bonds and investment in real estate in three ways.

The real estate investment option was particularly popular, with 751 investors choosing it, which not only accounted for 70% of all applications in the fiscal year, but more than doubled the total number of real estate-related applications in all previous years.

Advantages of St. Lucia Status

The report reveals that Chinese investors continue to be a core force in the St. Lucia Citizenship by Investment program.

This is mainly due to the relatively easy application requirements of the St. Lucia Citizenship by Investment Program and the many benefits its status can bring to applicants.

Program Advantages:

★ Fast Approval: Efficient approval, citizenship can be obtained in 4-6 months;

★ Flexible operation: whether before or after receiving a passport, the applicant has the opportunity to change their name;

★ Simple process: no language test, residency requirements or explanation of the source of funds, the whole process without entry;

Identity Advantage:

★ Asset allocation: as a well-known offshore financial center and tax haven, St. Lucia does not levy personal income tax, capital gains tax, net worth tax, inheritance tax and gift tax, and does not tax global income.

★ Education Planning: Providing an international education path for your children, whether they are applying to top overseas universities or well-known domestic universities such as Tsinghua University or Peking University, their status can bring significant advantages;

★ Convenience of travel: St. Lucia passport holders can enter 154 countries and regions visa-free or visa-on-arrival, including the United Kingdom, Ireland, Singapore, South Korea and other countries.

As you can see, the St. Lucia identity can be a one-click solution to travel convenience, tax planning, asset allocation, family wealth inheritance and children's education and other diversified needs.

If you are interested in obtaining St. Lucia's identity, welcome to contact Nebula Sea International, we will provide you with customized solutions.