The Honourable Prime Minister of St. Lucia, Allen Chastanet has announced new improvements made to the citizenship by investment program. The changes will take effect from 3rd January 2017, which when all fees are calculated will make St. Lucia’s Citizenship-by-Investment program the least expensive ahead of the popular Commonwealth of Dominica passport program.
Jeremy Savory, CEO & Founder of Dubai based Citizenship Processing Firm, Savory and Partners welcomed additional cost-effective options for his firms’ clients:
“Dominica currently leads the way in terms of cost-effectiveness in particular for single applicants. With the new changes in St. Lucia, although the difference in price is minimal, at least Immigrant Investors have another option at half the price of other similar second passport programs. As we are St. Lucia Government Authorised Promoters, but also accredited for Grenada, Antigua and Dominica it means we can remain impartial in the advice we give to families considering Second Citizenship in 2017.”
The key changes are the following:
- The requirement for an affidavit to declare financial resources of at least US $3.000.000 has been removed.
- The contribution amounts to the Economic Fund have changed. The new qualifying contribution amounts are as follows:
- Single Applicant: US$100.000 (Used to be US$200.000)
- Applicant with spouse: US$165.000 (Used to be US$235.000)
- Applicant with spouse having up to 2 dependents: US$190.000 (Used to be US$250.000)
- Additional dependents: US$25.000 each (Same as before)
- The Government Bond Option has been reintroduced and the new administration fee is US$50.000
- The maximum of 500 applications per year has been removed which means more investors are welcome to apply for the program.
The other key criteria remain the same:
- A minimum investment amount of US$300.000 in government-approved real estate project.
- An investment in an approved enterprise project starting from $1.000.000
- Purchase of Government Bonds starting at $500.000.
More information can be found here: St. Lucia Program
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