Tuesday, March 5, 2024

St. Lucia Calling: A Roadmap To Your New Passport

Located in the Eastern Caribbean, Saint Lucia is renowned for its luxury resorts, exotic beaches, striking scenery, and the Pitons. As well as being a great holiday destination, this area is home to one of the most affordable CBI programs. What does this mean? You can acquire a second passport for a sum in the region of $100,000. 

However, there’s more to consider than affordability when applying for a second passport. Physical presence requirements, taxes, investment routes, and more are all part of the process.  

Here we delve deeper into the ins and outs of the St Lucia CBI program, ensuring you know everything there is to know.  

What is a CBI Program? 

What is a CBI Program? 

First things first, what is a CBI program? In a nutshell, Citizenship by Investment stands for investment schemes that award investors willing to invest in state debt, or real estate or offer a donation to the state with fast-track citizenship. This is usually awarded to the individual within months.  

Established in 2015, the citizenship by investment program in St Lucia was introduced to encourage direct Foreign investment. This makes it possible for investors to obtain a second passport and Saint Lucia citizenship.  

This doesn’t mean giving up your original nationality or relocating. The individual applying can also include their parents and dependent children in this scheme.  

Looking to embrace all this Caribbean island has to offer? This is certainly one way to obtain a St Lucia passport. 

St Lucia Overview 

St Lucia Overview 

Situated northeast of Saint Vincent and south of Martinique, this island gained independence from the UK in 1979 but is still part of the Commonwealth. In terms of population, this currently stands at 179,857

Despite the official language being English, Saint Lucia’s currency is the Eastern Caribbean Dollar (XCD) (tied to the US dollar). 

Other notable points? The country’s legal system is based on British common law and St Lucia is a member of the UN, CARICOM (Caribbean Community), including several other Caribbean-based unions. 

Benefits of Obtaining a Passport for St Lucia 

Benefits of Obtaining a Passport for St Lucia

Aside from being a country with a stable political and economic landscape, St Lucia is also one of the safest islands in the Caribbean. 

This means individuals holding this passport are granted visa-free access to 136 countries. Some of these countries include Malaysia, the UK, Hong Kong, and the EU.  

Other criteria that may interest a Nomad Capitalist considering a second passport in St Lucia include dual citizenship, tax-friendliness, and travel freedom. 

How to Obtain a Second Passport through Investment  

One of the easiest and most time-efficient ways to obtain a Saint Lucian passport is via St Lucia’s economic citizenship program. This scheme provides individuals with four routes when obtaining a second passport for St Lucia. We have listed these below: 

  • Government Bonds: Investing $300,000 in government bonds will entitle you to a second passport for St Lucia, providing you hold them for a minimum of five years. 
  • Donation: Donating $100,000 to St. Lucia’s National Economic Fund is another way to obtain a second passport. 
  • Local Business Investment: Investing $3.5 million into a local enterprise project will grant you a passport. 
  • Real Estate: Last but not least, you can obtain a second passport by investing a minimum of $200,000 in pre-approved real estate in St Lucia.  

Advantages of Acquiring a Second Passport in St Lucia 

There are numerous benefits to obtaining dual citizenship, some of which we have listed below: 

  1. Cost-Effective 

With a minimum donation of $100,000 for an individual applicant, this passport is one of the cheapest second passports obtainable. 

  1. Speedy Citizenship  

With a time scale of three to six months, this is one of the quickest citizenship application process times available. This makes it a popular option for you if you wish to renounce US citizenship. 

  1. Travel Freedom 

 This passport provides visa-free access to 136 countries, including the UK and EU. 

  1. Residence Requirements are not Necessary  

Looking to invest in a second passport yet don’t want to relocate? With this passport, you won’t even need to visit the country (although we’d expect you’d want to) to obtain and maintain your new passport.  

  1. Dual Citizenship 

If you wish to keep your current passport, this second passport is a great option. One of the reasons is that St Lucia doesn’t ask that you renounce your existing citizenship (unless of course, you want to).  

 6. Tax Advantages  

Saint Lucia doesn’t levy wealth, inheritance, or capital gains tax. In addition, non-residents aren’t required to pay taxes on income from abroad. 

The Bottom Line 

Obtaining a second passport not only allows you the opportunity to invest in other ventures, it grants you travel freedom. The process is simple and non-time-consuming, which means you may be granted dual citizenship in just three months from the date you apply.  

As one of the most cost-effective passports for solo applicants, applying for dual citizenship in St Lucia is a great tool if you’re looking to gain a second passport in a thriving offshore sector. 

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