St. Lucia Implements New Investment Thresholds for Its CIP Program

As of July 1st, St Lucia has officially increased the minimum investment required for its Citizenship by Investment Program (CIP). This adjustment aligns with the Memorandum of Agreement (MoA) signed by the five member states of the Organisation of Eastern Caribbean States (OECS) that operate CIPs. This article explores the details of the new investment thresholds and their implications for prospective investors.

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Background

St Lucia's recent increase in its CIP minimum investment thresholds follows similar changes by St Kitts & Nevis, Antigua & Barbuda, Grenada, and Dominica. St Lucia is now the fourth country to implement these changes. The agreement calls for a minimum investment threshold of $200,000 across the participating countries.

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New Investment Thresholds

National Economic Fund (NEF) Option

The new minimum contributions for the National Economic Fund option are as follows:

• $240,000 for an applicant with up to three qualifying dependents
• $10,000 for each additional qualifying dependent under 18 years of age
• $20,000 for each additional qualifying dependent over 18 years of age
• $5,000 for a newborn child of a citizen who is 12 months of age or below
• $35,000 for a spouse of a citizen
• $25,000 for qualifying dependents of a citizen other than a spouse

Real Estate and Enterprise Project Options

The investment minimums for the real estate and enterprise project options have also increased:

• Real estate: $300,000 plus applicable administration fees for an applicant and any number of qualifying dependents.
• Enterprise projects: $250,000 plus applicable administration fees for an applicant with up to three qualifying dependents.

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Transition Period for Current Applications

The Citizenship by Investment Unit (CIU) provided a transition period for applications already in progress. Authorized agents had until midnight on June 30th to submit these applications under the existing fee structure. The initial submission had to include basic details about the main applicant, such as name, selection of investment option, nationality, passport number, and number of qualifying dependents.

Agents then have an additional month, until July 31st, to complete these applications and ensure they comply with all requirements, including providing the requisite proof of payment from the CIU’s bank account.

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Legislative Changes

The CIU has circulated legislative changes that officially came into effect on July 1st. These changes are part of a broader effort to standardize investment requirements across the Caribbean and maintain the competitiveness of St Lucia's CIP.

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Implications for Investors

The increase in minimum investment thresholds reflects a broader trend among Caribbean nations to enhance the integrity and appeal of their CIPs. For prospective investors, these changes mean higher upfront costs but also underscore the value and stability of the St Lucia CIP. The adjustments aim to attract serious investors who can contribute significantly to the island's economic development.