One of the most enticing aspects of residency for an investor looking to establish a second home or a retirement destination is the opportunity to become a citizen. Investors can buy citizenship in what are known as Saint Lucia Citizenship by Investment programs. These programs offer foreigners citizenship in return for a nominal sum, often around $100,000 and other investment requirements.
The price tag may be higher than you think however and there are some strict criteria that must be met before any application will be considered. What is Citizenship by Investment?
What is St. Lucia citizenship by investment?
The Caribbean island nation of St. Lucia has recently become a popular target for citizenship by investment programs. The country’s citizenship by investment program allows foreign nationals who invest at least $200,000 in the country’s economy to become dual citizens. The island’s citizenship by investment program differs from many others in that it offers citizenship to foreigners rather than offering citizenships to foreigners.
This is because the country’s government initially marketed the program as a way for wealthy foreigners to gain residency in the country. The country’s citizenship by investment program is relatively new and was recently implemented in May 2016. The program allows foreign investors to purchase special citizenship bonds in exchange for $200,000. This money can then be used to apply for citizenship in St. Lucia. The government of St. Lucia also offers citizenship by investment program at a reduced cost to corporate investors.
Pros of becoming a citizen of St. Lucia using an investment program
– Rapid residency – The fastest and most effective way to secure residency in a new country is to become a citizen. Once you become a citizen of that country, you are instantly granted residency in that country with no need to wait years for a visa or visit the foreign country. – Government protection – Another major benefit of becoming a citizen of a specific country is that you gain protection from the governments of other countries. This is especially true when you invest in your new home country’s citizenship program.
– Government benefits – As a citizen of a country, you will be able to claim government benefits such as healthcare, education, social security and other government-funded benefits. – Access to citizenship – Another major perk of becoming a citizen is that you will automatically be granted citizenship in the country you choose to invest in. In other words, you will instantly become a citizen of St. Lucia.
Cons of becoming a citizen of St. Lucia using an investment program
– Higher taxes – As previously mentioned, one of the major perks of becoming a citizen is that you will automatically be granted citizenship in the country you choose to invest in. However, if you do not become a citizen of that country, you will be considered a non-resident for tax purposes and will be taxed as a non-resident.
– Less benefits – As a non-citizen in St. Lucia, you will not be able to claim government benefits such as healthcare, social security, education and other similar benefits. However, if you become a citizen of St. Lucia, you will receive these benefits.
– Expensive citizenship – In order to become a citizen of St. Lucia through an investment program, you will have to purchase a citizenship bond worth $200,000. This bond could be worth a lot more or a lot less depending on the market but generally it will cost around $200,000. Therefore, if the market falls and the value of the bond falls below $200,000, you will still have to pay the full amount and will still be a citizen of St. Lucia.
– Possible failure – As with most citizenship by investment programs, the majority of applicants are unlikely to receive citizenship in St. Lucia. Therefore, if you purchase a citizenship bond through one of these programs, you could end up with nothing at the end of the day.
How to apply for citizenship in St. Lucia through an investment program
For those who are interested in purchasing a citizenship bond in St. Lucia, the process is fairly straightforward. You will first need to set up a business in the country. Once your business is up and running, you will need to buy a citizenship bond worth $200,000. Once you have purchased the bond, you will need to make an application for citizenship.
Once you have applied, you will need to wait three years before you can make use of your new status. For those who are interested in investing in St. Lucia’s citizenship by investment program, there are a few things that you will need to keep in mind. One of the first things that you will need to keep in mind is that the government of St. Lucia makes it very difficult for foreign investors to get citizenship. Even after investing in the country’s citizenship program, it is extremely unlikely that you will get citizenship.
Conclusion
Citizenship by investment programs is particularly appealing to those who want to establish a second home or retirement in a new country. Investors can buy citizenship in what are known as Saint Lucia Citizenship by Investment programs. These programs offer foreigners citizenship in return for a nominal sum, often around $100,000 and other investment requirements. The price tag may be higher than you think however and there are some strict criteria that must be met before any application will be considered.
