St. Lucia increased its minimum investment for CIP starting July 1st 2024.
On June 3rd 2024 St. Lucia signed an MOA with the Organization of Eastern Caribbean States (OECS) that operates Citizenship by Investment Programs.ย
After St. Kitts & Nevis, Antigua & Barbuda, and Grenada, St. Lucia is now the 4th Caribbean country to announce new investment thresholds. Dominica is yet to announce an investment threshold.
The agreement has a minimum investment of $200,000 across the participating countries. St. Lucia is now raising the contribution required for its National Economic Fund options from $100,000 to $240,000 for a family up to four.
Prices for the National Economic Fund options are as follows:
- $240,000 for an applicant applying with 3 qualifying dependants.
- $10,000 for each additional qualifying dependent under 18.
- $20,000 for additional qualifying dependent above 18.
- $5,000 for a citizen’s newborn who is 12 months or below.
- $35,000 for a spouse of a citizen.
- $25,000 for qualifying dependents of a citizen other than a spouse.
Minimum investment for the real estate and enterprise project options:
- Real Estate: $300,000 plus applicable administration fee for an applicant and any member of the qualifying dependants.
- Enterprise Project: $250,000 plus applicable administration fee for an applicant applying with up to three qualifying dependents.
The CIU will provide authorized agents with some flexibility during the citizenship by investment process.ย
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Agents that are currently engaged with potential applicants and applicants that have already received their fees have a grace period to submit these applications under the existing fee structure.
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Until June 30th 2024, the submissions of in-progress applications were getting accepted by the CIUS via a formal request.ย
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However, the initial submission needed to include basic details of the main applicant โname, selection of investment option, nationality, passport numberโ and โnumber of qualifying dependentsโ.
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Until July 31st 2024, agents then have additional time to complete the applications and make sure they fully meet the requirements, these include โrequisite proof of payment from the CIUโs bank account to support each applicationโ.
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The CIU officially announced legislative changes on July 1st 2024.
Conclusion:
Starting July 1st, St. Lucia increased its minimum investment for the Citizenship by Investment Program (CIP). The new thresholds include a significant increase in the National Economic Fund option and set specific amounts for various dependent categories. Real estate and enterprise project options also have updated investment requirements. A grace period was provided for ongoing applications under the previous fee structure until June 30th 2024, with additional time to complete these applications until July 31st 2024. The legislative changes got officially announced on July 1st 2024.