If you’re looking to get a second passport in a Caribbean island where the rich and famous hang out, then think St. Lucia.
St. Lucia has one of the best Citizenship by Investment (“CBI”) programs in the Caribbean. For a $USD 100,000.00 contribution to the National Economic Fund for a single person plus administration and agency fees, you can get a St. Lucian Citizenship and passport. That makes it one of the cheapest countries in the Caribbean that have similar CBI programs. Plus, because of their strict due diligence and background checks St. Lucia has a better reputation than some of its neighboring islands.
If you are not applying as a single applicant then the fees are:
• For couples the cost is $140,000.00
• For a family of four (main applicant, spouse and 2 dependents) it’s $150,000.00
• Each additional dependent will cost you $15,000
In addition, there are the processing and administration fees.
• For the main applicant it is $2,000 for processing fees and $1,000 per dependent
• Due diligence fees are $7,500 for the main applicant and $5,000 per dependant (over 16 years old)
There are 3 other ways you can get St. Lucian citizenship.
1. Purchase reals estate with a minimum value of $USD 300,000.00. You must hold the property for five years before you can sell it.
2. Participate in an approved enterprise project with minimum contribution of $ USD 3.5 million plus create at least 3 permanent jobs.
3. Invest $USD 250,000.00 in non-interest-bearing government bonds. You have to hold the bonds for 5 years but assuming the government doesn’t default on the bonds, you get your money back.
Benefits of having a St. Lucia passport:
• Visa free travel to over 140 countries including the UK, the EU Schengen area, Hong Kong, Singapore, and many others.
• No taxes. St. Lucia has no income tax on income from outside St. Lucia, no wealth tax, inheritance tax, or capital gains tax.
• No residence or visitation is required.
• Citizenship can be passed on to your descendants.
• Relatively fast processing time of about 6 months.
• The right to live and work in other Caribbean countries.
If you are looking for second passport / citizenship in an upmarket Caribbean paradise that does not have a hefty price tag, then you should consider St. Lucia.