The Government of Saint Lucia officially announced, that it has decided to sign the Memorandum of Agreement (MOA), with OECS CIP countries, to harmonize pricing, common standards and regulations, in strengthening citizenship by investment schemes in the Caribbean, amidst international pressure and underselling scandal. All five caribbean countries will set the minimum investment to USD 200,000 (up from $100k), as agreed in the MoA. These are Dominica, Antigua & Barbuda, St.Kitts and Nevis, Grenada and Saint Lucia.
Pricing
As a result of this, effective from July 1, 2024, the minimum investment requirement will be doubled as follows
- Donation – $200,000
- Real estate – $400,000
The following rules will be imposed on the CIP programme.
1. An annual quota
2. A net-worth for applicants
We accept last minute applications, submitted before Jun 30.
The new fee structure will be published in the official gazette.
New Changes
The proposed amendments would be as follows for future CIP applications, would include:
- An annual quota
- A net-worth for applicants
- Escrow accounts to be held in Saint Lucia or in the individual islands.
- A requirement that only licensed promoters will be allowed to submit applicants to local authorized agents and these promoters will have to submit a due diligence report on each applicant.
- Saint Lucia has made further suggestions to strengthen this regional agreement, including proposing legislative changes to address change of name requests.
Processing times
Due to processing delays and backlogs, the current processing times for can stretch from 9-12 months.
Last Minute Applications
We take last minute applications can be submitted before Jun 30, 2024 to take advantage of the reduced $100,000 pricing.Those who are interested to apply, can pay just 10% (due diligence and lawyer fee) submitting with the initial set of documents. The rest only after approval.
Please contact us for more information.
