Business & Money | Thursday 2 March, 2017 1:57 pm |

 

International citizenship and residence advisory firm, Henley & Partners, is opening a new Caribbean office in St. Lucia. This marks the firm’s fourth office in the Caribbean region and 27th globally, two of which are located in the Middle East, in Dubai and Beirut.

 

St. Lucia’s Citizenship-by-Investment program is the newest investment migration program in the Caribbean, having launched just over a year ago. Henley & Partners has since worked closely with the Government of St. Lucia to promote the relatively new and very competitive citizenship-by-investment program.

 

Alexandre de Damas, Senior Client Advisor at Henley & Partners Dubai Office, said: “Our firm has over 20 years of experience working directly with governments on the design, implementation and operation of the world’s most successful residence and citizenship programs. The St. Lucia program is a great example and we have seen a high number of applicants for citizenship, especially from the Middle East. St. Lucia has great value to offer, especially to single applicants as they can benefit from the most competitive investment threshold in the Caribbean. The program also has no residence or visitation requirements, meaning the applicant does not need to physically be on the island. The application process is very efficient, taking no longer than four months from the date of submission to the issuance of the passport.”

 

Henley & Partners continues to support recent improvements to the St. Lucia Citizenship-by-Investment Program, which now provides citizens visa-free access to 127 countries, including the EU’s Schengen area, the UK, Singapore and Hong Kong. St. Lucia is ranked 37th globally on the Henley & Partners Visa Restrictions Index, a highly regarded index which the firm has published annually with the International Air Transport Association (IATA) for more than a decade. On the Henley & Partners – Kochenov Quality of Nationality Index, St. Lucia ranked 86th, performing well in terms of its Human Development and Diversity of Travel Freedom scores.

 

Managing Partner of the new office, Mark D. Maragh, an experienced local attorney-at-law, said: “Tourism is a main source of jobs and income in St. Lucia, accounting for 65% of the island’s GDP. However, there are also significant opportunities to attract foreign direct investment through its citizenship-by-investment program. There has been a sharp increase worldwide in the number of individuals wanting to acquire a beneficial second or third citizenship to globalize their family’s opportunities and expand their business interests in a changing and uncertain world. At the same time, more and more governments are seeing these programs as an innovative way of driving economic growth, securing much-needed foreign investment as well as attracting people who have proven business success, many talents and valuable networks.”

 

There are currently four routes to citizenship through the program; a contribution of USD 100,000 (for single applicants) to the National Economic Fund (NEF), a real estate purchase of USD 300,000 with a five-year holding period, an investment of USD 3.5 million into an approved enterprise project, or an investment of USD 500,000 into government bonds.

 

 

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Notes to Editors

Program Requirements

The St. Lucia Citizenship-by-Investment Program requires a person to make a significant economic contribution to the country. In exchange, and subject to a stringent application process and due diligence checks, the applicants and qualifying dependents are granted full citizenship. The main applicant must be at least 18 years old to qualify, meet the application requirements, and select one of the following investment options:

1. An investment in an approved real estate development with a minimum value of USD 300,000, which must be held for a minimum period of five years — additional costs may also be incurred depending on the real estate developer
2. An investment in an approved Enterprise Project (as set out in the regulations) with a minimum investment of USD 3.5 million plus the creation of no less than three permanent jobs; or a joint investment of USD 6 million (each applicant contributing a minimum of USD 1 million) plus the creation of no less than six permanent jobs

For the above two options, the following government administration fees will also apply:

• Main applicant — USD 50,000
• Spouse — USD 35,000
• Dependent under 18 years — USD 25,000
• Dependent 18 years and older — USD 35,000

 

1. A non-refundable contribution to the National Economic Fund (NEF) of USD 100,000 (for a single applicant). An applicant may make the contribution under one of the four following categories:

• Main applicant — USD 100,000
• Main applicant and spouse — USD 165,000
• Main applicant, spouse and up to two other qualifying dependents —USD 190,000
• Each additional qualifying dependent of any age — USD 25,000

 

1. Investment in non-interest bearing government bonds, which must be held for five years (this option is valid until 31 March 2017). An applicant may invest under one of the four following categories:

• Main applicant — USD 500,000
• Main applicant and spouse – USD 535,000
• Main applicant, spouse and up to two other qualifying dependents —USD 550,000
• Each additional qualifying dependent of any age — USD 25,000

Procedures and time frame

• Application requirements are reasonable and relatively straightforward
• Generally speaking, the application process should take no longer than four months from submission of the application to issuance of the passport
• Under the real estate option, the time frame may vary depending on the development chosen

Key advantages

• A St. Lucian passport provides visa-free travel to 127 countries, including Europe’s Schengen area, the UK, Hong Kong and Singapore
• There are no residence or visitation requirements
• St. Lucia recognizes dual citizenship
• Citizenship can be passed on to future generations by descent
• A range of investment options are available
• The investment and processing costs are reasonable

For more information about the St. Lucia Citizenship-by-Investment Program, please visit our website and download our factsheet: henleyglobal.com/citizenship-stlucia-overview/

About Henley & Partners

Henley & Partners is the global leader in residence and citizenship planning. Each year, hundreds of wealthy individuals, families and their advisors rely on its expertise and experience in this area. The firm’s highly qualified professionals work together as one team in 27 offices worldwide.

 

The concept of residence and citizenship planning was created by Henley & Partners in the 1990s. As globalization has expanded, residence and citizenship have become topics of significant interest among the increasing number of internationally mobile entrepreneurs and investors whom we proudly serve every day.

 

The firm also runs a leading government advisory practice which has raised more than USD 6 billion in foreign direct investment. The firm has been involved in strategic consulting and the design, set-up and operation of the world’s most successful residence and citizenship programs.