By Moustafa Daly
In a recent circular to industry professionals, the Saint Lucia citizenship by investment (CBI) unit announced introducing the new “Infrastructure Option,” available to investors starting February 5, 2024.
The new option, which requires a minimum of $100,000 investment per main applicant, and $150,000 for a family of up to four, falls under the existing Enterprise Project Investment route.
Before this announcement, the minimum investment amount for the Enterprise Project Investment route was set at $3.5 million - making it the most expensive and least utilized CBI route - so the move could be viewed as an attempt to make this route more viable and affordable to foreigners.
The option complements the existing routes, namely a $100,000 contribution to the National Economic Fund, which is the most popular and straightforward route; the $300,000 bond investment option that was introduced in 2023; or a $200,000 real estate investment.
The newly introduced option may prove attractive as it is an investment, as opposed to a non-refundable contribution, which is the case with the National Economic Fund route.
To utilize the option, foreigners will need to invest the amount in an approved project in a varied number of industries including specialty restaurants, cruise ports, agro-processing plants, bridges, research institutions, and housing projects, among others.
Streamlining application for Saint Lucia CIP
Also announced in the same circular is an easing of the application process for the Saint Lucia citizenship by investment program (CIP).
The number of forms applicants need to fill is now reduced to five, down from eight, with the stated aim to streamline the process for applicants and authorized agents while reducing redundancies and increasing data-collection efficiency.
The new application process and forms are available starting February 5, 2024.
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