Whether you want to obtain citizenship through the St Lucia Citizenship by Investment Program, enjoy the nation’s favorable tax environment, or benefit from its thriving tourism industry, there are many reasons to invest in St Lucia.
This article will take you through some of the main reasons to make a St Lucia investment in 2024.
Why invest in St Lucia?
Global mobility with numerous trade agreements and connections to economies worldwide
Efficient and developed local infrastructure
Tax incentives, including no worldwide, capital gains, or inheritance taxes
Active and dynamic workforce who speak English as the primary language
A Caribbean island with a booming tourism industry and growth potential
Stable governance along with political and economic stability
Obtain St Lucia citizenship in 10 to 12 months through the investment citizenship program
A country rich in natural resources, including minerals (pumice), mineral springs, and a geothermal potential
Key Sectors in Saint Lucia
There are many reasons to invest in Saint Lucia. Foreign investors can choose from various sectors on the island that speak to the sustainable and profitable development of diverse projects and industries, such as high-end real estate, agro-processing, renewable energy, and smart manufacturing. The key sectors include:
Tourism and hospitality
According to Moody’s Analytics, tourism accounts for 65 percent of St Lucia’s GDP. The tourism industry in St Lucia revolves around cruise vacations and luxurious all-inclusive beach resorts, with nearly 50 percent of the population directly or indirectly employed within the industry.
Manufacturing and agro-processing
The abundant natural resources and plant biodiversity in St. Lucia have led to the rise of manufacturing companies, especially in agro-processing, distillation, and brewing, gaining global recognition.
Global business process outsourcing
With a highly educated workforce and skilled customer service professionals, Saint Lucia is the ideal destination for business and knowledge process outsourcing (BPO/KPO) investments in the Caribbean. Since the early 2000s, the sector has grown rapidly and now employs over 3,000 St Lucians. This growth was facilitated by the increased availability of reliable technology and infrastructure, a solid legal and regulatory framework, a stable macroeconomic environment and business reforms of the 90s.
St Lucia has many opportunities for foreign investors looking to obtain dual citizenship and qualifying investments in approved real estate projects can lead to profitable rental yields.
Rules of Investment in Saint Lucia
Investment in St Lucia is defined through the nation’s legal and regulatory framework, such as the Companies Act (which provides comprehensive legislation regarding the formation and operation of companies), tax laws (which provide information and guidance on corporate taxes, incentives, and exemptions), and investment regulations (which provide rules and guidelines for foreign investment in the country).
The Saint Lucia Citizenship by Investment Program (or CBI program) is ratified by the Citizenship by Investment Act no.14 of 2015. St Lucia’s Citizenship by Investment Program offers qualifying investors and their families St Lucian citizenship and the ease of making a business investment in St Lucia and other Eastern Caribbean countries in exchange for investing at least $240,000 in the economy.
Full supported investments
Invest Saint Lucia (ISL) plays an active role in facilitating and promoting investment opportunities on the island by providing comprehensive support to investors through streamlining processes for obtaining permits and licenses across various industries. Invest Saint Lucia offers investment incentives like tax breaks tied to investment amounts and jobs created, duty-free concessions and exemptions on capital items, and fee-free repatriation of capital, profits, and dividends, making it financially attractive for investors.
Saint Lucia tax exemptions for expats
Saint Lucia residents and citizens benefit from the favorable St Lucia tax regime. There is no capital gains, inheritance or wealth tax on worldwide income or assets. However, local tax considerations do apply. Residents of Saint Lucia pay a personal income tax (PIT) scale deriving from domestic activities. Non-residents pay taxes only on income received from local sources.
Property tax is 0.25 percent of the market value of housing. Buyers of St Lucia real estate who are non-residents of Saint Lucia should additionally obtain an Alien Landholding License for land ownership, paying 7.5 percent of the property value.
St Lucia Citizenship by Investment Program
In 2015, the St Lucia government introduced its very own Citizenship by Investment Program. In fact, it is one of only five Caribbean countries that offer citizenship by investment programs.
The terms of the St Lucia Citizenship by Investment Program are straightforward. The minimum investment required is $240,000 and must be invested in the government’s economy through one of four established investment routes. Each investment route – real estate investment, government bond investment, government fund donation, or investment in an approved enterprise project – has its own requirements and associated fees, which will be discussed below. In exchange for this qualifying investment, individuals and their qualifying dependent family members will receive a St Lucia passport.
A Saint Lucia passport gives you permanent citizenship in one of the most beautiful Caribbean islands, with many tax exemptions and benefits, and the ability to enjoy visa-free travel to more than 140 countries – such as the EU, Singapore, and Hong Kong. This visa-free access can be particularly beneficial if you travel frequently, but your current passport allows for limited global mobility.
Take a look at our St Lucia Citizenship by Investment ultimate Guide
Investment Options
The St Lucia Citizenship Unit (CIU) manages the St Lucia CBI program. To be granted St Lucia citizenship by investment, four investment routes are available to applicants:
National Economic Fund
The St Lucia National Economic Fund was created to receive contributions for government-sponsored projects. To receive St Lucia citizenship, a single applicant must make a non-refundable contribution of $100,000. Additional government fees include due diligence fees, processing fees, and passport fees.
Pre-approved real estate
To qualify for St Lucia citizenship by real estate investment, the main applicant must invest at least $300,000 in pre-approved high-end branded hotels and resorts or a boutique property. In addition to due diligence and passport fees, you will incur a government application fee when pursuing the real estate investment route.
Enterprise investment
Applicants who choose to invest in approved enterprise projects have seven options available to them. They can invest in specialty restaurants, cruise ports and marinas, agro-processing plants, pharmaceutical products, ports, bridges, roads and highways, research institutions and facilities, and offshore universities. A single applicant must invest at least $3.5 million. Joint investments require a $1 million investment for a $6 million total investment. This route includes a government fee, due diligence fee, processing fee, and passport fee.
Infrastructure investment: Announced on the official website, cipsaintlucia.com, this route allows foreigners to invest in infrastructure projects with a minimum investment of $240,000. Alongside the new investment, the due diligence checks process was simplified, reducing the documents required during the application process from eight to five.
Government bonds
Applicants can get St Lucia citizenship by purchasing government bonds. The bonds will be registered and must remain in the applicant’s name for five years. An applicant has to invest at least $300,000 in government funds. This route includes a government fee, due diligence fee, processing fee, and passport fee.
Calculate the cost of citizenship for you and your family, including all associated fees.
Saint Lucia Investment Opportunities
Invest Saint Lucia (ISL) is the official investment promotion agency responsible for stimulating, facilitating, and promoting investment opportunities. On their website, you’ll find information relating to investing in the country’s different sectors.
Tourism
St Lucia is a fantastic place to invest in tourism, and it is presently the leading tourist destination of the OECS. Firstly, the island’s incredible beauty has attracted tourists from all over the world. Its iconic Piton mountains – a UNESCO World Heritage Site – crystal clear blue waters, impressive waterfalls, and enchanting tropical rainforest are major appeals to nature lovers.
The island is well connected to the rest of the world, having two international airports – Hewanorra International Airport and George F.L Charles Airport – with direct flights to the US, Europe, and Canada – and two seaports. Tourism growth is reflected in American Airline’s statement that it will increase flight frequency to St Lucia from the United States in December 2024.
St Lucia Visitor Arrivals and Expenditure (2020 - 2023) Year: 2020 2021 2022 2023 Annual Visitors: 458,943 301,675 736,955 1,047,293 Annual Visitor Expenditure ($EC): Not recorded $1.52 billion $2.84 billion $3.06 billion
There are many high-end real estate investment opportunities thanks to the nation’s thriving tourism industry, with projects such as Black Bay, River Doree, and Marigot Waterfront providing investors the chance to develop accommodations in areas such as luxury and eco-tourism.
Manufacturing
Strategically located in the Caribbean, endowed with efficient infrastructures, having a favorable tax regime, and well connected to the rest of the world – thanks to its seaports and airports – St Lucia is a key regional actor in the manufacturing sector.
A member of the Caribbean Community (CARICOM), St Lucia has privileged access to the international market due to its numerous trade agreements, such as the Caribbean Community Single Market and Economy (CSME) and the Organization of Eastern Caribbean States (OECS). It also has trade and economic partnership agreements with the European Union countries, the US, Central America, and Canada.
The nation maintains Free Zone Areas that provide incentives and facilities for export-oriented businesses and promote foreign direct investment in the country. The manufacturing sector welcomes investments in agro-processing, green technology innovations, beverage brewing, bottling and distilling, electronic assembly, textiles, and carbon fiber high-speed boats.
Infrastructure
Due to successful economic development and efficient trade agreements, St Lucia is a great place to invest. The country is focused on improving its renewable energy infrastructures – especially in the geothermal sector and the health sector. There are also many educational institutions that provide skilled labor and opportunities for workforce training. Local entrepreneurs and business networks also provide potential partnerships and local market insights.
St Lucia is actively looking for investments in the areas of renewable energy; roads, ports and bridges; Global Business Outsourcing and Knowledge Process Outsourcing (BPO and KPO); reputable offshore universities; hospitality, vocational and technology training institutions; medical research facilities; and ancillary health care facilities. Furthermore, specific infrastructure investments in St Lucia qualify investors and their family members for St Lucian citizenship.
Talk to a Specialist about Investing in St Lucia
Do you have questions about investing in St Lucia? Talk to one of our specialists here at Global Citizen Solutions.
Our dedicated team will work solely on your behalf. We are committed to providing a specialized service to each of our clients with the knowledge that comes with years of expertise, as well as access to a proprietary database of market information.
We give insight and data analysis to allow our clients to make investments with confidence.
Frequently Asked Questions about Investing in Saint Lucia
What are St Lucia citizenship benefits?
St Lucia citizenship offers many benefits, such as residency in one of the best Caribbean islands and a second passport with visa free travel to more than 140 countries – such as the EU countries, the UK, Singapore, and Hong Kong. There are also tax benefits for investing in St Lucia, including no capital gains tax.
How can I get the Saint Lucia passport?
Get the St Lucia passport in 10 months by making a Saint Lucia investment through the country’s the country’s citizenship by investment program. Providing that an investment of at least $240,000 is made in the country’s economy, investors and their families can get St Lucia passports, with the citizenship process taking just 10 to 12 months. There’s also no requirement to visit St Lucia during the application process.
What kind of investment can I make in St Lucia?
Investment options in St Lucia are multiple. Via the St Lucia Citizenship by Investment Program, individuals can decide to invest in the National Economic Fund, in pre-approved real estate, in enterprises, or in government bonds. The fund option requires an investment of $240,000 where as the real estate route requires a purchase worth at least $300,000.
Is St Lucia a good investment?
Investing in St Lucia can be promising due to the country’s stable political environment, favorable taxes, economic policies, and a growing tourism industry. Additionally, through investment in the country and paying a due diligence and government administrative fee, investors can obtain St Lucian citizenship, expanding the advantages of a Saint Lucian investment.
How do you qualify for CIP in St Lucia?
Qualifying for the St Lucia Citizenship by Investment Program (CIP) and being granted citizenship requires being over 18 and passing stringent due diligence checks, which include criminal background checks, detailed analysis of bank statements and other financial documents, and completing a mandatory interview during the application process. Besides the character criteria, applications must make a minimum donation of $240,000 to the government fund, invest $300,000 in real estate, invest $250,000 in a business, or acquire $300,000 worth of government bonds.
Additionally, applicants must submit their citizenship by investment application authorized agent licensed by the St Lucia Citizenship by Invest Unit (CIU).
