By investing in it! Don’t know what we mean? Keep reading to find out!
What is Citizenship by Investment (CBI)?
Many countries, especially island countries, have no other investment options than a few sectors such as tourism. To get some money in the system, countries opt to give out their citizenship in return for some investment. Such a process of exchanging money for citizenship is known as Citizenship by Investment.
Why do countries opt for CBI?
Most island countries like Saint Lucia have a large portion of their revenue coming from tourism. This reduces the flexibility in the revenue generation, and only limited growth is possible. To get over the shortage of money, countries opt for CBI.
Why should you take CBI?
Citizenship by investment eliminates many constraints. You need not live in a country for several years before getting citizenship. Just investing some amount will help you get citizenship. With citizenship, you get several perks in that country. These perks give you access to prized resources. You can buy a property or open a business just by investing. You might even have voting rights, and who knows when that might come in handy?
Why Saint Lucia?
As many countries are giving out CBI, why should you choose Saint Lucia? Saint Lucia citizenship is always in great demand. This is because it is not too expensive to get. Plus, a Saint Lucia passport gives you tourism access to 145+ countries without a visa. This makes Saint Lucia’s passport a strong one.
Saint Lucia Citizenship – Eligibility
Saint Lucia doesn’t have a plethora of boxes to be ticked to make you eligible. Follow just three simple steps, and you’re good to go. Read next: Trending Cities To Move To As A Digital Entrepreneur
The process to get your citizenship
Follow the below-mentioned steps to get your citizenship of Saint Lucia.
1. Invest
You have to invest $100,000 or more to be eligible for Saint Lucia citizenship. For investment purposes, Saint Lucia has listed four ways, which are as follows.
a. National Economic Fund Contribution
The applicant may directly contribute to the National Economic Fund to get citizenship status. As you directly contribute to the National Economic Fund, only minimum documents are required when you apply for citizenship. The minimum price of contribution depends on the kind of citizenship you are applying for. For solo applicants, it is $100,000, and for a family of four, it is $150,000. For couples, it’s $140,000.
b. Government bond investment
An applicant may invest in government bonds and hold them for five years. It earlier started with $500,000 for a single applicant. But now, due to COVID, people can invest amounts as low as $250,000.
c. Real Estate investment
The applicant must buy a property worth $300,000 to be eligible for citizenship of Saint Lucia. You must pay all the property and other taxes before you claim your citizenship of Saint Lucia. Also, you must hold your property for 5 years.
d. Enterprise project investment
The applicant must invest a minimum of $3.5 million in an enterprise. Also, there must be at least 3 jobs created by the enterprise to help your citizenship application. If you invest as a group, each member must contribute $100,000, and the total contribution should come up to $600,000.
e. COVID 19 relief bond
Due to COVID 19 and its impact, Saint Lucia welcomes applicants to invest in COVID 19 relief bonds and get citizenship. The investment must be of minimum $250,000. All these investment options have their caveats and additional fees associated with them. So before you invest, you must check each requirement thoroughly. Also, make sure you add up the additional costs to your investment amount and check if it’s affordable. Read next: Awesome Business Travel Tips to Know
2. Apply and wait
After investing and completing the paperwork, you can apply for Saint Lucia citizenship. Once you have applied, wait for the Government of Saint Lucia to review your application. This might take 60 to 90 days.
3. Citizenship granted
After the process is complete, the Government of Saint Lucia will give you a naturalization certificate. Then, you must take an oath before an attorney. Once you do so, apply for the passport, and you shall receive it in a week. Read next: Affordable Travel Tips For Student Travellers
Conclusion
This is the detailed process of applying for citizenship through CBI at Saint Lucia. If you, too, are looking to become a citizen of this stunning island country, don’t wait long to grab your chances. And comment down below if you have other suggestions on getting a Saint Lucia CBI.
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