St. Lucia is one of the most beautiful countries in the Caribbean, with gorgeous beaches and lush rainforest. However, it’s not exactly a place that attracts as many expats as other islands such as Barbados or Jamaica. That’s because there are only three main cities on the island—Gros Islet, Vieux Fort, and Soufrière—and the rest of the population holds government jobs rather than working in private enterprise.
That means finding local jobs is harder to come by, and it’s also harder for citizens to start their own small businesses or leave their jobs if they know they’ll face competition from locals who can get those same jobs without leaving home. In addition to that, there aren’t many other special requirements when applying for citizenship compared to other countries in the region.
What this means for you is that you have more flexibility when becoming an expat in St. Lucia than some other places in the Caribbean like Dominica or Grenada where getting citizenship is almost impossible for most people who don’t have family ties with those two countries.
Here we discuss all the details about getting St. Lucia citizenship by Investment so that you can decide whether it fits your life goals and financial situation.
THE ECONOMY OF SAINT LUCIA
Before you invest in any country, you should take a long and careful look at its economy. That’s especially true if you’re going the actual investment (and not the donation) route. You’ll want to recoup your investment at some point, won’t you?
Luckily, with a population of just under 200,000 people and a GDP of $2 billion, St. Lucia’s economy is in no terrible shape. In fact, it’s one of the top performers in the region.
However, the typical island-nation problems plague this volcanic paradise too.
First, it’s reliant on just a few major industries: banana production and tourism. This is, of course, problematic for a country that wants to grow its GDP and improve the lives of its population.
Meanwhile, tourism and its related services make up 82% of the St. Lucian GDP. Nearly 1 million people visit the country annually and it’s one of the top destinations for opulent weddings and swanky honeymoons.
How to Become a Citizen of St. Lucia
There are several ways to become a citizen of St. Lucia, but the most common one is to marry a St. Lucian or have a close family member become a citizen. If you would like to be a citizen of St. Lucia, but you don’t have any immediate family members in the country, you can still apply for citizenship under the “citizenship by investment program.”
This program is for people who want to purchase up to a 50 percent stake in a company that wants to become a citizen of St. Lucia. The company then applies to the government for citizenship and makes a donation to the country for the privilege.
What is the St. Lucia Citizenship by Investment Program?
The St. Lucia Citizenship by Investment Program is similar to Canada’s Citizenship by Investment (CBI) program. Like Canada, St. Lucia is trying to encourage more foreign investment and boost its economy. Under the CBI program, foreign investors are granted citizenship after buying a $1 million stake in a Canadian business.
The government of St. Lucia has stated that they want to ensure that the same rules that apply to citizens of the country apply to St. Lucia citizens who invest in the country. So, if you choose to purchase a stake under the CBI program, you will be required to contribute to the country in some way, or have a minimum of $1 million in your account.
Requirements for Permanent Residency in St. Lucia
If you want to live in St. Lucia with your family, you must have a permanent residency visa. Once you have a residency visa, you can become a citizen of St. Lucia if you marry a citizen or have a child who becomes a citizen. Once you have a permanent residency visa, you can work any job in St. Lucia. You cannot, however, own a business in St. Lucia.
You can also study for a master’s degree or teach at a university in St. Lucia, but you cannot work full-time in the country without first getting an immigrant work permit. Students can also work part-time without a work permit, but full-time employment is illegal without first getting an intra-company transfer or a work permit.
Requirements for St. Lucian Citizenship
– Be 18 or older when applying for citizenship – Have a permanent residency visa – Be able to demonstrate “integration and attachment” to St. Lucia – Have a net worth of at least $350,000, including real estate assets and liquid assets – Demonstrate a “positive mindset and commitment” to the country
Conclusion
If you’re serious about living and working in St. Lucia, you’ll need to apply for a permanent residency visa and then apply for St. Lucian citizenship by Investment. You’ll also need a net worth of at least $350,000, including real estate and liquid assets. If you meet these criteria and are 18 or older, you can file an application for citizenship at any time during your residency visa.
You’ll be required to do a test of “integration and attachment” to the country. The government has stated that they are trying to make citizenship more accessible to expats and businesses who can afford $1 million, so it’s worth applying even if you don’t believe St. Lucia is right for you.