Citizenship, Real Estate, Passport , Migration Investment
Definition Of ‘dependent’ For St Lucia Citizenship
This is a global practice and a company that wishes to file legal documentation with the authorities must pay stamp tax on the necessary instruments. Any company must also consider other taxes such as stamp tax or tourism levies. Please note that as part of the terms and conditions of the St Lucia citizenship by donations program, you may have to pay an additional fee for each St Lucia passport you receive.
When it comes to popularity, St. Lucia is followed by the Antigua and Barbuda citizenship program which can be a good option for real estate investors and families. Like for Vanuatu, Antigua & Barbuda does not have income taxes, even for resident citizens. The fastest and simplest program is the Vanuatu citizenship by investment program in the South Pacific where investors can obtain citizenship in as little as 30 days. Nestor Alfred, head of the CIU, and Prime Minister Chastanet of Saint Lucia, announced the changes, which include halving the minimum investment required to qualify for citizenship through bond acquisitions. There are no requirements for language proficiency, cultural knowledge, minimum stays or physical residency, and the application process can be completed remotely.
St Lucia Citizenship By Investment Programme
It is renowned for its unspoiled natural beauties such as the beautiful sandy beaches, lush mountainous rainforests, waterfalls, springs and rivers as well as the spectacular flora and fauna. Also, Dominica is a part of the Common wealth of Nations the trading Caribbean Community and the Organization of Eastern Caribbean States. We are happy to have chosen your company, and to have had the chance to have you and your colleagues to guide us through the process. REDUCED GOLDEN VISA PROJECT. New hotel investment project located in Lisbon. We recommend reviewing Portugal, Malta, Cyprus, Greece and Spain to find the program that meets the goals of you and your family. Education – access to universities in UK and Canada, as well as other Commonwealth countries at domestic rates.
Antiguan citizens can enjoy visa-free travel to approximately 140 countries, including the European Schengen Area, the UK, South Africa, Hong Kong and Singapore. We approached Hudson McKenzie to seek assistance in relation to our spouse application. They have been extremely courteous and have always been prompt in answering our calls. Our application was approved within a very short time scale- thanks to the team at Hudson McKenzie who made this possible.
St Lucia Citizenship Benefits
You don’t have to reside in Saint Lucia before, during, or after the application process. There are many pros to setting out to obtain a Saint Lucian citizenship as opposed to applying to another CBI program. The Saint Lucian government will take approximately 60 to 90 days to approve your application. The projects can range from specialty restaurants, cruise ports and marinas, agro-processing plants, pharmaceutical products, ports, bridges, roads and highways, research institutions and facilities, to offshore universities.
As an example, in 2015 we introduced our members to a small private company, and people were able to invest at 50 cents per share. The company went public in 2019 — and the stock price quickly rose to nearly $10, a return of nearly 20X. But even if it did, this route creates tremendous risk, as well as liabilities and taxation issues. Five years after you acquire citizenship, you can sell the property and keep your second citizenship. For example, although right now it seems unlikely, it is possible that Saint Lucia is not able to fulfill its obligation to pay back the bond and defaults.
High elevation lookout-out points give view to the beautiful beaches below. Beach-lovers can enjoy pristine waterfront with more to explore beneath the waves, via snorkelling or diving. Festivals, great food and great company top off the list to make St. Lucia an unforgettable destination.
Corporate tax is much more straightforward, as a company is taxed at a flat rate of 30%. This rate applies for all types of income from any sources from within Saint Lucia, and resident companies must file their taxes on an annual basis. Saint Lucia is a nation governed by common law, and while it is not technically a tax having like the Cayman Islands, for example, it still boasts a favorable tax regime for persons, companies, property, and more. The government vets the application and conducts a due diligence background check on the candidate through an external service provider. St Lucia’s capital city of Castries has an international airport that welcomes direct flights from multiple cities in the United Kingdom, Canada, and the United States – as well as other Caribbean islands. St Lucia’s economy is driven by tourism and offshore banking, and the island is a well-known producer of bananas and other agricultural goods.
Our verification procedure reduces the risk of an application for citizenship by investment being rejected to 1%. St Lucia passport gives you the convenience to plan your investment, travel, education, privacy as per your requirement in the region. You may travel to any country with any of your primary or second passports. Second passport beings you tax reduction and asset protection as well. If issues arise during the review process that may cause the investor’s application to be rejected, the licensed agent will offer other citizenship programmes by investment. Holding period of 5 to 7 years, depending on the investor’s family composition.
All the countries reported boost in economic growth, employment and demand in real estate since the inception of citizenship by investment programs. You will see a huge difference in the Government contribution prices for CBI passports when applying as a family. Prices swing a lot and has a dramatic effect on family dependents you add including parents, siblings and turkish citizenship by investment grandparents besides wife and children. Please note sometimes for big families, real estate investment is cheaper than the donation option. If your country does not allow dual citizenship or you are not interested in citizenship or passport, you are better off applying for Golden visa residence by investment schemes buying a real estate, bank deposit or bonds.
Another very important change is, if St Lucia revokes/deprives citizenship for CBI citizen, then all or any dependants also lose citizenship under citizenship scheme. Average CIP application processing times reduced to law firm 56 days making Saint Lucia fastest CIP in the Caribbean. Saint Lucia recently made several key amendments to its legislation to make its citizenship-by-investment program even more attractive to investors and families.
- Instead, it takes advantage of Article 10 of the Austrian Citizenship Act, which states that the government can reward foreign persons with citizenship in the event of extraordinary merit.
- No tax on worldwide income -individuals who are only in the country temporarily only pay income tax on income that arises in or is derived from Saint Lucia.
- Parents age 65 or older and kids below 26 can obtain Saint Lucia citizenship together with an investor.
- The IMC is the worldwide association for investor immigration and Citizenship by Investment, bringing together the leading stakeholders in the field and giving the industry a voice.
- Some countries are fairly open and don’t care what passport you present, and others are going to hassle you no matter where you’re from.
The island is also a cultural innovator, organising events such as the yearly St Lucia Jazz Festival. A single applicant must make a Non-refundable donation of an amount of USD 100,000 to the National Economic Fund . St. Lucia’s drive-in volcano, Sulphur Springs, is also a popular tourist attraction. In addition to its quiet volcanic beaches, reef diving sites, Pigeon Island National Park , rainforests, and waterfalls such as Toraille, it is home to fishing villages and luxurious resorts.
Best Citizenship By Investment Program For Tax Optimization #2
Enjoy all the benefits of second citizenship by investing in the Caribbean Citizenship by Investment program, offered by Caribbean Trust- the first in the middle east government official agent of Caribbean citizenship programs. St. Lucia, an island and a sovereign nation, located in the Caribbean Sea, has been inviting foreign direct investments into the country through their Citizenship by Investment Program since December 2015. Such direct funds obtained would be utilized for various projects undertaken by the Government for the betterment of St. Lucia. High-net worth individuals can invest either in the country’s National Economic fund or in Real Estate or in the Government Bonds. In May 2020, a change in the law eliminated the tax advantages of buying real estate through an international or offshore company, making the practice “obsolete,” said Thomas Theobalds, a lawyer based in Castries. A nonresident can still use a domestic company to buy property, which can be helpful with estate taxes, “though that may change in the future,” he said.
In addition, English is the official language so you will not have any issues interacting with the local residents. The country also has excellent air connections to North America and Europe, making travel easy. Nationals from Iran, North Korea, Somalia cannot apply for St Lucia CBI scheme. In 2018, St Lucia Citizenship Unit announced, they will not process applications from Iran, due to sanctions and due diligence providers unable to vet Iranians. We will help check the contracts on your behalf, pick the best units that can be rented or sold after the holding period and negotiate the best package for your needs.
The island nation of St. Lucia attracts foreign business and investment, especially in its international banking and tourism industries. Beyond providing evidence that they meet the investment criteria, applicants and their dependents over 16 years old have to pass a thorough background check by one or more of the three firms under contract to provide this service. For complicated financial due diligence cases, Wealth-X a global authority on wealth intelligence will also be used. According to the Prime Minister of Dominica, Roosevelt Skerrit, the country has concluded negotiations with China and Dominica passport holders will have visa-free access to Mainland China by the end of the year.
Foreign buyers must obtain a Certificate of Eligibility from the government for $3,000, followed by an Alien Land Holding License for $2,500, plus $1,000 in legal fees on each, Ms. Buchner said. Buyers receive permanent residency as long as they own the property, negating the need for visa extensions. Applicants may invest in non-interest-bearing government bonds to get a minimal value of $500,000 and also the payment of authorities, processing, and due diligence fees. For a spouse, you must invest US$35,000 and for your baby – US$25,000.
Integration between these two European cultures is manifested in St Lucia’s adoption of both civil and common law, as well as in the widespread use of French and official use of English. The culture of St Lucia has also been influenced Turkish resident permit by African heritage as, under British rule, enslaved Africans were brought in to work the land. St Lucia is a renowned vacation destination, and travel and tourism normally contribute more than 40 per cent of the nation’s GDP.
Alternatively, if by best you mean the investment that allows you to recoup the principle, it’d be the government bonds option. Citizenship by investment can also be obtained through the purchase of government bonds [no-interest requirement]. These bonds are required to be registered and remain in the name of the applicant for a 5 year period from the date of first issue.
The completed application package will be checked by our legal team. Essentially, the program has become open ended for newborns, new spouses and qualifying dependents for up to five years after initial the application was made. Dependent parents and grandparents over the age of 55 who are supported by the main applicant may be included. Visa-free travel to 140+ countries with dual citizenship, while no physical stay required. Visa-free travel to 122+ countries with dual citizenship, no physical stay required.
All children of the primary applicant can now be included in a citizenship application, regardless of their age or whether or not they are currently enrolled in college or university. Siblings of the main applicant can also now be included in a nationality application provided they are not married and do not have any kids. The most lucrative option might be their new Covid-19 Relief Bond which is a limited time offer. Investors are guaranteed the return of the bond investment which starts at $250,000, after a five year hold period. The government of St. Lucia launched its citizenship by investment program in 2016.