The St.Lucia Labour Party will host a Press Conference at 10 AM today at the Office of the Leader of the Opposition on High Street in Castries. The purpose of the Press Conference is to discuss the Citizenship by Investment Program (CIP).
It is expected the SLP will address changes to the financial requirements for applicants which were revealed on when Nicholas John, one of the authorized agents for the program, posted the upcoming amendments on his Linkedin page.
These changes are:
- 1) Removing the requirement for a sworn affidavit to declare financial resources of at least US$3,000.000.00.
- 2) Removing the requirement for a successful applicant to attend in person such office in Saint Lucia or before any Saint Lucia Embassy, High Commissioner or Consulate to take the oath or affirmation of allegiance. This is replaced with the requirement that the applicant supplies a sworn declaration before an Attorney-at Law, Notary Royal, Notary Public, Consular Officer of Saint Lucia or Honorary Consul of Saint Lucia.
- 3) Removing the maximum of 500 applications per year.
- 4) Amending paragraph 1 of schedule 2 to change the qualifying contribution amounts to the Economic Fund. The new qualifying contribution amounts are as follows:
- Single Applicant: US$100,000.00
- Applicant with spouse: US$165,000.00
- Applicant with spouse and up to 2 dependents: US$190,000.00
- Additional dependents: US$25,000.00 each
- 5) The Government Bond option has been reintroduced but there is now an administration fee of US$50,000.00 per application.
These new rates put Saint Lucia’s CIP offering lower than that of Dominica, which was previously considered the lowest in the region.
Meanwhile the government has responded saying the new rates gives Saint Lucia a competitive edge, since allowing Dominica or another island to woo these foreigners would automatically make them eligible to do business in Saint Lucia as it is a member of CSME, and would have to recognize these new citizens of another island.