After announcing the launch of its investment immigration program in October 2015, St. Lucia has become yet another Caribbean nation offering economic citizenship to wealthy international applicants.
St. Lucia requires applicants to have a minimum net worth of $3 million. Further, they must fulfill one out of the three investment options—$200,000 in a sovereign fund; $300,000 in real estate; or $500,000 in bonds.
Investment immigration programs help nations attract foreign investment offering benefits to investors including like fast-track residence, travel privileges, economic and political stability. These programs are creating a new class of citizens—global citizens who can travel and reside in countries all over the world.
St. Kitts and Nevis was the first nation to offer citizenship through investment. Canada was the first developed nation to grant permanent residence to wealthy investors by introducing its program in 1986. While the once popular Canadian program was replaced last year with a new version that has minimal international interest, other nations soon followed including the USA (1990) and the UK (1994). Today, about 24 nations offer investment immigration programs with seven nations offering direct citizenship through investment.
These programs are a valuable source of foreign investment for small nations with challenging economies. The revenues generated from such programs facilitate infrastructure development, diversification of the economy, and a balanced budget. While there are worries about commoditization of citizenship, the benefits far outweigh the risks for smaller nations.
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The content of this article reflects the personal insight of Attorney Colin Singer and needs no disclaimer.
