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St Lucia Raises CIP Minimum Investment Thresholds · IMI Podcasts

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  SPEAKER_00: Starting July 1st, St.
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  SPEAKER_00: Lucia will increase the minimum investment required for its Citizenship by Investment program.
• 0:08
  SPEAKER_00: According to an official memorandum from the Citizenship by Investment Unit, the government is making these adjustments to align with the memorandum of agreement signed by the five member states of the Organization of Eastern Caribbean States that operate CIPs.
• 0:25
  SPEAKER_00: St.
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  SPEAKER_00: Lucia officially signed the MOA on June 3.
• 0:29
  SPEAKER_00: St.
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  SPEAKER_00: Lucia has become the fourth Caribbean country to announce new investment thresholds, following St.
• 0:36
  SPEAKER_00: Kitts and Nevis, Antigua and Barbuda and Grenada.
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  SPEAKER_00: And the third one to officially implement them.
• 0:43
  SPEAKER_00: Antigua and Barbuda has requested a 30-day postponement.
• 0:48
  SPEAKER_00: Dominica remains the only country yet to introduce a new pricing framework.
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  SPEAKER_00: The agreement calls for a minimum investment threshold of$200,000 across the participating countries.
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  SPEAKER_00: As a signatory, St.
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  SPEAKER_00: Lucia is raising the minimum contribution required for its National Economic Fund option from$100,000 to$240,000 for a family of up to 4.
• 1:14
  SPEAKER_00: The new prices for the National Economic Fund option are as follows:$240,000 for an applicant applying with up to three qualifying dependents,$10,000 for each additional qualifying dependent under 18 years of age.
• 1:31
  SPEAKER_00: $20,000 for each additional qualifying dependent above 18 years of age.
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  SPEAKER_00: $25,000 for qualifying dependents of a citizen other than a spouse.
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  SPEAKER_00: Investment minimums for the real estate and enterprise project options are also increasing.
• 1:58
  SPEAKER_00: Real estate investments now require$300,000 plus applicable administration fees for an applicant and any number of qualifying dependents.
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  SPEAKER_00: Enterprise projects require$250,000 plus applicable administration fees for an applicant applying with up to three qualifying dependents.
• 2:19
  SPEAKER_00: Regarding citizenship by investment applications already in the pipeline, the CIU will provide authorized agents with some flexibility during this transition period.
• 2:31
  SPEAKER_00: Agents currently engaged in discussions with potential applicants and who have already received their fees have a grace period to submit these applications under the existing fee structure.
• 2:43
  SPEAKER_00: The CIU accepted the submission of in-progress applications via formal request until midnight on June 30.
• 2:52
  SPEAKER_00: However, this initial submission must include basic details on the main applicant, such as name, selection of investment option, nationality, passport number, and number of qualifying dependents.
• 3:06
  SPEAKER_00: Agents will then have one additional month until July 31st to complete these applications and ensure they fully comply with all requirements.
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  SPEAKER_00: This includes providing the requisite proof of payment from the CIU's bank account to support each application.
• 3:24
  SPEAKER_00: The CIU also announced it will officially circulate legislative changes on July 1.
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  SPEAKER_00: This episode first appeared as an article by Ahmad Abbas on IMIDaily.com.
• 3:38
  SPEAKER_00: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry and consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.