St. Lucia ready to accept applications for citizenship by investment
The announcement was made by the country's Prime Minister and Minister for Finance, Economic Affairs, Planning & Social Security, Dr. Kenny D. Anthony.
This will see foreigners for the first time gain citizenship and a Saint Lucian national passport through investment in the country's economy. The legislation was supported by all elected members of parliament, and the country will commence accepting applications for citizenship by investment on 1 January 2016.
Applicants will require a net worth of $3m (R41m) to qualify and St. Lucia has set an initial limit of 500 applications per annum. A citizen of Saint Lucia will hold a passport that allows visa-free travel to 105 countries and has a Passport Power Rank of 45, according to Arton Capital's Passport Power Index.
Huge benefits
"This is a ground-breaking announcement for all global citizens and of course for the country of Saint Lucia. It will bring great benefits to Saint Lucia's economy, with international investment set to increase dramatically, which will contribute greatly to the country's national development," Armand Arton, CEO and founder of Arton Capital, said.
"The announcement will allow high net worth individuals to access several benefits, such as visa free international travel to a large number of countries, increased security and flexibility while travelling, and it will act as an insurance in times of political or economic disorder elsewhere."
Speaking at the Global Citizen Forum, Dr. Anthony said: "Saint Lucia is a remarkable country that contributes to world civilisation far beyond what is expected of our land size, population and gross domestic product. In some ways we have always been global citizens; we have given the world two Nobel Laureates, earning us the honour of having the highest number of Laureates per capita in the world.
"With this announcement, the country is now truly a member of the global citizen movement, and we look forward to welcoming our new countrymen and the positive impact they can make."
Platform for development
"The exclusive new programme, permitting only 500 applicants per year, with a minimal net worth of $3m, distinguishes Saint Lucia from other programmes and resonates with the country's personable and luxurious surroundings," Dr. Ernest Hilaire, chairman of the Citizenship by Investment Unit, added.
"We are confident the new programme will provide a platform for strategic developmental reasons whilst attracting individuals who are best placed to invest in Saint Lucia."
Considered the 'Davos' of the global citizen industry, the Global Citizen Forum seeks to inspire change, provoke innovation, encourage engagement, and empower future generations during two days of debate and idea sharing.
The event aims to nurture dialogue with government policy makers as they look to evolve political, social and economic responses to migration; to inspire change and uncover solutions to global causes; and, to explore new ways that global citizens can contribute to society.