In May 2020, Saint Lucia became the first Caribbean Citizenship by Investment program to launch a Covid-19 Relief Bond that qualifies investors for citizenship. This reduced-cost bond investment offering is a limited time option, valid only until the end of the year 2020.
Under this option, the minimum investment amount of USD500,000 in government bonds is slashed to half. From May 2020 until December 2020, applicants will be eligible to apply for Saint Lucia citizenship on the basis of a $250,000 investment in non-interest-bearing government bonds, with a minimum holding period of 5 years.
Although the bonds do not bear any interest with this new amendment, the costs of applying and inflation rates make this a great option for investors who want a clear exit strategy, as they are guaranteed to get their money back upon bond’s maturity.
Under this option, applicants will pay a non-refundable government administrative fee of $30,000 (as opposed to US$50,000 under the conventional bond option), in addition to any applicable due diligence, passport fees, and professional fees. The regular government processing fee of ($2,000/$1,000) will not be applicable under this option and will be waived.
The new COVID-Relief Bond option fees:
- Applicants applying alone: USD250,000 – held for 5 years.
- Applicant with one dependent: USD250,000 – held for 6 years.
- Applicant with up to four dependents:
- Option 1: USD250,000 – held for 7 years.
- Option 2: USD300,000 – held for 5 years.
- Applicants with more than four dependents: an additional US$15,000 bond investment applies.
Contact Citizenship Bay today to learn more about the Saint Lucia’s COVID-Relief Bond.
