PRESS RELEASE – The Government of Saint Lucia makes changes to the Citizenship by Investment Regulations No. 89 of 2015.
On December 22nd, 2016, the minister to whom citizenship by investment is assigned signed a statuory instrument making amendments to the Citizenship by Investment Regulations No. 89 of 2015. At this time, these are the only changes that have been made to the Citizenship by Investment legislation.
Please see below the full text of the changes made.
In exercise of the power conferred under section 40 of the Citizenship by lnvestment Act, No. 14 of 2015, the Minister responsible for the Citizenship by Investment Programme is assigned makes these Regulations:
Citation and commencement
1. (1) These Regulations may be cited as the Citizenship by lnvestment (Amendment) Regulations, 2016.
(2) These Regulations shall come into force on the 1st day of January, 2017.
Interpretation
2. In these Regulations, “principal Regulations” means the Citizenship by Investment Regulations, No. 89 of 2015.
Amendment of regulation 7
3. Regulation 7 of the principal Regulations is amended by revoking subregulations (3) and (7).
Amendment of regulation 9
4. Regulation 9 of the principal Regulations is amended by-
(a) inserting the designation (1) immediately before the word “Where”;
(b) inserting immediately after the new subregulation (1) the following –
“(2) The Board shall retain twenty per cent of each monetary contribution to the Saint Lucia National Economic fund for the marketing and promotion of the Citizenship by Investment Programme.”.
Insertion of new regulation 15
1. The principal Regulations are amended by inserting immediately after regulation l4, the following –
“Oath of allegiance
15. A successful applicant shall sign the oath of allegiance before an attorney-at-law, Consular Officer of Saint Lucia, Honorary Consul of Saint Lucia, Notary Royal or Notary Public.”.
Amendment of Schedule 1
2. Schedule l of the principal Regulations is amended, in paragraph 1, by inserting in its proper sequence the following –
” Non-refundable administration fee – Purchase of non-interest bearing Government Bonds US$ 50 ,0 00 “.
Amendment of Schedule 2
3. Schedule 2 of the principal Regulations is a mended by deleting paragraph 1 and replacing the following –
1. Investment in the Saint Lucia National Economic Fund
On approval of an application by means of an investment in the Saint Lucia National Economic Fund, the following minimum investment is required:
Applicant applying alone US$100,000
Applicant applying with spouse US$165,000
Applicant applying with spouse and up to two other qualifying dependents US$190,000
Each additional qualifying dependent at any age US$25,000
The Citizenship by Investment Unit remains available to provide any additional information required. Please visit www.cipsaintlucia.com or email info@cipsaintlucia.com
(2)
(7)