Saint Lucia Citizenship signs a memorandum of understanding

The Saint Lucia Citizenship Unit joined the rest of the five Caribbean countries by signing several important decisions on citizenship programmes.

When news emerged that four Caribbean countries had signed a memorandum of understanding on pricing in March 2024, the absence of Saint Lucia citizenship was conspicuous, but because the memorandum was not binding or legal, the Saint Lucia government requested a postponement.

However, based on assurances made by the CEO of the Saint Lucia Citizenship by Investment Unit, the Government of Saint Lucia recently signed the Caribbean Memorandum of Agreement (MOA), which aims to standardize the investment costs of obtaining Caribbean citizenship.

Saint Lucia citizenship signs the understanding memorandum

On Tuesday, 3 June 2024, the Prime Minister of Saint Lucia, Mr. Philip J. Pepper, announced a package of ideas and decisions regarding Saint Lucia citizenship shared with the rest of the Caribbean.

The decisions relate to unifying the minimum requirements for obtaining Caribbean citizenship for Saint Lucia, Saint Kitts and Nevis, Dominica, Grenada, and Antigua & Barbuda.

The Caribbean Memorandum of Agreement (MOA) was signed by the Caribbean Citizenship Units, with the exception of the Saint Lucia Citizenship Unit, in March 2024. Saint Lucia had requested time to fulfill its legal obligations and local developer contracts, and now the Saint Lucia Citizenship Unit is also signing the MOA.

Saint Lucia’s decision to join the MOA is an important step in the Caribbean’s unified efforts to create a strong and unified citizenship by investment programme.

Regardless of whether your goal is to choose a program you can afford, seek global mobility, or want to reach Europe, the Saint Lucia Citizenship Program is your ideal choice. This program is considered an attractive option for high-net-worth individuals because it provides promising investment opportunities in addition to a second passport.

MOA details signed by the Saint Lucia Citizenship Unit

In addition to implementing the minimum, the Saint Lucia Citizenship Unit proposed to the rest of the Caribbean countries to improve several other aspects, including imposing an annual quota on applicants and establishing an escrow account on these islands` and other.

The purpose of these suggestions and improvements proposed by the Saint Lucia Citizenship Unit is to strengthen Caribbean citizenship economies, attract foreign investment, prevent abuse, and maintain the integrity of the programs.

The new costs were implemented in collaboration with international partners to ensure optimal operation. As of this month (July 2024), the previous cost, which was a non-refundable contribution of US$100,000 to the Saint Lucia Government Fund, has been doubled to US$200,000.

The Saint Lucia Citizenship Unit is always trying to cooperate with the Caribbean Nationalities Unit on the one hand and trying to improve its program in order to attract foreign investments and protect them at the same time on the other hand.

Proof of this is that Saint Lucia applied the six principles discussed at the American table, which included preventing Russian and Belarusian passport holders from applying, conducting interviews with applicants, and evaluating and examining files by specialized agencies.

◈ Pricing procedures and application of minimums

◈ Information exchange and transparency

◈ Improve security

◈ Only authorized agents are allowed to represent applicants, and agents are responsible for paying due diligence costs

◈ Decisions related to promotion

◈ Joint training and competency building

◈ Settlement of Disputes

◈ Proposing legislative amendments regarding name change requests

◈ Determine a fixed quota for applications submitted to each Caribbean country within one year, so that it does not exceed the permitted number

New amounts required to obtain Saint Lucia citizenship

◈ Saint Lucia citizenship through the National Economic Fund: $240,000

◈ Saint Lucia citizenship through real estate investment: $300,000

◈ Saint Lucia citizenship by investment in an approved institutional project: $250,000

What is the Caribbean Memorandum of Agreement?

The Memorandum of Agreement (MOA) is a non-binding document initially signed by Saint Kitts and Nevis, Antigua and Barbuda, Dominica, and Grenada, and later joined by Saint Lucia.

Although the document is not a legal paper, it aims to unify laws and establish common rules among Caribbean countries for equality in pricing, exchange of information, regulation, security examination, and unification of marketing efforts.

It is worth noting that the document contains many points, but the focus was on unifying the investment pricing for obtaining Caribbean citizenship, relying on a minimum of $200,000, and implementing it starting in July 2024.

Global Citizen Consultants has been a team of experts in the field of Saint Lucia citizenship for years, in addition to being a certified Saint Lucia citizenship by investment office. Contact us now if you have any questions or if you are interested in obtaining Saint Lucia citizenship.