The largest economy in the East Caribbean

CASTRIES, Saint Lucia, Oct. 04, 2022 (GLOBE NEWSWIRE) — As the world has confronted varied uncertainties in final two years and buyers, High Net-Worth Individuals began discovering different choices to maintain their investments secure and safe. To overcome the results of the Covid-19 pandemic, reviving the economy has proved a serious problem for a lot of international locations. The world’s largest economies have been affected, with many affected by declining progress. In response, many buyers have been hesitant to take a position, looking for out economies that may present enough returns at minimal threat.

In this context, the Eastern Caribbean nation of Saint Lucia has emerged as a brand new favorite for buyers. This is because of its rising economy, secure business setting and tax regime which helps the progress and growth of its companies, buyers and residents.

Launched in 2016, the Citizenship by Investment Programme (CIP) of Saint Lucia is considered one of the prime performers in the Caribbean area. As the demand for the programme akin to this skyrockets amongst excessive net-worth people (HNWIs), the newly elected authorities is striving to utilise the funds introduced in by the programme to develop extra superior public infrastructure and uplift the lifestyle of its folks. 

Despite being the latest Caribbean programme in this trade, Saint Lucia presents a sophisticated, safe and clear programme. With extra overseas direct investments coming into the nation by way of its prestigious CIP Programme, the authorities is making ready a roadmap to interact in developing and uplifting colleges, roads, well being care, and different public infrastructures by the funds generated by the Citizenship by Investment Programme.

The actions and monetary insurance policies adopted by the authorities have steered the nation out of earlier difficulties, selling the growth of a beautiful financial setting. In latest years, the nation has maintained a gentle tempo of restoration and has emerged as considered one of the prime decisions for the HNWIs.

According to the Economic Commission for Latin America and the Caribbean, Saint Lucia is projected to have its highest GDP progress in 2022. This progress is more likely to proceed in the coming years, as a result of its thriving tourism trade.

This 12 months, in explicit, might be a breakthrough one for the Caribbean island, with statistics reflecting an estimated 13.1% progress in the first six months of 2022. This success is due to the nation’s coverage of welcoming direct overseas funding and channelling these funds into the most efficient sectors of the economy. This implies that funding advantages each the buyers and residents of the nation, with Saint Lucia rating 93 out of 190 international locations in the World Bank’s ease of doing business index for 2022.

Once an agriculture-based economy, with the banana trade using the majority of its residents, Saint Lucia has now altered course and likewise focuses on tourism and banking companies. By taking this plan of action the island nation has modified its fortune, breaking freed from its dependence on agriculture, the nation has reformed its financial construction. With its tourism trade now constituting 65% of its GDP, it has additionally grow to be a most popular vacation spot for overseas buyers. The industrial setup in Saint Lucia is way simpler to navigate than many different international locations.

The Government doesn’t restrict the quantity of overseas possession or management in the institution of a business in Saint Lucia, permitting one hundred pc overseas possession of firms in any sector.  Currently, there aren’t any restrictions on overseas buyers investing in army or security-related companies or pure sources.  Trade licenses and different approvals/licenses could also be required prior institution.

The island has lengthy been thought-about a prime honeymoon vacation spot, however tourism has grown considerably in latest years, with the nation attracting roughly 900,000 vacationers per 12 months. Investors have subsequently typically seemed in the direction of the lodging and hospitality trade. Developing vacationer websites and catering to the wants of its giant variety of guests, buyers have found main alternatives for gaining outstanding returns on minimal threat investments.

The nation will welcome a 345-room Grand Hyatt luxurious Hotel in Sabwisha in 2023. The financial enhance supplied by such large-scale initiatives is substantial. At least 2,000 Saint Lucians are anticipated to achieve employment by the resort’s operations and administration.

But Saint Lucia isn’t solely a hub for tourism. The nation is ample in pure sources, with nice scope for growing these in sustainable and eco-friendly methods. In 2021, the World Bank authorised a $21.9 million (USD) mortgage for growing the renewable power sector in Saint Lucia.

With the mortgage, the nation goals to extend its geothermal and hydroelectric capability. These plans reply to the name for governments worldwide to transition to and set up socially and environmentally accountable business environments. Additionally, the scheme will scale back the value of power on the island, reducing monetary stress on companies. Drawing on renewable power sources, the nation can even be capable to facilitate and enhance assist for energy-intensive industries.

In a transfer to spice up manufacturing and exports, Saint Lucia has additionally launched tax holidays for manufacturing items. This is a method in which the authorities goals to widen its manufacturing base and enhance its exports whereas additionally encouraging the use of native supplies and labour. Approved manufacturing enterprises are entitled to a tax vacation for as much as 15 years, relying on the native worth offered by authorised merchandise.

Businesses additionally obtain revenue tax incentives in addition to different fiscal concessions. These are regulated by the Fiscal Incentives Act, Tourism Incentives Act, Special Development Areas Act and diversified concessions granted by the Cabinet of Ministers. Alongside these incentives, the authorities additionally permits for the duty-free import of uncooked supplies, equipment, parts and gear. It additionally presents revenue tax waivers for as much as 100% of firms engaged in manufacturing, tourism and agriculture.

In addition to the above, Saint Lucia hosts a dynamic and regular workforce, from diversified professionals to highly-skilled tradesmen and labourers. This budding workforce is offered to plan, organise, execute and management business undertakings, supporting new companies on the island.

In these methods Saint Lucia presents a extremely conducive business setting which has been drawing buyers from throughout the world. Many High Net Worth Individuals (HNWIs) have proven a eager curiosity in turning into residents of Saint Lucia, a chance offered for by the nation’s prestigious Citizenship by Investment Programme (CIP).

SAINT LUCIA: CITIZENSHIP BY INVESTMENT PROGRAMME (CIP)

Saint Lucia is the newest Caribbean nation to open its borders to Citizenship by Investment. Although the programme was launched simply six years in the past, it’s already thought-about considered one of the prime three international locations for Citizenship by Investment, in response to the CBI Index of 2022. The CIP of Saint Lucia gives quite a few advantages akin to:

1: Providing buyers with world citizenship

2: Delivering alternatives for diversifying buyers’ portfolios

3: Planning wealth and business enlargement abroad

4: Gaining a citizenship that may be handed all the way down to future generations.

Saint Lucia’s Citizenship by Investment programme can be notable for the ease of its utility course of. This consists of 5 steps:

Step 1: Completion of the utility by candidates.

Step 2: Submission of the utility by way of the CIP Portal.

Step 3: Document verification by the CIP Unit and stringent due-diligence checks.

Step 4: The choice or rejection of the utility by the board.

Step 5: The provision of certification, topic to choice.

Contact
St Lucia PR
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T: +44 (0)20 7318 4343