Saint Lucia
Residency and Citizenship

Is the game changing for St Lucia applicants? The government announces its intention to sign the memorandum of agreement

6/5/2024 8:00:00 AM
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Those who are interested in the advantages of citizenship have their eyes set on the Caribbean, St Lucia, and other countries offering CBI programs. Watching the development of these initiatives is interesting especially when considering that this year we celebrate the 40th anniversary of the very first economic citizenship.

It doesn't matter whether you want to move to the Caribbean or simply visit or conduct business without too much hassle, either way, the decision to acquire second citizenship opens new possibilities on all fronts. Recently we've been focusing on the Caribbean, Saint Lucia, and its situation before the end of June.

Discover the Caribbean and follow the most recent news: legal agreement between four key players

Since St. Kitts, Dominica, Grenada, and Antigua and Barbuda signed a memorandum of agreement, the big question was what St Lucia would do. At Mundo, we've even taken advantage of this as an excuse to highlight the advantages of citizenship in the home of the Pitons. 

From the very beginning, the government announced their intention to consider the legal agreement adding that they needed time to assess what signing entailed. As a result, in the Caribbean, St Lucia climbed to a convenient position in the eyes of potential applicants.

The advantages of citizenship on the island, which are attractive even in regular circumstances were suddenly gaining momentum. In other words, Saint Lucia got more interesting for those wishing to move to the Caribbean. 

What is an MoA

A memorandum of agreement, also known as a memorandum of understanding, is a legal agreement in which several parties commit to cooperate. In general, these are signed when the countries involved have common goals, and the main objective is to align interests, conditions, requirements, and guidelines. 

Discover the Caribbean: St Lucia may be changing its program soon

At the end of the month, the government of Saint Lucia announced their intention of signing the said legal agreement. This translates into a high probability of the island aligning the program standards to those of its neighbors.

From the very beginning, the head of the Citizenship by Investment Unit stated that they needed time to discuss the matter and address some internal concerns. Nonetheless, he recently assured that St. Lucia would be among the signing parties. 

Things may be about to change in the Caribbean: Saint Lucia announces its intention to sign the memorandum of agreement

What is an MoA and why are we talking about this legal agreement in an article focused on the Caribbean, Saint Lucia, and the advantages of citizenship? Through a memorandum of agreement, all parties involved commit to honoring certain guidelines. When it comes to CBI programs, this includes minimum thresholds, security implementations, common regulations and transparency standards, and unified marketing specifications. 

Reliable sources indicate that all countries will establish the same minimum threshold of $200,000, and any change in one of the programs must be adopted across the singing group. Simply speaking, the Saint Lucia donation option, which is available for $100,000 will be twice as much if the legal agreement is signed.

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So far, when it comes to the Caribbean, St Lucia constitutes one of the most unique citizenship options allowing for three investment pathways: donation, real estate, and government bond investment (with the possibility to apply through a sponsor).

Until this date, options like this are attractive for solo applicants and small families, rounding up the donation to $150,000 thus enjoying all the advantages of citizenship in a new country. However, this might be about to change, and it will be sooner than we expected as the common standards must be implemented from June 30th, leaving only a window of 25 days from this article’s publication. 

Do you want to move to the Caribbean? Best options for applicants and families 

What country is best for acquiring second citizenship? Is the Caribbean still a good bet after the memorandum of understanding? 

In Mundo's opinion, it's vital to understand one thing: the applicant’s objectives. While the advantages of citizenship are many, each program has its peculiarities. Once we discover the Caribbean, we understand that there's variety among the five CBIs. The Helena of the Lesser Antilles, Saint Lucia, is the only one offering a government bond investment which has the perk of allowing full recovery of the funds. Unlike regular bond investments, the applicants won't receive returns, but this constitutes an advanced solution. At the end of the day, you acquire second citizenship after paying only the fees.

On the other hand, a country like Saint Kitts and Nevis offers stability, reliability, and experience having the oldest program in the world. Here citizens and residents can enjoy the best of two worlds in Saint Kitts, with a more active and modern vibe, and Nevis, where they can enjoy a relaxed island-like lifestyle. 

Moreover, both the programs and the countries are changing and evolving. For example, last year, three of them enhanced their migration bonds with relevant destinations in the region. There’s nothing else to say as the advantages of citizenship speak for themselves. 

Beyond the Caribbean, St Lucia, and the four countries that have signed the memorandum of understanding, there are plenty of other possibilities. Unfortunately, economic citizenship opportunities in Europe are much scarcer than they used to be, but there are still migration options through residency which constitute a good alternative to the Caribbean.

Mundo helps you discover the Caribbean

To sum up, there will be key changes and yes, the costs may increase. Nonetheless, applicants will gain benefits in other areas. Thanks to the memorandum of agreement all jurisdictions will unify their criteria when it comes to security, applications, and promotion guidelines, thus forming a much safer environment for everyone. 

If you are interested in second citizenship, Mundo brings you the best programs. We are an online publication specifically conceived for nomad capitalists and international investors. 

We are proud of our network of experts all over the world including the Caribbean, St Lucia, and other countries where you can enjoy the advantages of citizenship by investment. These programs allow you to acquire a second residency or citizenship through innovative methods bringing the dream of ultimate freedom closer to you.

Besides citizenship, there are many other flags to plant and there’s no other limit than the world itself. Write to us and ask us about our corporate services in Nevis, Canada, the Cayman Islands, and Seychelles, our trust and foundation options, our banking alternatives, and varied investment opportunities. 

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