Changes to Citizenship by Investment Regulations: Saint Lucia
On December 22nd, 2016, the minister to whom citizenship-by- investment is assigned signed a statutory 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) 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.
- In these Regulations, “principal Regulations” means the Citizenship-by-Investment Regulations, No. 89 of 2015.
Amendment of regulation 7
- Regulation 7 of the principal Regulations is amended by revoking sub-regulations (3) and (7).
Amendment of regulation 9
- Regulation 9 of the principal Regulations is amended by:
- inserting the designation (1) immediately before the word “Where”;
- inserting immediately after the new sub-regulation (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
- The principal Regulations are amended by inserting immediately after regulation l4, the following –
“Oath of allegiance
- 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
- 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
- Schedule 2 of the principal Regulations is a mended by deleting paragraph 1 and replacing the following –
|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.