Invest in Saint Lucia

Saint Lucia has a strong track record in attracting investors who wish to gain citizenship of the country and this is managed by Saint Lucia’s Citizenship by Investment programme.

The reasons that people choose to become citizens of Saint Lucia are varied, from enjoying visa-free access to 145 countries to a quality of life that is rivaled by very few places in the world.

There are four different investment opportunities as part of the programme: the Saint Lucia National Economic Fund, investment in approved real estate projects, enterprise projects or through government bonds.

Applying via the National Economic Fund, set up specifically for the purposes of the programme, costs US$100,000 for an individual applicant up to US$190,000 for an Passport to the world

infrastructure.

“The airport development is, to my mind, long overdue. To remain not just competitive and achieve what we need to achieve then we need a modern, international airport. If the experience at the airport is not a good one then our product will suffer. We are looking at that with SLASPA and it is all coming together nicely.”

Cherry also sees roads as a priority and says there are plans for a highway between the north and the south if the island.

It is not just tourism where he sees investment potential.

“There is also a lot of opportunity for manufacturing and even for agriculture but because of our size and the nature of those businesses they would have to be niche products.”

Invest Saint Lucia is making it easier for people to invest.

“Unlike a lot of other jurisdictions, you can have repatriation of profits. It is one of the things we promote - your monies can come in and go out pretty easily.” He admits that there have been challenges for companies wanting to open bank accounts in Saint Lucia but thinks progress is being made.

“The banking sector faces some very serious challenges that has affected the general business climate. We as a country need to look at working within the CARICOM region on some of these issues. We have been partially applicant with a spouse and two other qualifying dependants.

People interested in real estate with a minimum of US$300,000 to invest can take part in approved property developments, such as the Saint Lucia Canelles Resort.

The scheme also offers potential

successful in developing relationships with those financial institutions and are discussing the challenges at a high level.”

The economy cannot just survive on inward investment.

“Local investment is key,” says Cherry. “There must be a pipeline of businesses that are starting out, are reaching medium size and then going on to become large-sized businesses. We have really put focus on development of small businesses.”

One of the initiatives that Cherry is working on is the Angel Fund. “There are lots of great ideas which do not qualify for financial assistance from our formal financial sector. We think we can put in some funding and assist those businesses.”

Invest Saint Lucia is also looking at a diaspora initiative, getting those who were born in Siant lucia and have moved overseas to invest in the home country. “One of Saint Lucia’s greatest exports is people,” he says.

Invest Saint Lucia is also involved in a number of residential property developments, as the owner of a number of key land assets.

“One of the aims of Invest Saint Lucia is to increase land ownership. As a result of that we embarked on three residential developments, one in Beauchamp, one in Bois Jolie and one in Choiseul. We have started on two already and the last one will be starting soon.” investors with more than US$1 million to invest in projects such as highway infrastructure, marina projects and even speciality restaurants the opportunity to gain citizenship.

The application process typically takes three months.

www.cipsaintlucia.com

Saint Lucia Canelles Resort, an approved investment for citizenship

The organisation is also developing a mixed use, residential/commercial project at Anse de Sables in Vieux Fort. Cherry says, “For these properties, we are looking at some villas and some high-end residences and we will be targeting local as well as regional and foreign investors to take part in that development.”

Invest Saint Lucia is heavily involved in one of the biggest projects in the region - the Pearl of the Caribbean development in association with DSH Caribbean Star Desert Star Holdings, the development company owned by China Horse Club Chairman Teo Ah Khing.

The US$2.6 billion project will include a marina, resort, shopping mall, casino, residential properties, entertainment and leisure facilities close to Beausejour, Vieux Fort near to the island’s international airport. The jewel in the crown is a racetrack known as the Royal Saint Lucia Turf Club.

“The Pearl of the Caribbean is a very exciting project and because of its size and the long-term nature of that development, we are very careful as to how we go about it,” says Cherry. “I am pleased to say that from our information the horse racing track is ready and the first race will take in December.”

The race, known as the Pitons Cup, will have a prize of $150,000 and will be run on Saint Lucia’s National Day on 13 December.

On the veranda at Pink Platation House

Lunch is as colourful as the tableware