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The Caribbean attracts people with its beauty, climate, and opportunities. First, people come here for vacation, and then they think about settling here permanently. The benefits of living in St. Lucia and Grenada are substantial. They allow you to travel, develop your business, save finances, and have a quality vacation.
The advantage of the Grenada CBI program is that it allows you to include your spouse, unmarried children, and other relatives in the application. There is no minimum stay here to obtain citizenship, significantly speeding up the process.
Before choosing to move to Saint Lucia or Grenada, you should study the features of their programs. All helpful information is presented below.
St Lucia Citizenship by Investment Program
It is easy to become a citizen of this state by purchasing real estate. The government of the island has developed one of the most flexible systems. Finances can be invested in real estate or in a corporate project. It is also offered to buy securities or contribute to the National Economic Fund. You can consider the following options:
- Interest-free government bonds start at $300,000 and are for a five-year term. At the end of the period, they are returned in full. The state administrative fee, in this case, starts at $50,000.
- For real estate, the established rate is $200,000. After five years, there is a possibility of its resale. The set fee, in this case, is $30,000.
- A corporate project or commercial enterprise will cost a minimum of $3.5 million, with the obligation to create three jobs.
- Contribution to the National Economic Fund from $100,000.
Each type of financial activity has its features, and the applicant can choose the option that suits him. It is necessary to decide on the kind of financing before submitting documents.
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Application Process
Deciding to move is a responsible moment, after which specific actions are expected. If everything is done correctly, it can move shortly. The main thing is to go to your goal consistently:
- Collect documents. It is essential to provide all the necessary documentation and check that the data is recorded correctly. If something needs to be added, the petition will be allowed.
- Legal expertise implies a comprehensive check. Here, it is essential to be patient and prepared to wait up to three months.
- Approval and activity. After approval from the government, the applicant is obliged to transfer funds to the agreed object within 90 days. This is necessary to obtain St Lucia citizenship by investment.
- Issuance of passports. After purchasing the property, birth certificates for all parties involved and an oath of office are required. The time needed to produce the papers is short, usually not more than a month.
The flexible St Lucia CBI program is designed to improve the island's economy and standard of living. It allows you to choose the four most suitable options for your case. Details about the collection and submission of documents are described on the Immigrant Invest website. Vladlena Baranova will answer any questions you may have.
Taxation for Residents
Applying for citizenship requires a fee, which varies between the principal applicant and dependents. A married couple, a family of four, and a newborn child also pay a fee. Due diligence and legal review are non-refundable, so it is important to get everything right. Subsequent St Lucia taxation depends on the type of investment.
Administrative, due diligence, and application fees are paid and are non-refundable if approved. All set fees are required for citizenship only. Residents do not have to pay:
● income tax;
● inheritance tax;
● capital gains tax.
Citizens are exempt from such taxation throughout their lives.
Grenada Citizenship by Investment Program
Grenada and Saint Lucia are island states that recognize dual citizenship. This allows you to expand your business and travel opportunities and enjoy all the benefits of your country. Grenada has only two options for applying for citizenship: real estate or a contribution to the National Transformation Fund. There is an opportunity to conclude an E-2 investor visa agreement with the United States. You can apply for it after three years of residence on the island after the agreement is allowed to apply for a non-immigrant visa, which will enable you to travel.
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Real estate financing must be at least $220,000. Be prepared to pay an additional non-refundable contribution - starting at $50,000. In the case of donating to the National Transformation Fund, the minimum contribution is $150,000.
Application Process
Citizenship documents are different for each island country. The application process goes through the following steps.
- Collecting documents and submitting them.
- Waiting for a response, which the government gives within 90 days.
- Issuing passports within ten business days.
If you choose Grenada citizenship by investment, the terms may change. It all depends on how fast the developer will provide documentation on his property.
Taxation for Residents
Grenada taxation for residents is very favorable. There is no inheritance or income tax. Income tax is paid only from the source of this country. If you have a business outside the island, it will not be taxable in this island nation. You can do business in any other country. Citizens of this state are exempt from paying foreign taxes on income, inheritance, and wealth. They are granted the right to visa-free entry into 146 countries.