Saint Lucia is an island which is situated in the Eastern Caribbean. The political system of Saint Lucia is hugely based on the British Model, because formerly it was the colony of Great Britain till 1979 – now a member of the Commonwealth. The country has diplomatic relations and active trade with the UK and the USA. The Saint Lucian economy is primarily based on tourism and agriculture. Tourism and offshore bring 65% of its revenue.
Saint Lucia is a member of Commonwealth community, which allows free access to UK market and free travel within the Schengen zone. Also, Saint Lucia has membership in the Caribbean Community (CARICOM), and the Organization of Eastern Caribbean States (OECS).
Saint Lucia is characterized by a mix of international and domestic banks. The banking system is subject to the Eastern Caribbean Central Bank (ECCB) with the official currency of the Eastern Caribbean Dollar (XCD). Also, Saint Lucia possesses offshore banking jurisdiction. The crucial feature of offshore banking in Saint Lucia is data protecting and confidentiality it provides.
Thus, Saint Lucia possesses offshore sector, that offers a range of investment opportunities, including banking and finance, international trade, tourism and hospitality, real estate development, etc. The International Business Companies (IBC) Act provides numerous advantages for offshore companies. Saint Lucia protects its corporate sector and business environment, so that investors can enjoy security and be sure their data will remain anonymous.
The real estate market in Saint Lucia is steadily growing, driven by interest from foreign buyers, especially those seeking citizenship through investment. Property prices are expected to rise as demand increases and infrastructure on the island improves.
Additionally, Saint Lucia offers attractive tax conditions for foreign investors, including no capital gains tax and low rental income tax rates, making real estate investment on the island even more advantageous.
In addition to the primary applicant (investor), the following categories of individuals can obtain Saint Lucian citizenship through the investment program:
All applicants must meet the program’s requirements and undergo a due diligence process.
There are no taxes on capital gains, dividends, inheritance, wealth. Personal income tax operates on a progressive tax scale, which means that it depends on the amount of money a person earns. Progressive tax is from 10% to 30%. It starts for individuals who earn more than $18,400 in a year.
Companies pay corporate tax, that is fixed at 30%.
VAT (value added tax) is generally 12,5%. It is paid by the companies whose sales turnover exceed EC$400,000 per year. Some companies are exempt from paying it. Hotels pay 8%. A reduced rate of 7% applies in the hospitality industry.
Residential properties face 0,25% tax, while commercial properties are subject to 0,4% property tax.
Sellers pay up to 5% of the property value, while the real estate purchase tax rates up to 2%.
Saint Lucia has 11 Double Tax Treaties (DTC) with the following jurisdictions: Antigua and Barbuda, Barbados, Belize, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Switzerland, Trinidad and Tobago.
Law in Saint Lucia is based on English common law, civil law and civil process follow French law traditions.
Talking upon types of entities in Saint Lucia, there are sole trader, partnership, private limited company, branch.
The most frequent type is an International Business Company (IBC). What is attractive, there is no specific requirement for the amount of capital. Normally, it is considered to be enough to invest USD 50,000.
It usually costs around USD 1,500 for registration.
There are 34 national and international banks in Saint Lucia. It is possible to open a bank account in person, by mail or online. All that is needed is to gather relevant documents and file an application to the bank. Pass Due Diligence, and when accepted, the client will be asked to transfer money to the account to activate it.
Proof of address (Lease Agreement + Utility bill)
Banking assistance (local and offshore accounts)
Tax Identification Number
Getting a driver's license
Police reports for approved clients
Company registration/incorporation (local and offshore companies)
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