Changes to Citizenship by Investment Regulations

Changes to Citizenship by Investment Regulations

Press Release:- On December 22nd, 2016, the minister to whom citizenship by investment is assigned signed a statuory 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. (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.

Interpretation

  1. In these Regulations, “principal Regulations” means the   Citizenship   by Investment Regulations, No. 89 of 2015.

Amendment of regulation 7

  1. Regulation 7 of the principal Regulations is   amended by   revoking subregulations (3) and (7).

Amendment of regulation 9

  1. Regulation 9 of the principal Regulations is amended by-
    1. inserting the designation (1) immediately before the word “Where”;
    1. inserting immediately after the new subregulation (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

  1. The principal Regulations are amended by inserting immediately after regulation l4, the following –

Oath of allegiance

  1. 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

  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

  1. 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.  Please visit www.cipsaintlucia.com or email [email protected]

 

9 Comments

  1. Sad-But-True
    January 3, 2017 at 9:12 pm Reply

    Evil Chastanet, you will suffer!
    And your surrogates will get the harshest penalties as they sit and say nothing!

  2. 666
    January 3, 2017 at 11:03 pm Reply

    Allen, Saint Lucia is not a business, She’s a country. Stop pimping Her, She already change hands 14 times between France and Britain.

  3. Anon1
    January 4, 2017 at 9:40 am Reply

    If we’re going to PIMP Fair Helen out, can she not be PIMPED out at a much higher rate!

  4. xoxo
    January 4, 2017 at 9:51 am Reply

    This is just an official title to something which was being done a long time ago…

  5. Anon1
    January 4, 2017 at 9:58 am Reply

    Well done for the partial transparency.

    Please could you disclose to the indigenous St Lucians, all the individuals who have solicited Fair Helen for a St Lucian Citizenship.

    “Please” was being sarcastic, RELEASE! And they level of investment.

    Real transparency in 2017 and beyond, you’ll need to stop disrespecting your employers (St Lucian People and Electorate)

  6. Calvin
    January 4, 2017 at 10:05 am Reply

    To continue using the metaphor that’s been introduced in previous comments,…

    ** It is time for a reality check. Fair Helen is no longer the bell-of-the-ball, no longer the bright little shiny centre of the universe that everybody wants to be around.

    ** Fair Helen is no longer a spring chicken, but now older, frayed at the edges from a few bad relationships (nee past SLP and UWP governments)

    ** Fair Helen has, very notably to her OECS and other off-shore neighbours, has let herself go and has not been taking care of herself. Potential suitors see this and now also look elsewhere for those that are younger, less experienced, less abused, and willing to work hard for the money.

    ** Suitors know that when they marry Fair Helen, like most relationships, they also marry her family. Her emerging family is idle, opportunistic, and has a vastly over-inflated sense of entitlement for material goods and lifestyle without having to put in the seat to get it. Suitors don’t want a Fair Helen that comes with too many passengers unwilling to work and seeking the easy way to living the materialistic dream.
    ** DSH, while not Prince Charming, nor Richard Gere’s character in the movie “Pretty Woman”, does have an impressive record of flagship properties literally worldwide, and Fair Helen is by far not the only pretty woman on the block. DSH does not have a habit of dating the “town bike” (everyone has ridden her) or a la-ja-blesse. Fair Helen should take what opportunity she can with a chance to date a suitor that most every one of her neighbours would date in a heartbeat.
    ** If DSH had chosen instead one of Fair Helen’s neighbours for a date, these comment columns would instead be filled with similar complaints, whining, and otherwise playing Monday-morning-quarterback, though in that scenario would be different — most would instead be complaining and blaming as to why fair Helen wasn’t good enough for DSH to take to the international-level Ball.

  7. Calvin
    January 4, 2017 at 12:12 pm Reply

    The word is now out on the world stage.

    The program “60 Minutes” has a Massive viewership and worldwide reach.

    http://www.newsamericasnow.com/60-minutes-spotlights-on-caribbean-passports-for-sale/

  8. Calvin
    January 4, 2017 at 7:57 pm Reply

    Have a very careful listen to award-winning globally-respected “60 Minutes” about who all is doing CIP, full 13m28s feature available at:
    http://www.cbsnews.com/videos/passports-for-sale/

    https://stluciatimes.com/2016/12/12/uwp-government-urged-crime (how are we expected to realistically encourage friends living off-shore to vacation here?

    https://www.theatlantic.com/international/archive/2016/12/isis-trinidad/509930/
    (how soon will that spread to our island based on the “60 Minutes” report citing the numerous number of dubious Middle Eastern and East Indian high-$ alleged criminals travelling freely through the OECS on CIP
    passports?)

    As you may know, SLU already does not have the best reputation as to being a going concern for trans-shipment (move it here, stomp on it, and part it out for re-distribution to North America, the E.U., and Asia) and for money laundering (hypothetically, as a similar example to one used in the program, an Iraqi-borne Syrian living in Dubai that’s a citizen of SLU type thing, c’mon now, seriously people…)

    We blessed with the luxury of living in a vibrant, democratic society. While easy enough to comment on in a news site, we also have the ability to contact directly our elected officials by telephone, e-mail, letter, or in-person visit so as to let views be know to the decision makers.
    http://www.govt.lc/cabinet

  9. Caribbean resort project draws heat over threat to vulnerable species | Our Ladies and Gentlemen
    March 31, 2017 at 8:17 pm Reply

    […] In January, after discussions with DSH, the government made the programme more attractive to potential investors, including reducing the single-applicant cost by half to $100,000. […]

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