There is a variety of legal representation, ranging from small specialized attorneys to sizable family law firms. We have developed lasting ties with most of the island’s legal practitioners who specialize in Real Estate whom we are delighted to recommend to suit your individual needs.
CARICOM SINGLE MARKET ECONOMY
CSME is at the heart of the regions’s and economic integration. If you are a citizen of any of the following member countries you are entitled to access property either for residential or business purposes as well as freedom of movement which allows for departure and re-entry to any of the listed States;
Antigua and Barbuda
Bahamas
Barbados
Belize
Dominica
Grenada
Guyana
Haiti
Jamaica
Monserrat
St. Kitts-Nevis
St. Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
Associate members include Anguilla, Bermuda, Cayman Islands, British Virgin Islands and Turks & Caicos.
ALIEN LAND HOLDING LICLICENCE
Any person who is not a national of Saint Lucia requires a licence to purchase property. This includes companies, firms, partnerships and unincorporated bodies in which 50% of its members are not St Lucian nationals. You are entitled to St Lucian citizenship by birth, parentage or marriage otherwise you will need to obtain an Alien Landholding Licence in order to acquire property. This is a document from the government giving you permission to buy property.
In order to obtain this licence, an application must be made with a processing time up to three months.
• Four (4) Passport sized photos
• Certified copy of data pages of passport
• Bank References
• Short form Curriculum Vitae or Resume
• Police Certificate of Good Character or Police Report
• Full set of certified Fingerprints from a Police Station (Can be done in St Lucia)
• A Land Register and Map Sheet for the Property
There is an application fee which is calculated on a sliding scale depending on the size of the property you have purchased.
On making your application, there is a non refundable deposit of EC$1,500. The remainder of the fee is due on approval of your licence.
Once the licence is approved, the application is returned to your lawyer who will prepare a final draft to be signed by the Attorney General. On receiving a final draft of the licence, it will be sent to the Land Registry so that it can be registered against the property you have agreed to buy. After receiving the licence, you will need to execute a Deed of Sale in order to have the property transferred to you.
CITIZENSHIP BY INVESTMENT
St Lucia offers one of the best citizenship by investment programmes which permits visa-free travel to 127 countries including the UK, Hong Kong and Schengen Countries with dual citizenship being permitted.
Investors (and their families) who wish to apply for citizenship by investment must meet one of the following investment requirements:
- Purchase of real estate with a minimum value of USD 300 000 in an approved real estate development.
Evidence of ownership needs to be provided if a property purchased for a minimum of USD 300 000.
If the applicant opts for the real estate option, they may not sell the property within a 5-year period. After the 5-year period they are free to either keep or sell the property. - Non-refundable contribution to the NEF – National Economic Fund
- Investment in an approved Enterprise Project
INVESTOR BENEFITS
- An investment environment governed by a legal framework based on the British common law system.
- There is no Inheritance Tax or Capital Gains Tax.
- Stable macroeconomic environment.
- Stable political environment.
- No restrictions on repatriation of capital, dividends, royalties, and profits.
- Seamless process for incorporating a business.
- Exemption from the payment of income tax for up to 15 years.
- Exemption from the payment of import duty on furniture, fixtures, fittings and other materials required for the construction of an approved tourism product.
- Exemption from the payment of income taxes from income accrued from a new hotel or other approved tourism product for up to 15 years.
- Reliable electricity supply and excellent water supply.
- Modern telecommunications infrastructure.
- Excellent air and seaports infrastructure with links to major markets.
Your local attorney should give guidance and due diligence throughout the entire legal process of your purchase.