The St Lucia Citizenship by Investment Act has a hidden secret buried in clause number 38. No doubt, investors would never think to look there. Why should they? Well frankly, it is a good idea to make sure necessary constitutional protections are in place, especially for a citizenship by investment program.
So hopefully, you have not already fully committed because this is what you must know in advance. My risk analysis looks beyond low price to get the facts first. In the end, you always get what you paid for.
The consequences of a hasty decision could be disastrous, costing you much more in the long run than any unrealized savings. It is certainly not worth the risk to get your citizenship revoked, but that is not all. Your investment funds could go up in smoke along with the passport.
Plus, anything else that you acquired with the passport such as a foreign residency, offshore bank accounts or company formation would also become obsolete. This is no laughing matter…
But before I reveal the secret behind St Lucia citizenship, lets be clear that this clause in the St Lucia constitution is anomalous. St Lucia citizenship offers investors by far the weakest constitutional protection.
That said, in consideration of the other CIPs, it would certainly be unwise to throw the baby out with the bathwater, there are far better options than St Lucia.
St Lucia Citizenship Revocation Clause
I guess it is what you could expect from a program which is only 6 years old. Indeed, St Lucia has already revoked 6 citizenships granted under the CIP. Why? Good question, because under clause 38, the St Lucia government can revoke your citizenship for any reason.
The St Lucia Citizenship by Investment Act No. 14 2015 sets out the rules and regulations pertaining to the Caribbean’s newest citizenship program. Specifically, clause 38 states that the Minister may revoke a grant of citizenship made under this act for:
- “False representation or fraud or wilful concealment of material facts” or
- “the person has been convicted of an offense” or
- “the person has performed any other act which, within the opinion of the Minister, has the potential to bring disrepute to Saint Lucia”.
Clause 2 and 3 give the Minister the power to revoke citizenship for a conviction of “any offense” or matters of his “opinion”. Clause 38 provides for review of the High Court. However, there is little chance of success for anyone who would challenge the decision to revoke citizenship.
The legislature of St Lucia was unambiguous with the wording of the revocation clause. As a result, the Minister was granted sole discretion to revoke citizenship for practically any reason.
This is in stark contrast to more venerable citizenship programs such as Dominica (est. 1993) and St Kitts and Nevis (est. 1984) which have no citizenship revocations to speak of.
The precedent of 6 St Lucia citizenships getting revoked in less than 6 years time, is not good. Make no mistake, it could happen to you. See for yourself in the government’s revocation announcement.
Additional Trap Doors in the St Lucia CIP
For most, the revocation clause would be reason enough to reconsider where you will acquire second citizenship. But here is another reason to think twice about purchasing St Lucia government bonds to qualify for their citizenship program.
On the face of it, this sounds like safe investment which will get you a new passport. Then after the 5-7 year holding period, simply redeem the note and get your investment funds back while you retain citizenship in perpetuity (assuming that it hasn’t already been revoked). Not so fast.
Have you considered the risk of government default? St Lucia has a 92% debt to GDP ratio according to Wikipedia. For a developing country that is heavily reliant on the tourism industry and their CIP to make ends meet, this is an extremely high level of risk.
In contrast, a more venerable CIP country, St Kitts and Nevis has a much more sensible a 63% debt to GDP ratio. Although St Kitts and Nevis does not offer a government bond option, they do provide a real estate program from which you can obtain citizenship in addition to a yield producing asset.
Sell the property at the end of the holding period while retaining citizenship in perpetuity. There is no risk of government default or out of pocket expenses to you during the holding period.
Choose an Experienced Agent
My partners and I have over 35 years of combined experience working with the Caribbean citizenship by investment programs plus Vanuatu. In addition, we have walked in your shoes on the path to global access and economic freedom. These benefits are only available with the help of a reliable second citizenship program.
As a result, we tell you what you need to know about St Lucia citizenship, not only what you want to know. It could literally save your life someday. I will help you acquire the most reliable second citizenship to secure your family, your assets and your wealth. Contact me today to complete a successful expatriation.