On 2nd October 2015, the Honourable Prime Minister and Minster to whom Citizenship by Investment is assigned, passed the long awaited Regulations. The Regulations prescribe amongst other things, the qualification, general requirements and procedures for citizenship by investment and the types of, and requirements for, qualifying investments.
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In the Throne Speech: Defining Hope and Destiny delivered on 28th April 2015 on the Occasion of the State Opening of the Fifth Session of the Tenth Parliament of Saint Lucia, Her Excellency Dame Calliopa Pearlette Louisy, GCSL, GCMG, D.ST.J., Ph.D, LL.D (Hon), Governor General of Saint Lucia, announced that it was the overwhelming view of stakeholders, interest groups and the task force that Saint Lucia ought to proceed with a residency and citizenship by investment programme, provided however that the process is open and transparent and that adequate safeguards are in place to protect the country's integrity.
To that end, Her Excellency declared that it was her Government's intention to immediately create a legislative framework to allow for such investments. The legislative framework will no doubt seek to implement the recommendations of the Task Force* by establishing a four tier world class due diligence systems that ensures the best candidates come through the system whilst maintaining our sterling international reputation and the security of our passport. The residency and citizenship by investment programme in Saint Lucia is expected to have a four tier investment option comprising (i) government bonds; (ii) contribution to a national development fund; (iii) real estate; and (iv) investment in, or establishment of, a business.
Floissac Fleming & Associates, a local firm with over 60 years of experience in corporate and commercial law work, is poised to act as an approved processing agent, by providing requisite legal guidance and support to investors. The firm's expertise and experience was recognised by the Chair of the Task Force who invited the firm's senior partner, Brenda Floissac Fleming, to contribute as a stakeholder to the process.
* "Establishment of a Global Residence and Citizenship Programme" – Report prepared by a Task Force appointed by the Government of Saint Lucia
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