St. Lucia is one of the Caribbean’s largest islands, making it a popular tourist destination. Many immigrants from across the globe have taken advantage of the country’s business climate, according to Imidaily. And that’s just one of the many reasons why St. Lucia has such a high standard of living. But what you may not have known is that Saint Lucia is a favorite destination for American CBI investors who choose to relocate there. According to the CBI index, St. Lucia is the third best country for second citizenship.
Imagine living in Saint Lucia. What are the benefits? What will your lifestyle be like? If you’ve never traveled to this nation, it may be difficult. These strategies may help you view the big picture.
Expat benefits in St. Lucia
● More than 146 countries, including EU Schengen nations, Hong Kong, and the United Kingdom, have visa-free travel privileges for citizens of St. Lucia, which is a small Caribbean nation. For these and many more reasons, St. Lucia is one of the most highly recommended investment destinations in the world.
● Noncitizens should have the same rights and privileges as citizens born in the United States.
● St. Lucia does not need residence, and the procedure may be completed within three months.
● There are no educational or management requirements.
● The program benefits dependent children from the age of 0 to the age of 30.
● The program is available to siblings ages 0 to 18 who are not married.
● Participants in the program must be at least 55 years of age or older to be eligible for assistance.
● Non-residents do not pay any taxes.
● Option to invest in a 5-year Government Bond, which is interest-free and refundable at the end of the period.
● The Republic of Saint Lucia accepts dual citizenship.
● International financial services have a positive outlook.
● Business in the Caribbean is tax-free.
● No capital gains tax, minimal individual and corporate income taxes, no global income tax, and no estate or inheritance tax provide for an advantageous tax climate.
● St. Lucia has frequent nonstop flights to and from the United Kingdom, the United States, Europe, and Canada.
As opposed to living in the United States, you would spend:
● 80% or less on children’s education
● 51.7% or less on housing
● 84.4% or less on child care
● 40% or less on recreation and sports
● 63% or less on dining out.
Also you can:
Spend less money on food and rent and get the benefits of tax-free savings.
And that’s not all!
Many direct flights from the United Kingdom, the United States, Canada, and many other countries are possible with St. Lucia’s visa, as the country is located only a three-hour flight away from Hewanorra and Miami.
St. Lucia’s cost of living for Americans
Innumerable advantages await you if you choose to make Saint Lucia your permanent home.
You may save a lot of money and improve your quality of life by making the right decisions, starting with the cheaper rental fees and ending with the tiniest cup of coffee.
Cost-of-living USA vs. St. Lucia
Prices St.Lucia USA Difference
Affordable restaurant meal $5.55 $15 63%
Beer (0.5L draft) $1.85 $5.00 63 %
0.33-liter water $0.89 $1.56 42.67 %
McDonald’s burger $7.70 $8.00 3.75 %
Cappuccino $2.62 $4.34 50.66 %
85m2 Apartment Basic (Electricity, Heating, Cooling, Water, Garbage) $71.23 $167.72 57.53 %
Full-day, private preschool/kindergarten for 1 child $163.27 $934.27 82.52 %
City center studio $360.77 $1.344.03 73.16 %
Apartment in city centre (3 bedrooms) $1.233.40 $2.191.72 43.72 %
St. Lucia’s tax rates in relation to those in the United States
Those who live and work in St. Lucia are eligible for one of the world’s lowest tax rates. Corporations based in this nation, for example, have no restrictions on their foreign currency activities. And investors are free to trade in whatever currency they want. For wealthy people, the absence of inheritance, capital gains, withholding, and a slew of other taxes makes this nation particularly appealing!
Taxes Saint Lucia USA Difference
Taxes on real estate
Home a 0.25% tax on the market value of the property 40% 98.3%
Taxes on real estate
Real estate business 0.4% 40% 98.3%
Tax on inherited wealth No 40%
However, although there is no federal inheritance tax, the Internal Revenue Service levies all of a deceased person’s possessions after his or her passing 100%
Tax on capital gains No 15-20% 100%
Withholding tax No 30% 100%
Revenue tax Zero — for non-residents
10-30% — for residents 10-37% 100% — for non-residents
7% — for residents
Income taxes for businesses Only resident businesses pay a 30% tax on revenue earned in Saint Lucia.
25% of the firms for the non-resident ones. 21% 100% — for revenue earned from other countries (other than St. Lucia)
9 % for local businesses.
For non-resident firms, the tax rate is 4%.
Bank interests No 10-37% 100%
VAT The majority of products are VAT-free:
● taxable products
● energy & fuel
● water.
● electricity
● services not subject to VAT
● domestic renting in residential areas
● services for education
● financial assistance
● insurance-related services
● medical assistance
● Navigating across city
● essentials like bread, milk, and chicken.
The hotel industry, including all service providers, is down by 7%. No VAT
How to get a passport for St. Lucia
One might point out the benefits of the St. Lucia passport in addition to the financial gain on living expenses and the beneficial tax structure. You may travel visa-free to 146 nations with this passport, including the Schengen Area, the UK, Hong Kong, Singapore, and other significant nations. In addition to that, citizenship in St. Lucia has the following advantages:
● obtaining long-term visas for the United States and Canada
● no worldwide wealth, dividend, or inheritance tax
● advantages for kids attending British institutions
● citizenship may be obtained by the whole family in 1.5 to 2 months.
● completely remote process
Through a Citizenship-by-Investment scheme, obtaining citizenship in St. Lucia is the easiest process. There are basically five investing options:
1. monetary contribution to the National Economic Fund
2. real estate investment
3. purchasing government bonds
4. investment in business endeavors
5. purchasing privileged bonds
All of the investing alternatives vary, as can be seen, so you may choose the one that best fits you.
The Saint Lucia passport has various benefits, which brings us to our last point. Many investors who are seeking a higher standard of living often choose this option. And don’t hesitate to apply for Migronis free consultation if you want to join a community of happy and successful people!
