(1) A developer may make an application to the Unit for the approval of the following real estate project as a qualifying investment —
(a) a high-end branded hotel and resort;
(b) a high-end boutique; or
(c) any other project that the Minister, on the recommendation of the Unit and after consultation with Cabinet, considers necessary.
(Substituted by S.I. 48/2019)
(2) On the application of a developer in respect of a proposed real estate project, the Minister may, on the recommendation of the Unit and after consultation with Cabinet, approve the real estate project as a qualifying investment.
(3) The Unit may consult with Invest Saint Lucia in considering potential real estate projects for recommendation to the Minister for approval for the purposes of the Citizenship by Investment Programme.
(4) Where an applicant —
(a) executes a binding purchase and sale agreement for an investment in an approved real estate project; and
(b) ensures that any outstanding balance of the agreed purchase price is placed in an approved irrevocable escrow in Saint Lucia,
citizenship by investment may be granted.
(5) Notwithstanding sub-regulation (4), the application for citizenship by investment shall require —
(a) the investment in the real estate project to be at least the minimum investment requirement as set out in paragraph 2 of Schedule 2;
(b) the investment to have been approved and commenced or deemed to have commenced, which determination shall be made in accordance with guidelines published by the Unit;
(c) all applicable processing and administration fees to be paid in accordance with the relevant amount as set out in paragraphs 4 and 5 of Schedule 1; and
(d) any outstanding balance due to be placed in an approved irrevocable escrow within 30 days of receiving an approval.
(6) A holder of an approved irrevocable escrow account in paragraph (5)(d), shall comply with guidelines published by the Unit.
(7) Beneficial ownership of the relevant property through a company, shall be permissible only if such company —
(a) has issued all of its authorised shares to the applicant;
(b) is established and maintained under the laws of Saint Lucia;
(c) is not an exempt or offshore entity; and
(d) submits, through the applicant, evidence as to its beneficial ownership, as certified by the Registrar of Companies.
(8) The investment in an approved real estate project that has been made as a qualifying investment under the Citizenship by Investment Programme shall not be sold or transferred for a period of at least 5 years after the granting of citizenship.
(9) An approved real estate project in sub-regulations (1) and (2) shall be published by the Board in the Gazette.