What you need to know about St Lucia Tax System

Well-known for their Taxation Systems, Caribbean Countries provide plenty of benefits for their nationals and businesses. And St Lucia Citizenship program is not an exemption. For example, in Saint Lucia, both persons and registered companies are subject to personal and corporate income tax, but Saint Lucia’s tax regime claims no tax on wealth and inheritance which is beneficial for high net-worth individuals and their families. Read about St. Lucia Tax System below. 

Is there any Income tax for companies in Saint Lucia?

All companies in Saint Lucia are taxed at a flat rate of 30%. But on the other side, companies that are considered non-resident, are liable for corporate tax on local income and interest and are taxable at a flat rate of 25% withholding tax. Also, a withholding tax rate of 15% applies to interest. In Saint Lucia, companies are not subject to capital gains tax. 

Is there any personal income tax in Saint Lucia?

Any individual residing in St. Lucia as a tax resident is taxed on all income generated within Saint Lucia. Foreign income, brought into the nation during their residency period is also taxed, this income tax rate is calculated on a scaled bracket meter. The minimum taxable financial income is set at 18,000 XCD.

What are Personal Income Tax rates for residents in St Lucia?

Income up to 10,000 East Caribbean Dollars – 10%;

10,000 to 20,000 – 15%;

20,000 to 30,000 – 20%;

over 30,000 – 30%.

On the other hand, Saint Lucia citizens are not subject to wealth or withholding tax. Additionally, there is also no capital gains tax and no tax returns that must be filed in that regards either.

Property tax

Residential property in Saint Lucia is subject to a meager of 0.25% of their fair market value tax. Commercial property on the other side is subject to a 0.4% rate.

What benefits offers the program?

Saint Lucia Citizenship Program lets obtain a second passport in just 3-4 months. The physical residence is not required, and the passport can be easily obtained remotely. The whole family including spouse, children, and parent can apply for citizenship. Saint Lucia’s tax regime claims no tax on income, wealth, and inheritance which is beneficial for high net-worth individuals and their families. In addition to that, there’s a short investment period of 5 years.

What you need to know about the program?

St Lucia Citizenship Program is one of the most affordable and fast Caribbean citizenship programs. The program offers a quick route to acquiring a second passport within 3-4 months and grants visa-free access to over 132 countries. Obtain St Lucia Citizenship by following investment options: $150,000 non-refundable donation, government bond investment of $220,000, or a property investment of $300,000.

What are the main program benefits? 

Saint Lucia Citizenship Program lets obtain a second passport in just 3-4 months. The physical residence is not required, and the passport can be easily obtained remotely. The whole family including spouse, children, and parent can apply for citizenship. Saint Lucia’s tax regime claims no tax on income, wealth, and inheritance which beneficial for high net-worth individuals and their families. In addition to that, there’s a short investment period of 5 years.

What are the program investment options? 

To become a St. Lucia resident, the investor is required to choose one of the following investment options:

1, $100,000 – Non-refundable donation to the government fund

$100,000 – Contribution to the NEF (National Economic Fund) is non-refundable. The donation amount may vary based on the number of dependents included in the main applicant’s application.

$100,000 – $150,000 – To qualify for citizenship as a single applicant, you will be required to make a government donation of $100,000, $140,000 for a family of 2, and $150,000 for a family of up to 4 members.

2. $300,000 Real Estate Investment

$300,000 – Real Estate option should be approved by the government. The property can be sold in 5 years 

3. Investment of $250,000 in government bonds

$250,000 – $250,000 for a single applicant, investment term 5 years. $250,000 for the main applicant and spouse, investment term 6 years. $250,000 for a family of up to four, investment term 7 years.

$300,000 – for a family of up to four, investment term 5 years

In which properties should I invest if I choose the property investment option?

Mann’s Solutions team recommends investing in residential properties, resorts, or boutique hotels that are approved by the local authorities. Many investors choose to invest in hotels as St. Lucia has a well-developed tourist industry.

LONDON BASED SOLUTIONS ADVISERS – St Lucia Passport

Full Support with our Immigration Advisers & Property Consultants:

Property search based on your requirements (from residential properties to high-value luxury developments) 

– Property virtual tours, 3-D tours, and in-person tours available.

– Due diligence checks and additional property checks completed by our experts.

– Residency & Citizenship document preparation and submission.

– Full support until you receive your second passport & residency.

Mann’s Solutions is an international immigration law firm with offices in London, Hong Kong, and Moscow and has expertise in offering UK Visas and Immigration by Investment services to high net worth individuals. Our immigration advisers are regulated by OISC and IMC (Investment Migration Council).

For further information or to discuss your circumstances in a private consultation with our immigration lawyers in London Office, please contact us at enquiries@manns-solutions.com  or call +44 207 993 63 46.