The island of St Lucia is located in the Caribbean Sea. (iStock)
Cape Town – A country in the Caribbean Sea has launched a new citizenship programme, giving South African millionaires another passport and residence option.
Applicants will require a net worth of R41m to qualify and St Lucia has set an initial limit of 500 applications per annum, it announced in October.
The announcement will see foreigners for the first time gain citizenship and a St Lucian national passport through investment in the country’s economy.
A citizen of St Lucia will hold a passport that allows visa-free travel to 105 countries and has a Passport Power Rank of 45, according to Arton Capital’s Passport Power Index.
“The announcement will allow high net worth individuals to access several benefits, such as visa free international travel to a large number of countries, increased security and flexibility while travelling, and it will act as an insurance in times of political or economic disorder elsewhere,” said Armand Arton, CEO and founder of Arton Capital.
The Common Wealth nation is just smaller than KwaZulu-Natal’s capital, Pietermaritzburg, and has changed hands with colonisers France and Britain over 14 times and Queen Elizabeth is its head of state.
Crime is relatively low, with a 2012 murder rate of 21.6 per 100 000 population and a murder rate index ranking of 75 compared to South Africa’s 39, according to Wikipedia.
The Caribbean island nation of Grenada has also recently announced that it has added an additional investment option to its current citizenship by investment programme.
James Bowling, CEO of Monarch&Co, which specialises in residency and citizenship programmes, said investors will now be able to invest in a sustainable aquaculture project, which intends to scale offshore fish production in the country to over 8 000 tonnes of sashimi grade fish per annum.
The goal of the project is to add more than 9% to the gross domestic product (GDP) of Grenada, as well as create more than 400 new local jobs. The fish will be sold to regional resorts and the South American market as well as to US distributors, to capture part of the growing $18.9bn US seafood import market.
“Due to the fact that Grenada is a member of the United Nations and the Commonwealth of Nations, citizens of the country are able travel to around 116 countries without the need of a visa. They also enjoy the added benefit of preferred access, and in some instances grants, to many of the top learning institutions in the world,” said Bowling.
“An additional benefit that investors have within the citizenship programme is that they are not liable for any income tax, capital gains tax or inheritance tax. Added to this, Grenadian citizens pay no tax on worldwide income, and Grenada recognises dual citizenship so investors may hold two passports. This means that investors do not have forfeit any benefits they currently have from their citizenship status in their own country.
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