Saint Lucia to introduce a new Residency Programme for High Net-Worth Individuals to take up residency in Saint Lucia. This was announced by Hon. Allen Chastanet during his 2018 Budget Speech on Apr 4.
As we seek to increase or indeed to replace revenue lost to ever increasing global tax regulations, as I mentioned last year, we propose to introduce a new Residency Programme for High Net-Worth Individuals to take up residency in Saint Lucia.
In the main, the programme recommends that the classification of “domiciled” be introduced to the Income Tax Act and advocates for a distinction to be made between a domiciled resident and a non- domiciled resident, with the non-domiciled category and subsequent requirements specifically designed to attract High Net Worth Individuals.
When the appropriate legislation to enable this programme is brought to the House, Members will be given an opportunity to understand and debate the objectives of the programme. Mr. Speaker this will be pursued to compliment ongoing initiatives to the CIP and IBC regimes.
PM Chastanet also mentioned about the real estate projects that are expected to come in St Lucia such as Marriott Courtyard and Pearl of the Caribbean project.
Several foreign direct investment projects in the pipeline are at an advanced stage and are expected to come on stream in 2018. The construction and tourism sectors are expected to expand with the commencement and continuation of the following projects:
- Fairmont in Choiseul expected to commence in the second quarter of 2018;
- Marriott Courtyard at Pointe Seraphine
- Sandals La Source and the Gregg Norman Golf Course
- Bay Gardens residences
- Dreams and Secrets in Canelles, Micoud; etc
- And continued development of the Pearl of the Caribbean Project
