← Back
September 29, 2021

Full Guide on Saint Lucia Tax System

In Saint Lucia, both persons and registered companies are subject to personal and corporate income tax. Read our article about St. Lucia Tax System below.

Personal income tax in Saint Lucia

It can be stated that 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.

Tax rates:

  • 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.

Talking about people living in the country who generate income from international business, they are only taxed on that income if it is entered into St. Lucia.

Income tax for companies in Saint Lucia

Talking about corporate tax, the companies are taxed at a flat rate of 30%.

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.

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 offer 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 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.

Photo by Corinne Kutz on Unsplash