New restrictions for those who apply for St Lucia citizenship by investment program. These new rules will come into effect from Dec 1, 2021.
Here is a quick summary of new update..
- New regulations require banks to charge applicants mandatory “client screening fee” of $1000 for background checks
- Transfer of funds will not be accepted from high risk countries listed below.
St Lucia CIP currently does not accept applicants from Iran irrespective of where they live abroad. All other country nationals can apply.
Restrictions on funds
The transfer of funds through banking channels will not be not accepted from the following blacklisted countries which are on sanctions list, sponsors of terrorism or non-cooperative jurisdictions on money laundering. The list will be updated frequently.
- Central African Republic
- Democratic Republic of Congo
- Myanmar (Burma)
- North Korea
- North Sudan
- South Sudan
Applicant will be subjected to due diligence and KYC checks applied by banks before receipt of funds. New regulations require banks in St Lucia may levy additional funds upto $1000 for these probity checks.
Funds transfer will be only accepted through e-payment platform and wire transfer from all other countries.
Please make sure you apply before the new rules come into effect avoiding excess fee and restrictions.