While certain Caribbean jurisdictions have halted their HNW visa schemes for Russian applicants, this particular country remains open – at least for the time being.

The Caribbean island of St Lucia has decided not to follow the Antigua & Barbuda policy of refusing to accept citizenship-by-investment applications from Russians, local media reported.

A number of countries have halted applications for such “golden visas” from Russians. Portugal, for example, has done so. The UK has indefinitely mothballed its Tier 1 Investor Visa regime for all applicants. 

Reports noted that former Saint Lucia Prime Minister Allen Chastanet has called for Caribbean Community (CARICOM) nations to ban Russian super yachts and reject Russian applications under St Lucia’s CIP.

Antigua & Barbuda’s CIP unit announced earlier in March that it had suspended applications “from Russia, Belarus and Ukraine.”

In contrast, St Lucia’s Minister responsible for CIP, Dr Ernest Hilaire, was quoted as saying: “I do not believe we should penalize people just because they happen to have been born in Russia.”

The program was launched by the government on January 1, 2016. Applicants can apply for the scheme through three main investment routes: Donation, real estate investment and a government bond investment. The minimum investment is $100,000.

This news service has commented on the proper boundaries that the wealth management sector should acknowledge when responding to the Russian invasion of Ukraine.