I can confidently say that one of the most important factors to consider before moving abroad is taxes. From income tax to property tax, understanding the tax system of your chosen destination can make a significant difference in your financial planning.
In this article, we’ll be diving into the tax system of a hidden gem in the Caribbean – St. Lucia. As someone who has lived in St. Lucia for several years, I can attest to the fact that the island offers an incredible quality of life while also being tax-friendly for expats.
One unique aspect of St. Lucia’s tax system is its “Alien Landholding License” program, which allows non-nationals to purchase land without being subjected to property tax. This program can be a significant advantage for those looking to invest in real estate on the island.
Another benefit of living in St. Lucia is its flat income tax rate of 30%. This may seem high, but keep in mind that the island does not impose any capital gains tax, inheritance tax, or wealth tax.
It’s also worth mentioning that St. Lucia offers an attractive citizenship by investment program, which grants citizenship to individuals who invest a minimum of $100,000 in the country’s economy. This program can lead to significant tax benefits for those looking to establish residency in the country long-term.
Lucia’s tax system is designed to attract and retain foreign investment while also providing a high quality of life for expats. If you’re considering making the move to the Caribbean, St. Lucia should definitely be on your radar.