Page 126 - Caribbean-Central America Profile 2018

ST. LUCIA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

Official Name: Saint Lucia
ST. LUCIA
Capital: Castries
Nationality: Saint Lucian(s)
Official Language: English
Population (millions): 0.18 (2016 est.)
Size: 238 square miles
Currency: East Caribbean Dollar (XCD)
Internet Domain : .lc
International Dialling Code: +1 758
Electricity: 220/50 cycles

COUNTRY OVERVIEW INVESTMENT INCENTIVES
Fiscal Incentives are granted to enterprises to facilitate local and foreign investment in the productive
q The volcanic island of St sectors of the economy. Given government’s policy to increase foreign exchange and the potential impact
Lucia is more mountainous on the economy, special consideration is given to manufacturing, tourism and infrastructure.
than many other Caribbean
islands. MANUFACTURING INCENTIVES
q In St Lucia there are genuine • Tax Holiday up to a maximum of fifteen (15) years.
natural landscape of palm- • Waiver of Import Duty on imported plant, machinery and equipment.
fringed beaches, miles of • Waiver of Import Duty on imported raw and packaging materials.
unspoiled rainforest, natural • Carry forward of losses.
waterfalls and the majestic
twin peaks of the Piton • Unrestricted repatriation of Profits and Capital.
Mountains. Manufacturing Investment Opportunities:
q The capital is Castries. • Agro-processing
The Government of St. Lucia • Dairy Production
encourages local and foreign • Smart technology/manufacturing
investment in its main economic • High-end furniture
sectors including manufacturing,
tourism, agriculture and services. • Pharmaceutical products including use of local biodiversity for developing traditional/herbal medicine
Through their continued success • Production of household products and light industrial tools and materials
and re-expansion, as well as the • Production of packing materials
presence of a Commercial Court,
the business climate augers well • Electronic Assembly
for the protection of investments.
TOURISM INCENTIVES
St. Lucia offers investors the best of Under the Tourism Incentives Act a range of both tax and non-tax incentives is offered. Approved tourism
both worlds: a stable political and products are eligible for these incentives:
business environment surrounded • Exemption of income tax for an approved tourism project for a maximum period of 15 years
by the trappings one expects of • LLCs ability to distribute profits to shareholders or debenture holders for a period of 2 years after the
an island paradise. St. Lucia end of the income tax holiday
provides all the modern amenities
and services needed to make • Waiver of customs duties on imported building materials and equipment
investments profitable, including • No restrictions on the repatriation of profits.
state of the art telecommunications To receive tax exemptions, a potential investor must have approval by cabinet following an application
links with the outside world, a in writing made to the minister.
reliable electricity service and
modern banking facilities, coupled Tourism Investment Opportunities:
with excellent weather, beautiful Saint Lucia is uniquely positioned as a high end destination with award winning, boutique hotels, world-
beaches, and most important, well class accommodations, stunning vistas and clusters of ancillary facilities. The prospect for growth and
educated, hard working people. development of the tourism sector in Saint Lucia are strong and healthy, offering investors a plethora of
opportunities for involvement in niche tourism.

B-90 Caribbean-Central American Action