Snowfall lucia11/1/2022 ![]() The state-run agency Invest Saint Lucia provides “one-stop shop” facilitation services to investors, helping to guide them through the various stages of the investment process. Invest Saint Lucia is managed by a Chief Executive Director and is overseen by a board of directors appointed by the government under the Office of the Prime Minister and Minister of Commerce, International Trade, Investment, Enterprise Development and Consumer Affairs. Invest Saint Lucia has introduced several investment incentives for businesses that consider locating in Saint Lucia, encouraging both domestic and foreign private investment. The Government of Saint Lucia strongly encourages foreign direct investment (FDI). Openness To, and Restrictions Upon, Foreign Investment Policies Towards Foreign Direct Investment FDI in partner country ($M USD, historical stock positions)ġ. Table 1: Key Metrics and Rankings Measure Foreign Account Tax Compliance Act (FATCA), making it mandatory for banks in Saint Lucia to report the banking information of U.S. In 2014, the Government of Saint Lucia signed an Intergovernmental Agreement in observance of the U.S. Saint Lucia does not have a bilateral investment treaty with the United States but has bilateral investment treaties with the United Kingdom and Germany. SNOWFALL LUCIA CODEThe Saint Lucia legal system is based on the British common law system, but its civil code and property law are greatly influenced by French law. For example, foreign investors in Saint Lucia can repatriate all profits, dividends, and import capital. The Government of Saint Lucia provides several incentives to encourage domestic and foreign private investment. Investment opportunities are focused primarily in tourism and hotel development, information and communication technology, manufacturing, international financial services, agribusiness, and creative industries. The government remains committed to creating a welcoming and open business climate to attract more foreign investment to the country. The country has seen a slight economic rebound with the Eastern Caribbean Central Bank forecasts 12.1 percent growth in 2022. The Saint Lucian economy continues to be impacted by the ongoing Covid-19 pandemic. Tourism is Saint Lucia’s main economic sector, while real estate and transport are other leading sectors. Saint Lucia had an estimated Gross Domestic Product (GDP) of $1.6 billion in 2020 according to the latest figures obtained from the World Bank. Saint Lucia is a member of the Organization of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU). ![]()
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