Saint Lucia is a member of the Organization of Eastern Caribbean States (OECS) and the Eastern Caribbean Currency Union (ECCU). Saint Lucia had an estimated Gross Domestic Product (GDP) of $1.69 billion in 2021 according to the latest figures obtained from the World Bank. The Eastern Caribbean Central Bank (ECCB) did not produce any figures for Saint Lucia in the reporting period. Tourism is Saint Lucia’s main economic sector, while real estate and call centers are other leading sectors. Like most of the Eastern Caribbean, the country continues to grapple with supply-chain delays and surging consumer food and fuel prices exacerbated by Russia’s war on Ukraine. As of May 2023, the International Monetary Fund (IMF) forecast the Saint Lucian economy to grow by 3.0% by the end of 2023.
The government remains committed to creating a welcoming and open business climate to attract more foreign investment in all sectors to the country. The government is prioritizing investment in key areas of tourism, real estate development, manufacturing and agro-processing, and
global business outsourcing.
The Government of Saint Lucia provides several incentives to encourage domestic and foreign private investment. For example, foreign investors in Saint Lucia can repatriate all profits, dividends, and import capital.
The 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. Saint Lucia does not have a bilateral investment treaty with the United States but has bilateral investment treaties with Germany and the UK. Saint Lucia recently became the sixth member of the Caribbean Community (CARICOM) to become a full member of the Caribbean Court of Justice (CCJ), making the CCJ its final court of appeal.
In 2014, the Government of Saint Lucia signed an Intergovernmental Agreement in observance of the U.S. Foreign Account Tax Compliance Act (FATCA), making it mandatory for banks in Saint Lucia to report the banking information of U.S. citizens.
|TI Corruption Perceptions Index||2022||35 of 180||http://www.transparency.org/research/cpi/overview|
|Global Innovation Index||2022||N/A||https://www.globalinnovationindex.org/analysis-indicator|
|U.S. FDI in partner country ($M USD, historical stock positions)||2021||$ 254.0M||https://apps.bea.gov/international/factsheet|
|World Bank GNI per capita||2021||$9,750||http://data.worldbank.org/indicator/NY.GNP.PCAP.CD|