Country overview

#112

Saint Lucia

Country stats

Rating Points

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

1.9%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

3 500

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

Legally allowed

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

No regulation

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Minor danger

The overall level of security in a given country based on open data.

Crypto Salaries

No info

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

No info

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

No info

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

Crypto-to-crypto

This license type allows VASP to provide legal exchange from one cryptocurrency to another.

Crypto-to-fiat

This type of license regulates the exchange from cryptocurrency to fiat.

Wallet/Custody

This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.

Good

Medium

Bad

intro

This is general info about crypto regulation in Saint Lucia. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Saint Lucia is an island state in the Eastern Carribean. According to Worldometers (1) it has 180,000 population and 617 km2 area (2).

Based on GlobalcitizenCarribean (3) St. Lucia launched an investment citizenship program in 2015. Minimum amount of investments is $100,000 per 1 applicant or $150,000 for a family. It’s also possible to join this program by investing in the real estate - from $200,000.

The country also has launched in 2021 “Live It” program (4) for digital nomads.

Security level

Based on U.S. department of state (5) recommendations Saint Lucia is relatively safe and needs normal precautions. That’s why Saint Lucia has a minor danger security level according to our rating.

Crypto Payments

We have no information about crypto payments and their regulations in this jurisdiction. Probably since the first virtual asset bill was implemented in December 2022, the country still has no regulation for crypto payments. Please, contact us if you have this information.

Crypto Salaries

No regulation.

Legal

In December 2022 Saint Lucia has officially implemented the Virtual Assets Business Act (6). There are 2 main regulators for crypto entites: Financial Services Regulatory Authority (FSRA) and local AML department - NAMLOC. The law defines the following types of virtual asset businesses which need FSRA registration: (a) an exchange between a virtual asset and fiat currency; (b) an exchange between one or more forms of virtual assets; (c) a transfer of a virtual asset, whether or not for value; (d) the safekeeping or administering of a virtual asset or instruments enabling control over a virtual asset; (e) participating in or providing financial services related to the issue or sale of a virtual asset.

On the FSRA site there is no information (7) about registered entities. These regulations are still in progress. In 2023 The National Anti-Money Laundering Oversight Committee (NAMLOC) has expanded the legal requirements for AML (8) in the cryptocurrency industry. You may find more information about St. Lucia’s AML policy in interview (9) of NAMLOC representative - Natalie Dusauzay.

Taxation

Based on GlobalCitizenSolutions overview (10) local citizens need to pay the following taxes: personal income tax and social contributions. PIT has a progressive tax rate from 0% up to 30%. Social contribution rate is 5% of monthly income. Tax on royalties and interest is 10% for residents and 25% for non-residents. At the same time there is no tax on dividends and capital gains on the island.

Corporate income tax on St. Lucia has 30% rate. Also there is a tax deduction of 25,000 XCD ($9,300 USD) for every tax residend based on PWC taxsummaries (11). However, according to local tax authority IRD (12) tax deduction on personal income is $18,400.

Links

1)👉🏻Saint Lucia Population Worldometers

2)👉🏻Saint Lucia Wikipedia

3)👉🏻Saint Lucia vs Dominica: a complete guide Globalcitizencarribean

4)👉🏻Saint Lucia Gov

5)👉🏻Saint Lucia Travel Rules U.S. department of state

6)👉🏻 Virtual Assets Business Act FSRA

7)👉🏻FSRA Saint Lucia

8)👉🏻Money Laundering Prevention Act St. Lucia

9)👉🏻 Stakeholders sensitized on Virtual Assets Business Act Government of St. Lucia

10)👉🏻St. Lucia Taxes Global Citizen Solutions

11)👉🏻Saint Lucia PWC taxsummaries

12)👉🏻IRD Saint Lucia

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intro

Saint Lucia is an island state in the Eastern Carribean. According to Worldometers (1) it has 180,000 population and 617 km2 area (2).

The country also has launched in 2021 “Live It” program (4) for digital nomads.

Security level

Based on U.S. department of state (5) recommendations Saint Lucia is relatively safe and needs normal precautions. That’s why Saint Lucia has a minor danger security level according to our rating.

Crypto Payments

Crypto Salaries

No regulation.

Legal

Taxation

Links

1)👉🏻Saint Lucia Population Worldometers

2)👉🏻Saint Lucia Wikipedia

3)👉🏻Saint Lucia vs Dominica: a complete guide Globalcitizencarribean

4)👉🏻Saint Lucia Gov

5)👉🏻Saint Lucia Travel Rules U.S. department of state

6)👉🏻 Virtual Assets Business Act FSRA