Cover Page Mexico Mission 10 November 2015 By: Earland Labadie, Senior Investment Services Officer
SAINT LUCIA - Location • Southern Caribbean • 21 Miles South of Martinique • 26 Miles North of Saint Vincent • 110 Miles North West Travel Times of Barbados UK and other Europe – 8 Hours North America – Average 4 Hours
SAINT LUCIA – Quick Facts Capital A rea Official Language Local Language Castries 238 sq miles/ English French Creole 616.4 sq km GDP GDP Per Capita Labour Force Unemploy ment US $917.48 US $6,847.6 (2014) 98,286 (2014) 24.4% (2014) Million (2014) 57% Exchange Rate A dult Literacy Population Currency US $1 = EC $2.70 72.8% (2010 Census) 172,623 (2014) Eastern Caribbean Dollar (EC$) Temperature Time Zone Mean Temperature 28o C EST +1, GMT -4
SAINT LUCIA Economic Performance ECONOMIC GROWTH GDP PER CAPITA (US$) INFLATION RATES 6900 GDP Growth 4.5% 6800 4.0% 6700 3 3.5% 6600 3.0% 2 6500 2.5% 1 6400 2.0% 0 6300 1.5% 1.0% -1 6200 0.5% -2 0.0% -3 2010 2011 2012 2013 2014 R-Revised/P-Projections TRADE BALANCE 2500 2000 1500 1000 500 0 2010 2011 2012 2013 2014 -500 -1000 -1500 -2000 Exports Imports Trade Balance Sources: ECCB, Saint Lucia Central Statistics Office, Economic Review
SAINT LUCIA – FDI Flows 1976 - 2014 FDI INFLOWS 1976 -2014 300 250 FDI I INFLOW IN US$ MILLION 200 150 100 50 0
SAINT LUCIA Why Invest? 1. Strategic location and easy access. 2. Stable and Pro-business Environment (No. 1 in the English Speaking Caribbean in the World Bank’s Doing Business Reports 2007 -2014). Ranked Number one in the Caribbean (Doing Business Report 2014) for: • Number of procedures for starting a business. • Obtaining approval for construction permits. • Time taken to register a property. • Ease of paying taxes. 3. Ranked the freest economy in the Caribbean; 35 th freest economy in the world out of 186 countries by the 2015 Index of Economic Freedom. 4. Stable political climate. 5. Stable monetary and financial system, as a leading member of the Eastern Caribbean Currency Union .
SAINT LUCIA Why Invest? (Cont’d) 6. Regional and international market access (CSME, WTO, EPA). 7. Modern and efficient telecommunications system. 8. Modern air and sea port facilities including operational free zones. 9. Reliable electricity supply and stable supply of water. 10.Freedom to repatriate profits and no foreign exchange controls. 11.Strong history of attracting and protecting international investments. 12.Ongoing policy reforms designed to facilitate investment and encourage business growth (new investment policy, ongoing incentives reform, ongoing e-government reform).
SAINT LUCIA - Tourism proposition • World Renowned • Development of Jazz Festival North Western Corridor • Atlantic Rally for Cruisers • Award winning Resorts • Cultural Heritage • World Class • Strong international Restaurants brand presence • Events PLANT MARKETING • Contribution to GDP GROWTH AND (6.5% in 1970s to 13.8% in 2014) ENVIRONMENT IMPACT ON • UNESCO World • Increased overall ECONOMY Heritage Status arrivals (from145, for Piton 700 in 1978 to a Management peak of 1,034,332 Area in 2014). • Heritage Tourism • Expenditure from Growth $US 27.7 Million in 1978 to a peak of $US 2,015.30 Billion Source: Economic and Social Review, Saint Lucia Tourist Board(SLTB), World Travel and Tourism Council in 2014 (WTTC)
SAINT LUCIA Shovel Ready Projects • Click to add text Tourism Jade Sea Vieux Fort Marina Development
JADE SEA Nick Troubetzkoy, architect and owner of renowned Jade Mountain and Anse Chastanet St. Lucia Resorts, presents JADE SEA. The two properties have received numerous awards and accolades including: Jade Mountain St. Lucia - 2013 and 2014 Top Hotel in the Caribbean (Travel and Leisure Magazine); 2014 Best resort in the Caribbean (Conde Nast Traveler); Anse Chastanet St. Lucia - listed at 17 of 50 in 2014 Best resorts in the Caribbean (Conde Nast Traveler).
JADE SEA • Project concept – 48 stunning open-air sanctuaries; • Location – Overlooking Petit and Gros Piton in Soufriere - a UNESCO World Heritage Site; • Cost – USD $74 million over 4 phases.
VIEUX FORT MARINA DEVELOPMENT • Project proposal is for a medium sized yacht marina in the town of Vieux Fort on a 21 acre site (including land to be reclaimed); • Hotel and retail development; • Potential also exists on the identified and adjacent land for additional facilities: A Conference Centre; An Exhibition Park; Residential Housing; Boatyard; Marine Related Industrial and Commercial Development;
VIEUX FORT MARINA DEVELOPMENT Total Project Cost USD $150 Million: • USD $20 million for the construction of the basic marina docks and breakwaters • USD $40 million for the fully equipped yacht refit facility • USD $10 million for shore side retail and condominium development • USD $10 million for site and infrastructure works including Wetlands Park • USD $70 million for the hotel The hotel does not have to be developed up front and can be developed subsequently upon completion of the marina.
VIEUX FORT MARINA DEVELOPMENT
VIEUX FORT MARINA DEVELOPMENT
SAINT LUCIA Tourism Incentives ACT INCOME TAX IMPORT DUTIES OTHER EXEMPTIONS Tourism Incentives Act Exemption for up to 15 Exemption on building materials, LLC entitled to distribute profits as capital free of years. articles and equipment tax 2 years after end of tax holiday. Tourism Stimulus and -Exemption for up to -Exemption on imports including -VAT on building materials and locally produced Investment Act 25 years. fixtures and fittings. art and craft. - Exemption on alternative -Corporate tax during development phase -Exemption for energy and energy saving -Property tax and Alien Landholding License fee interest received equipment. during development. during development. -Exemption of stamp duty and vendors tax on transfer or sale of immovable property on initial transfer. -Percentage tax credit for financial institutions based on the quantum of investment. Special Development Exemption for interest Exemption on inputs of -Stamp Duty on construction inputs & initial Areas Act (Heritage received during construction of new building or purchase of property. and development development. renovation or refurbishment of -land and house tax inducing tourism existing. -Alien Landholding License fee products)
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