DISCLAIMER: The term “cryptolicense” in this text should be understood as a virtual asset service provider (VASP) license. The use of the term “cryptolicense” is intended solely to simplify the text for the customers and visitors of the website.

Saint Lucia is quickly gaining recognition as a leading jurisdiction for cryptocurrency businesses. With its progressive regulatory framework, stable political environment, and growing digital infrastructure, the island nation offers a unique blend of opportunities and advantages for companies seeking to establish a strong foothold in the cryptocurrency market.

The government of Saint Lucia has demonstrated a proactive approach to embracing blockchain technology and digital assets, recognizing their potential to drive economic growth and innovation. By implementing clear and comprehensive regulations, Saint Lucia provides a secure and transparent environment for businesses to operate, while also fostering innovation and promoting fair competition. This commitment to creating a well-regulated ecosystem has made Saint Lucia an attractive destination for both established players and emerging startups in the cryptocurrency space.

With its supportive regulatory framework, Saint Lucia is poised to become a major hub for cryptocurrency businesses

Key Numbers about Cryptolicense in Saint Lucia

XCD 5,000

application fee for a cryptolicense

30%

corporate income tax (CIT) rate

XCD 250,000

minimal share capital

no

withholding tax (WHT) on dividends paid by resident companies

up to 4 months

average time to start new project

12,6%

value added tax (VAT) rate

Legal Opinion about Cryptolicense in Saint Lucia

Ganna Voievodina

Manimama

CEO

"Saint Lucia's progressive regulatory framework and supportive government policies have created an attractive ground for cryptocurrency businesses to thrive. With clear guidelines, tax incentives, and a strong commitment to innovation, Saint Lucia is an ideal jurisdiction for companies seeking to establish a secure and prosperous future in the cryptocurrency space".

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New Possibilities with a License in Saint Lucia

An exchange between a virtual asset and fiat currency

this refers to the buying or selling of cryptocurrency using traditional currencies like the US dollar or euro.

A transfer of a virtual asset, whether or not for value

this covers any movement of cryptocurrency from one wallet to another, regardless of whether it's a purchase, a gift, or a simple transfer between your own wallets. Any service that enables this transfer falls under the VASP definition.

An exchange between one or more forms of virtual assets

this refers to the trading of one cryptocurrency for another, such as exchanging Bitcoin for Ethereum. Platforms that enable this kind of trading, like decentralized exchanges (DEXs), are also VASPs.

The safekeeping or administering of a virtual asset or instruments enabling control over a virtual asset

this refers to services that hold or manage cryptocurrencies on behalf of others. This includes custodial wallets like those offered by exchanges or dedicated custodian services, as well as services that manage private keys or other tools for controlling crypto assets.

Participating in or providing financial services related to the issue or sale of a virtual asset

this covers a wide range of activities, including initial coin offerings (ICOs), token sales, and other fundraising activities involving cryptocurrencies. It also includes services that facilitate these activities, such as marketing, legal advice, and technical support.

Benefits of Obtaining a Cryptolicense in Saint Lucia

Transparent regulation:

Clear and transparent rules for running a cryptocurrency business.
Legal protection for companies and investors.

Convenient geographical location:

Close proximity to the major financial centers of the Caribbean region and the Americas.
Convenient conditions for international business.

High level of privacy:

Protection of company and customer data at a high level.
Transparent but confidential business terms and conditions.

Accelerated licensing processes:

Fast turnaround times for license applications.
Transparent procedures for applying for and obtaining a cryptolicense.

Business diversification:

Possibility to expand business activities through cryptocurrency transactions.
Attracting new clients and partners through the cryptosphere.

Favorable business climate:

Moderate business and reporting requirements.
Support for small and medium-sized cryptocurrency businesses.

Our Services

Popular package

Premium

Full set up of VASP business with all the necessary infrastructure

Company formation in Saint Lucia
Set of apostilled documents
Individual AML/KYC policies
Cryptolicense obtaining
Basic accounting services for 1 year
Annual returns filing
Tax registration
Submission of tax returns

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Advanced

Standard set up of company infrastructure for the start of operational activity

Company formation in Saint Lucia
Set of apostilled documents
Individual AML/KYC policies
Cryptolicense obtaining

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Basic

VASP authorization under the minimum regulatory requirements

Company formation in Saint Lucia
Set of corporate documents
Standard AML/KYC policies
Cryptolicense obtaining

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Our Experts in this Area

Ganna Voievodina

CEO, co-founder

Steps to obtain Cryptolicense in Saint Lucia

Step 1. Initial setup
Initiating a preliminary project assessment
Gathering necessary documents for preliminary KYC check
Creating a business model
Step 2. Company registration
Verification of the availability and reserve of the selected company name in the Commercial Register
Preparing necessary corporate documents according to business model
Incorporating the company's data into the Commercial Register
Step 3. Obtaining a cryptolicense
Preparation full set of necessary documents to get a license
Recruitment and education of an AML Officer for the company
Submit an application to the FSRA and handling all communication to maximize chances of obtaining license
Step 4. Opening B2B & C2B corporate accounts
Initial evaluation and identification of a suitable Financial Institution for corporate account setup
Preparation of notarized corporate documents required for the account opening process
Early discussions with the payment institution and continuous assistance to the client during the account opening procedure

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Understanding Legal Requirements in Saint Lucia

Virtual asset businesses in Saint Lucia are mandated to obtain a license from the FSRA, providing detailed business information and documentation. Existing businesses are allowed a brief grace period to apply for the license

To legally conduct virtual asset business activities in or from Saint Lucia, individuals or entities (including corporations, firms, associations, and partnerships) must obtain a license from the Financial Services Regulatory Authority (FSRA).

Businesses already operating before the Virtual Asset Business Act (VABA) came into effect have a 60-day grace period to continue operations while applying for a license within 7 days of the Act's commencement.

The license application must include comprehensive details about the business, such as:

Registered office and Saint Lucia business address
Nature and scope of the virtual asset business, including operational history, website, and other jurisdictions
Identification and contact information of key personnel, affiliates, directors, owners, and shareholders
Written policies and procedures covering AML/CFT measures, data protection, security, and cybersecurity
Risk assessment of the products and services offered
Any additional information requested by the FSRA

Along with the application, the following documents must be submitted:

Prescribed application fee
Government-issued identification of key personnel
Certified copies of the entity's constitutive documents

Requirements for Obtaining a Cryptolicense in Saint Lucia

In order for a company to operate safely in Saint Lucia and develop its business, companies must strictly adhere to established operating rules. Otherwise, the company will be fined and the license will be revoked

To ensure a secure and trustworthy virtual asset industry, Saint Lucia has implemented comprehensive regulations for Virtual Asset Service Providers (VASPs). These requirements cover a range of aspects, from financial safeguards to transparency and ongoing compliance. A key focus of the regulatory framework is protecting investors and maintaining financial stability. VASPs are required to implement robust measures to safeguard client funds and ensure operational resilience.

Financial safeguards:

Maintain escrow assets equivalent to at least 15% of client funds with a registered trust company or custodian.
Lodge software source code and related materials with an approved escrow agent.
To ensure accountability and transparency, VASPs are required to regularly report to the regulatory authority and notify them of any changes in their operations.

Reporting and notification:

Seek FSRA approval for any changes in company structure, business scope, or contact information.
Submit quarterly reports to the FSRA detailing account numbers, values, and escrowed assets.
Maintaining accurate and transparent records is essential for regulatory compliance and effective risk management.

Accounting and record-keeping:

Maintain records and prepare financial statements according to International Financial Reporting Standards (IFRS).
Keep a copy of accounting records and financial statements at the Saint Lucia business premises.
Protecting user data and maintaining the security of operations are paramount concerns in the digital asset industry.

Data protection and cybersecurity:

Implement and maintain policies to comply with the Data Protection Act.
Ensure data collection, storage, use, and disclosure are legitimate, protected, and confidential.
Safeguard operations and personal information from cyber threats.
Building trust and promoting informed decision-making require clear and accessible information.

Transparent communication:

Provide clear and comprehensive information on websites and publications about virtual asset products, features, costs, and risks.
Promptly update or issue notices of any changes to the communicated information.
Regular independent audits are essential for verifying the accuracy of financial information and assessing risk management practices.

Annual audit:

Appoint an approved auditor to perform an annual audit of financial statements and risk management controls.
Cooperate with any additional examinations or reporting requested by the FSRA.
The regulatory authority holds additional powers to ensure the integrity and stability of the virtual asset sector.

Financial statement submission:

Submit audited financial statements to the FSRA within 4 months of the financial year-end (unless an extension is granted).
Ensure statements cover a maximum period of 18 months and align with previous audited statements if applicable.
Preventing illicit activities and maintaining the integrity of the financial system are fundamental objectives of the regulations.

Taxes in Saint Lucia

Despite the flat corporate tax rate, Saint Lucia has favorable WHT regulations. It allows local companies to pay dividends freely

Saint Lucia's corporate tax system distinguishes between resident and non-resident companies. Resident companies are taxed at a flat rate of 30% on their worldwide income. However, recent changes have implemented a territorial system, which exempts certain types of foreign-sourced income from taxation.

Non-resident companies, on the other hand, are only taxed on income generated within Saint Lucia. A withholding tax (WHT) of 25% is applied to gross income, with a reduced rate of 15% for interest income. If a non-resident company establishes a permanent presence in Saint Lucia, profits are taxed at a higher rate of 33.3%.

Regardless of profitability, all companies must file an annual tax return and make quarterly estimated tax payments based on the previous year's chargeable income. It's worth noting that the International Business Companies (IBC) regime has undergone changes, now subjecting all IBCs to a 30% income tax. Additionally, various tax credits and incentives may be available depending on the nature and location of the business activities.

Saint Lucia does not have tax treaties with other countries besides the member states of the Caribbean Community (CARICOM). The CARICOM member states have an agreement to prevent double taxation.

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Frequently Asked Questions

What activities are covered under the cryptolicense in Saint Lucia?

The cryptolicense covers various activities, including exchange services, wallet providers, payment processors, and initial coin offering (ICO) issuers.
Who is the regulatory authority responsible for issuing cryptolicenses in Saint Lucia?

The Financial Services Regulatory Authority (FSRA) is responsible for issuing cryptolicenses and regulating the virtual asset sector in Saint Lucia.
What are the eligibility requirements to obtain a cryptolicense in Saint Lucia?

Applicants must meet several criteria, including a strong business plan, adequate capital reserves, robust anti-money laundering (AML) and combating the financing of terrorism (CFT) measures, and a secure technological infrastructure.
What is the application process for a cryptolicense in Saint Lucia?

The application process typically involves submitting a detailed application form, supporting documentation, and paying the necessary fees. The FSRA reviews the application and may request additional information before granting the license.
What is the approximate processing time for a cryptolicense application in Saint Lucia?

The processing time can vary, but it typically takes several weeks to a few months for a decision to be made on a cryptolicense application.
What are the ongoing compliance requirements for cryptolicense holders in Saint Lucia?

Cryptolicense holders must adhere to strict compliance requirements, including regular reporting to the FSRA, maintaining adequate capital reserves, implementing robust cybersecurity measures, and adhering to AML/CFT regulations.
What are the potential benefits of obtaining a cryptolicense in Saint Lucia?

A cryptolicense in Saint Lucia can provide several benefits, including increased credibility, access to banking services, legal clarity, regulatory protection, and the ability to operate in a growing global market.
Are there any tax incentives for crypto businesses operating with a cryptolicense in Saint Lucia?

Saint Lucia has a favorable tax regime for virtual asset businesses, with no capital gains tax on crypto assets and competitive corporate tax rates.
What are the potential risks associated with operating a crypto business without a cryptolicense in Saint Lucia?

Operating without a cryptolicense in Saint Lucia can result in legal penalties, reputational damage, and difficulty accessing financial services.
Does obtaining a cryptolicense in Saint Lucia guarantee success in the crypto market?

A cryptolicense provides a legal framework and regulatory support, but success in the crypto market depends on various factors, including market conditions, business strategy, and risk management.
How does the Saint Lucia cryptolicense compare to cryptolicenses in other jurisdictions?

The Saint Lucia cryptolicense is considered competitive due to its clear regulatory framework, favorable tax regime, and efficient application process.
Are there any restrictions on the types of cryptocurrencies that can be offered by a cryptolicense holder in Saint Lucia?

Saint Lucia has a relatively open approach to cryptocurrencies, allowing a wide range of digital assets to be offered by licensed entities.
Can a cryptolicense holder in Saint Lucia offer services to customers outside of Saint Lucia?

Yes, with appropriate compliance measures, a cryptolicense holder in Saint Lucia can offer services to international customers.
Can a cryptolicense in Saint Lucia be revoked or suspended?

Yes, the FSRA has the authority to revoke or suspend a cryptolicense if the holder fails to comply with the regulatory requirements.
Where can I find more information about obtaining a cryptolicense in Saint Lucia?

Additional information can be found on the official website of the Financial Services Regulatory Authority (FSRA) of Saint Lucia.