St. Lucia: Living There - Tax Issues

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Last Updated: Jul 19, 2006

Residents must pay taxes on their world-wide income. Income tax rates applicable are:

INCOME TAX: RESIDENTS
PROPERTY VALUE, ECD (US$)	VENDOR'S TAX RATE
Up to 50,000 (US$18,519)	none
50,000 – 75,000 (US$27,778)	2.5% on band over US$18,519
75,000 – 150,000 (US$55,556)	3.5% on band over US$27,778
Over 150,000 (US$55,556)	5% on all value over US$55,556
Source: Global Property Guide

Residents are entitled to the following allowances and deductions which they could deduct from their gross income:

This is available to legally married couples, where the spouse earns less than ECD1,500 (US$556) for the income year

Child allowance up to 16 years old: ECD1,000 (US$370)
Child allowance for each child over 16 years old but still studying: ECD1,000 (US$370)
Handicapped child: ECD1,000 (US$370)
Secondary education allowance for the taxpayer’s children: maximum of ECD2,000 (US$740)
Tertiary education allowance for the taxpayer’s children: maximum of ECD5,000 (US$1,852)
Medical expenses
Interest on student loans: maximum of ECD3,000 (US$1,111)
National insurance, life assurance, and other retirement benefits: maximum of ECD8,000 (US$2,963)
Premiums on annuities: maximum of ECD8,000 (US$2,963)
Mortgage interest expense on owner-occupied property: maximum of ECD15,000 (US$5,556)
Donations: maximum of 25% of the taxpayer’s assessable income

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