(Tuesday, 13th November 2018)
by CS Global Partners
While it presents one of the oldest citizenship by investment (CBI) programmes, established in 1993, the Commonwealth of Dominica now occupies the leading position in a growing economic citizenship sector, fuelled by more investors seeking new, international opportunities. The small Caribbean nation’s programme was recently declared, yet again, the world’s best in a special report by the Financial Times subsidiary Professional Wealth Management. Titled the 2018 CBI Index, it is the only comprehensive and independent ranking system that critically analyses and compares the 13 countries currently operating government-legislated CBI programmes around the world. Experts at FT’s PWM awarded Dominica perfect scores in five of the seven “pillars” measured, considered the most important factors from an investor’s perspective, according to independent researcher James McKay. Dominica excelled in areas like security and vetting procedures, minimum investment outlay, citizenship timeline, efficiency and undemanding travel or residence requirements.
Many agree this island-nation stands out partly thanks to the speed at which it is capable to process applications, with citizenship typically approved in less than three months. Even when the demand is very high, there is a government regulation in place whereby, within three months of submission, the Citizenship by Investment Unit will notify the authorised person on behalf of the main applicant as to whether their application has been approved in principle or not, provided all the documentation and procedures had been fully complied with.
Dominica’s CBI investment thresholds start from US$100,000 for a single applicant, which is the most affordable option on the market. It is available in the form of a contribution to the Economic Diversification Fund (EDF) and offers the opportunity for investors to obtain second citizenship more conveniently and support the country’s economic development in the process. The second pathway to Dominican citizenship is an investment in designated real estate with a value of at least US$200,000. With top hotel brands like Marriott, Hilton, Kempinski, and other luxury resorts developing world-class accommodation for the growing eco-tourism trade, Dominica continues to attract investors able to combine entrepreneurship with practicality.
In return, successful applicants benefit from greater international mobility, new business opportunities, security and stability for their families and the chance to belong to a coveted Global Community, which Dominica proudly nurtures. Its citizens can travel easily to over 120 countries and territories, including business hubs like London, Hong Kong, Singapore and the Schengen Zone. Since Dominican citizenship is for life and can be passed down to future generations, investors can be sure that their family legacy is future-proof.
Thanks to the programme’s strong due diligence framework and exemplar reputation, investors can be certain of the integrity and durability of their second citizenship. Despite understandable challenges posed by Hurricane Maria last year, Dr the Honourable Roosevelt Skerrit pledged to make Dominica “the world’s first climate-resilient nation”. The Prime Minister recently stated that his country “showed unfathomable resilience, and a consistent and diligent approach to service, resuming application processing for our citizenship programme within less than a week of the event.”
Transparency of CBI funds usage also sets Dominica apart, with the government offering regular updates on the ways in which investors’ financial contributions are used to improve the lives on the island, such as commissioning 5,000 new homes, creating over 1000 jobs, or funding the National Health Insurance pilot that helps children in critical medical conditions get the necessary treatment. Holders of the Dominican economic citizenship can, therefore, be proud that their investment goes beyond their own benefit and eventually plays an important part of making their adoptive country a model for resilience, inclusivity and sustainability.
To see the full report, visit http://cbiindex.com