The new CBI Index has been published by experts from the Financial Times’ Professional Wealth Management (PWM) magazine. This year’s report recognises the Commonwealth of Dominica as the country offering the world’s best Citizenship by Investment (CBI) Programme. It is the third consecutive year that the island retains its leading title.
Why Does FT Say That Dominica Has the Best CBI Programme?
The CBI industry, pioneered in the Caribbean in the 80s, has since gone on to inspire many other countries to implement their own adaption of the programme.
Introduced in 1993, Dominica’s CBI Programme is one of the oldest in existence. This experience fostered a sense of trust with investors, whereas revenue generated has gone on towards Dominica’s national development. For a third year, PWM magazine hails Dominica’s CBI Programme as the leader within the economic citizenship industry for the following reasons:
- affordability – Dominica offers the most affordable investment threshold for citizenship in the investor immigration industry, priced at USD 100,000 via the Economic Diversification Fund;
- lack of mandatory visit and travel requirements;
- streamlined citizenship timeline which guarantees eligible applicants to be processed within four months or less;
- ease of processing thanks to Dominica honing its mechanisms over the many years of activity;
- high due diligence standards that sustain Dominica’s enviable reputation abroad.
What’s the Least Amount Required for Dominica Citizenship?
One of the most attractive features in Dominica’s Programme is its affordability, particularly for single applicants. This is possible via the fund route of the Programme.
Qualifying contributions to the government’s Economic Diversification Fund (EDF) must amount to at least USD100,000. This makes it one of the most affordable routes to second citizenship in the investor immigration industry.
Investments made via the EDF go on to contribute to the advancement of the nation, particularly in areas like healthcare, education, climate change resilience, ecotourism, infrastructural development and more.
The Government of the Commonwealth of Dominica have utilised funds for mass-scale projects with vast socio-economic benefits. For example, the CBI-funded ‘Housing Revolution’ aims to build 5,000 new, modern, climate-resilient homes for its citizens. The island’s quest for climate resilience has also been heavily supported by CBI, with construction on a 7MW geothermal plant partly attributed to the programme. The transparency of used funds demonstrates reliability and responsibility, a key decision factor for investors when choosing a programme.
Do I Need to Visit Dominica to Obtain Citizenship?
Dominica does not require its economic citizens to reside or travel to the country before applying, during their application process or after receiving citizenship. Instead, due diligence checks stand as an insurance policy for the applicant’s integrity and accuracy of the information they provide. This is noted in the 2019 CBI Index: “Applicants… do not need to travel or reside in the country before, after or during the citizenship process. […] This is justified by the use of enhanced due diligence procedures, which include in-situ travelling by third party firms to the applicant’s country of residence or birth”
Dominica is proud of its Global Community, a concept that transcends land borders and welcomes citizens from around the world.
How Long Does It Take to Process an Application in Dominica?
Credited to its longevity and experience, Dominica’s CBI Programme features one of the most streamlined processes in the world. The time for an application to be completed can take anywhere between sixty to ninety days.
Applicants are also exempt from any language requirements or having any business experience. Coupled with the Programme’s clear instructions and procedures, choosing Dominica means one of the most straightforward routes to second citizenship.
How Secure Is Dominican Citizenship by Investment?
Despite the lack of travel involved, Dominica ensures that its vetting standards are high, also using local and international third-party agencies, like CARICOM’s Joint Regional Communications Centre, for its procedures.
Dominica boasts one of the most specialised due diligence procedures in the economic citizenship industry. Since the CBI Index first launched in 2017, Dominica’s CBI Programme has enjoyed top marks for its rigorous vetting abilities. Building on its 26-year experience, Dominica’s Citizenship by Investment Unit continues to look for innovative ways to strengthen its techniques.
Recently, Prime Minister Roosevelt Skerrit proposed for application uniformity of the regional CBI offering. These changes regard standardised application forms, the introduction of an oversight committee and uniform legislation. PM Skerrit called for CBI staff to be further trained in anti-money laundering and counter financing of terrorism, demonstrating the importance of ensuring that the CBI industry remains well-regarded.
Why Choose Dominica for Second Citizenship?
Operating for over two decades, Dominica’s CBI has remained a top choice for investors and their families. This is attributed to its close attention to the needs of the market whilst ensuring that its international reputation remains intact, and, most importantly, that the funds benefit all Dominicans.
In terms of real projects for native and economic citizens alike, developed on the island, FT specialists describe Dominica an “industry leader in its transparent and effective use of citizenship by investment donations” and went on to inspire other countries how to put CBI funds to good use. The island’s commitment to transparency and accountability was noted in another report devised by leading multinational firm PricewaterhouseCoopers. They concluded that the CBI funds have been well managed over the past four years, had a “major impact on the island’s [climate] resilience” and “generated tangible impacts on almost every aspect of life in Dominica”.
Recipe for Success, Designed by Dominica
Smart reinvestments into the economy, utmost prioritisation of due diligence, and meeting investors’ needs proved to be the recipe for success, developed by Dominica. Not only is this the third time the Commonwealth island is recognised as a top destination for second citizenship, this year, Dominica has set the record for the highest percentage achieved within the CBI Index – 91%.
The island’s dedication to refining its processes, transparently implementing tangible CBI-funded projects, closely collaborating with international partners and steadily improving its citizenship offering has positioned Dominica comfortably at the forefront of the CBI industry yet again.
To download the 2019 CBI Index report in English, Chinese, Russian, Vietnamese or Arabic for free, please visit their official website.BACK TO NEWS FEED