Businessmen and families around the world whose citizenship limit their work lives are seeking an alternative solution. A recent article from The Economist reveals how several African nationals who chose Caribbean citizenship over others are experiencing seamless and smoother processes. One report, in particular, states that obtaining economic citizenship of the Commonwealth of Dominica was a life-changer.

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“One way to reduce the demand for the second passport would be to make it easier for Africans to visit and work in rich countries," The Economist writes. "Until then, their best bet may be to copy another Nigerian businessman who recently got a passport from Dominica and resoundingly declares, ‘It is a life-changer’,” the article concludes.

According to a recent Forbes article, Dominica has “one of the most prestigious Citizenship by Investment (CBI) Programmes in the world”. Foreign investors can obtain lifetime citizenship in this flourishing democracy after making an investment into the country and passing a series of strict due diligence checks. They can either make a one-off contribution to the Economic Diversification Fund or invest in pre-approved real estate.

Over 450 homes built using CBI funds

The biggest public expenditure Dominica is likely to incur in the next 12 months is for housing and urban development, estimated at EC$ 117.4 million. Indeed, the government plans to build another 450 homes using funds from its successful CBI Programme. This is part of the wider project, entirely sponsored with CBI funds, which aims to build 5,000 hurricane-proof homes for displaced communities.

“Over 450 homes will be built across the island, with proceeds from the Citizenship by Investment Programme,” said Roosevelt Skerrit, Prime Minister of the Commonwealth of Dominica. “These significant investments will not only contribute to changing the landscape of our housing sector, but also create many opportunities for jobs and the provision of other services.”

Eco-friendly Investments

Dominica is one of the top 20 tourism destinations of the future, according to a report from fDI Intelligence. As the Nature Isle of the Caribbean, its ecotourism industry is thriving, and CBI offers the chance to own shares in unique, eco-friendly resorts. Vetted applicants can pick one of a carefully-selected group of luxury hotels and make a qualifying investment of at least US$200,000.

While the CBI fund option sponsors virtually all aspects of life in Dominica, as observed by PricewaterhouseCoopers, the real estate arm of the CBI Programme helps the Nature Isle of the Caribbean establish itself even more as a destination that is both mindful of the environment and growing sustainably.

Due Diligence

Importantly, whether investors choose real estate or a direct contribution to the government (both options enabling investors to qualify for CBI), they must submit to rigorous background checks. This is because Dominica ensures its security and integrity – as well as that of its partners – remain intact. Moreover, passing Dominica's strict due diligence gives economic citizens peace of mind that their status is for life and for many generations to come.

This is partnered post.

First Published:Aug 12, 2020 4:01 PM IST