The Commonwealth of Dominica has been ranked as the best Citizenship by Investment (CBI) Programme in the sixth edition of the CBI Index. Released this week, the CBI Index is published by the Financial Times’ Professional Wealth Management magazine. The in-depth report is a comprehensive ranking system that compares operational CBI programmes. It examines and evaluates economic citizenship programmes offered by various countries in Africa, Asia, the Caribbean, Europe and Oceania.
“It is Dominica’s sixth consecutive year sitting atop the overall rankings, and it once again maintains a perfect score of 10 in six of the nine pillars under assessment,” researcher, James McKay said in the report.
Prime Minister Dr the Hon Roosevelt Skerrit welcomed the news from the CBI Index and said that “we are honoured that our citizenship by investment programme has been recognised as the best for the sixth consecutive year.”
Dominica’s Citizenship by Investment Programme finished with an overall percentage score of 90% and received perfect scores in six out of the nine pillars.
Minimum Investment Outlay Pillar: Dominica retained the top spot with a perfect score of 10 due to its affordable minimum contribution of US$100,000.
Mandatory Travel/Residence Pillar: Applicants are not required to reside in Dominica before or after citizenship is granted, nor are they required to travel to the island as part of the application.
Ease of Processing Pillar: The application process is clear and streamlined and has one of the fastest processing times in the CBI industry.
Due Diligence Pillar: Dominica’s stringent and comprehensive due diligence processes include robust screening of an applicant’s source of wealth and funds, taking fingerprints as part of the application, and working with international, third-party organisations to perform online and on-the-ground background checks of an all-encompassing nature.
Family Pillar: Dominica’s CBI programme has become known for its family-friendliness. In addition to the main applicant’s spouse, investors can include children under 18 and over 18 in certain circumstances, siblings, parents and grandparents of both the main applicant or their spouse.
Certainty of Product Pillar: Dominica’s Programme attained a perfect score in this pillar due to its longevity, popularity, stability, adaptability and reputation. “Dominica’s consistency is a combination of an affordable minimum investment outlay, thorough and comprehensive due diligence, a streamlined application process, as well as its reputation for investing into the real economy of Dominica through ambitious, sustainable development projects facilitated by CBI funds,” the report said.
CBI Index Key Findings and Trends
Due diligence in the investment immigration industry will continue to be of utmost importance as opposition to CBI programmes is likely to remain unabated. Improved due diligence processes and proof of the positive impact these CBI programmes have on nations are important to mitigate concerns. Properly executed due diligence processes protects both the reputations of the programme, its international partners, as well as the nation and its citizens.
“A fast-changing regulatory backdrop has seen the levels of compliance and due diligence in countries offering citizenship by investment schemes strengthened,” the report said.
The report sheds some light on the ‘new’ CBI investor, who are more conscious of their impact on the world and are investing more sustainably. These new investors are more pragmatic are looking at opportunities that will give them access new jurisdictions that offer better life and financial prospects.
Post-pandemic recovery and challenging global macroeconomic conditions could mean that countries will be hard-pressed to provide funding for climate change mitigation and adaptation, and sustainable development projects. CBI programmes could provide a legitimate revenue source, bridging the gap to meet climate change and sustainable development goals while spurring on sustainable economic growth.
The report noted that “the Caribbean nation of Dominica has declared its intention of becoming the world’s first climate-resilient nation by 2030. It will require US$4bn to US$5bn in funding to do this, and CBI could play a key enabling role. It’s a model that could be applied to other vulnerable nations needing sustainable climate solutions into the future.”
Dominica’s Citizenship by Investment Programme
Dominica’s Citizenship by Investment Programme was established in 1993. It offers two routes to second nationality: a one-time contribution into the Economic Diversification Fund or the purchase of Approved Real Estate Investment. After passing its multi-tiered and robust due diligence processes, successful applicants gain second citizenship along with a variety of benefits, which include global mobility, the right to live, work and study in the nation, as well as the ability to pass down citizenship for generations to come. “Those who choose to become Dominican citizens can rest assure that they’re living in a nation that puts the people and national development at the forefront of its priorities,” the Prime Minister added.BACK TO NEWS FEED