As more wealthy African businessmen and women seek to protect their wealth and access greater global mobility, second citizenship has become an increasingly popular route to achieving this. On the 15th January, The Guardian Nigeria partnered with CS Global Partners, a legal advisory and marketing firm, to host a webinar titled “Dominica Citizenship by Investment: Redefining Wealth, Safety and Travel for Nigerians”.
The webinar saw Prime Minister Roosevelt Skerrit, Ambassador Emmanuel Nanthan, Head of Dominica’s CBI Unit and Micha Emmett, CEO of CS Global Partners, discuss the many opportunities available to Nigerian investors under the Programme and the process to gaining a second citizenship in Dominica.
Established in 1993, Dominica’s Citizenship by Investment Programme allows investors and their families to become legal citizens once making an economic contribution to either a government fund or buying into selected eco-luxury real estate. Once passing the multi-tiered vetting procedure, successful applicants gain access to opportunities ranging from the right to live and work in the country to alternative business avenues.
With a Dominican citizenship in hand, Prime Minister Skerrit highlighted that investors also unlock access to visa-free and visa-on-arrival access to 143 countries and territories including major business hubs across the globe.
“In terms of the number of countries that Nigerian citizens can enter with a Nigerian passport compared to Dominica, [there] is about [a] two hundred percent difference. Even countries where you need to apply for visas, we have almost a hundred percent success rate,” PM Skerrit noted.
Over the last year, not only has COVID-19 presented a significant obstacle for Nigerians conducting business abroad, but political instability has led many to worry about their safety, and that of their families. Furthermore, with Nigeria facing one of its worst recessions in recent years, many high net-worth individuals are searching for ways to diversity their wealth portfolio to hedge against further instability.
CS Global Partners’ Micha Emmett touched on the importance of this: “I think the old cliche of one shouldn’t keep all one’s eggs in one basket is particularly applicable when it comes to financial security. Having a second citizenship definitely opens up doors for business opportunities, new markets and new business contacts.”
The 2020 CBI Index, an annual special report that ranks all government legislated CBI Programmes, has listed Dominica as the world’s best destination for second citizenship for the fourth consecutive year. The report cited the Programme’s affordability, efficiency and robust due diligence network as some of the reasons for its high ranking.BACK TO NEWS FEED