Safety and stability are not the words we would use to describe the world, especially in the last two years. The COVID-19 pandemic not only negatively impacted the global economy but also brought socio-political tensions to the forefront.
This is especially true for South Africa. The country’s limping economy has caused much frustration among citizens, and many high net-worth investors are looking for a means to secure their future while accessing greater freedoms that will hold their families in good stead for years to come.
Business Day Webinar on Choosing a Second Citizenship in Dominica
On February 11th, Business Day Dialogues LIVE held a webinar in partnership with CS Global Partners. The meeting discussed Dominica’s strengths as an investment destination, the country’s outlook for the future, the key requirements of its Citizenship by Investment (CBI) Programme, as well as what makes Dominica so attractive to South African investors.
Titled “The Road to Prosperity: Securing Your Future with a Second Citizenship in Dominica,” the webinar was attended by the Prime Minister of Dominica, Dr the Hon. Roosevelt Skerrit, Ambassador Emmanuel Nanthan, the Head of Dominica’s Citizenship by Investment Unit, and Micha Emmett, CEO of CS Global Partners.
An attractive option for investors and their families
Dominica’s CBI programme was established in 1993, making it one of the longest-standing programmes of its kind globally.
South African investors can rest assured that the Programme has a legitimate track record with proven success.
“The process of applying for our CBI Programme is straightforward and simple, and we offer one of the most time-efficient routes to citizenship in the world,” said Ambassador Nanthan.
Dominica’s CBI scheme focuses on its applicants’ overall quality and integrity, only accepting individuals of outstanding character and reputation. To ensure credible persons of excellent standing are granted citizenship, comprehensive due diligence checks are performed on all applicants over 16 years of age.
“Our quick turnaround times are set by regulation, but it must be stressed that this does not impact due diligence,” said Prime Minister Skerrit.
“It’s important for everyone in the industry to understand the importance of due diligence and, as a nation, we have an obligation to the international community to protect and maintain the security of our citizens and ensure that their passport will not be called into question when travelling.”
Dominica’s CBI Programme is an inclusive and family-oriented programme that has been designed to keep families together. The scheme allows investors to not only apply for themselves and their immediate family, but their extended family too – this includes both the applicant’s extended family and those of their spouse.
Tremendous social and economic benefits
Over and above having the reassurance of applying for a secure CBI programme, thanks to a multi-layered due diligence process, applicants of the Programme can look forward to the economic and social benefits offered to Dominican citizens.
Entrepreneurs and businesspeople, irrespective of where they come from in the world, enjoy the same rights and benefits granted to Dominicans. These rights facilitate investment and business opportunities in the country and member states.
Dominica is located in proximity to the United States and has deep ties with the UK and Canada – making it a desirable location to access the world’s best financial hubs with which it has economic partnership agreements. The country’s currency is also pegged against the US dollar.
For an investment of only R1.5 million, eligible South Africans can obtain a Dominican citizenship – making it an affordable choice when it comes to purchasing a sound insurance policy for them and their families.
“Dominica has a range of business opportunities for South African investors who can be confident that their investments and businesses will be protected under the same laws and regulations as Dominicans once they become citizens. This guarantees peace of mind to the investor, knowing that their assets are secure,” added said Prime Minister Skerrit.
The country has made significant progress in its 42 years of independence. In 2022, the International Monetary Fund (IMF) projected the economy to grow by 5.5% – a huge feat considering the setback caused by Hurricane Maria in 2017, which saw Dominica’s GDP contract by 226%.
“The Dominican Citizenship by Investment Programme played a key role in boosting our economic outlook post-Hurricane Maria and was a visible and reliable source of revenue to finance our rebuilding efforts. We are making sure that we maintain a sustainable debt to GDP ratio, which is important for investors looking to set up in the country,” said Prime Minister Skerrit.
The country also boasts high-quality educational institutions and medical facilities with the best minds – all accessible to investors with Dominican citizenship.
The country invests heavily in education, women, and youth empowerment. The primary healthcare capacity of the nation is being increased as more and more doctors are being trained, and the infrastructure is being modernised as well.
The Best Dual Citizenship
Introduced in 1993, Dominica has been ranked as offering the world’s best route to second citizenship by the Financial Times’ PWM for five consecutive years. The annual CBI Index scored the Programme highly for its minimum investment outlay, due diligence, ease of processing and certainty of product. With nearly three decades of experience within the investment migration realm, Dominica’s Programme has stood the test of time, evolving with the market’s needs, and providing an attractive route to dual citizenship.