What makes Citizenship by Investment Programme of Dominica world’s best?

The Citizenship by Investment Programme (CBI) bolsters the economic growth of many countries. Commonly known as economic citizenship, CBI Programmes allows people to obtain second Citizenship in return for significant monetary investment.

What makes Citizenship by Investment Programme of Dominica world's best?

The Citizenship by Investment Programme (CBI) bolsters the economic growth of many countries. Commonly known as economic citizenship, CBI Programmes allows people to obtain second Citizenship in return for significant monetary investment.

Dominica, has incredibly ramped up the citizenship programme and become the leading country to guide others.

Started in 1993, the Citizenship by Investment Programme of Dominica has been at the forefront for many years. Acknowledging the programme’s significance, the country’s government has adopted unprecedented steps such as changes in the due-diligence process to ensure streamlined and comprehensive processing.

With the continuous efforts by the government to uplift the CBI programme, Dominica has been crowned as the world’s most efficient and transparent option for economic citizenship. After reshaping the CBI programme in 2014 by adding diverse investment options and an even stricter regulation process, the government has attained the best due-diligence process.

The multi-layered due-diligence process also plays a crucial role as it aids the governments to determine the loopholes of the programme and making it more efficient. Many countries have faced bashing from the European Union for their ineffective vetting process, but Dominica was among the countries that have gained praise for its vigorous background checks of the applicants.

The Financial Magazine also applauded the country to have the best CBI programme with a streamlined due-diligence process.

The CBI programme being offered by Dominica has been acknowledged by various organizations and reports, including the CBI Index report, Smith and Willmasons report, PricewaterhouseCoopers (PwC) report and become the inspiration and excellent example to set a comprehensive programme.

Here is the list of reports which have appreciated the CBI programme of Dominica:

CBI Index of Financial times:

What makes Citizenship by Investment Programme of Dominica world’s best?

While recognizing the steps taken by Dominica, CBI-Index-2021, released by the PWM Magazine of Financial Times, documented that the country has adopted to reshape the due diligence process in the CBI programme immediately.

As per the CBI Index report, Dominica’s CBI Programme is one of the world’s most efficient and transparent options for economic citizenship.

The island country also secured a good position in the nine pillars of the CBI Index report and also achieved the title of having the number one CBI programme; the country was the sixth times mentioned by the CBI Index report.

It further underlined the straightforward process of application in Dominica, which consists of no interview travel or residence requirements and asserted,” Individuals with second citizenship of Dominica, have the facility of free visa travel to over 140 destinations globally.

By specifying the growth of Dominica, the report highlighted that the two investment opportunities of CBI, such as the Economic Diversification Fund (EDF) and government-approved real estate led to the national development of Dominica as it helped the government to reconstruct and strengthen its infrastructure, sustainable housing and the agriculture sector.

So, with the effective CBI programme of Dominica, the applicants could get have the most cost-effective Citizenship in the world, as per the report, which has crowned Dominica to have the best CBI programme in the world.

Smith and Williamson report:

What makes Citizenship by Investment Programme of Dominica world’s best?

Another report called Smith and Williamson has commended Dominica for the stunning performance in bolstering and reshaping the due diligence process in the wake of providing citizenship of the country to the reputable candidate.

While emphasizing the facility of tax evasion, the report mentioned, “Dominica does not enclose any other double taxation agreements. The country offers tax credit relief for foreign tax paid, where income accrues to a tax resident of Dominica who has been taxed in another country.”

Further, the report appreciated the country that the government takes great measures to ensure the safety and security of the nation. It asserted that Dominica demands extensive information on an applicants source of wealth, including estimated new worth, net annual income, the value of their assets and liabilities etc., which shows their rigorous due-diligence process of the country.

PricewaterhouseCoopers (PwC):

What makes Citizenship by Investment Programme of Dominica world’s best?

The reports of the PwC came at a time when other nations faced smashing for their non-transparent approach while showing CBI funds. However, the report remarked Dominica as a positive trendsetter for the entire industry and asserted, “The CBI programme of Dominica has instilled confidence that other countries will also follow suit”.

The reports further presented the data of the CBI funds of Dominica and titled it as ‘Assessment of the Commonwealth of Dominica’s Citizenship by Investment Programme’. While applauding Dominica for using funds for the country’s development, the report revealed that the CBI programme had enabled the government to invest in sectors of the Dominican economy between 2013/14 and 2018/19. It further noted, “Around EC$582.6 million have been turned from the funds to recover the destruction caused by Tropical Storm Erika and Hurricane Maria”.

PwC presented a positive and vigorous picture of the CBI programme of Dominica and underlined that Dominica’s Programme had possessed not only transparency among funds but also comprehensive nature of the CBI-sponsored developments.

The report asserted that Dominica showcases substantial improvements derived from CBI, giving Dominica the means of becoming independent.

By underscoring the various projects, the reports further accentuated that the CBI provides a strong base to develop a prosperous and vibrant economy as Bellevue-Chpoi model of climate-resilient housing is one such example, and the hotels and ecolodges dotted across the island have also shown the great use of the funds.

While applauding the vetting process of Dominica, the report further highlighted, “The initiative taken by Dominica has grown the programme by the country with the streamlined due-diligence framework. Applicants aged 16 or above could be eligible for applying as various independent firms have conducted the process”.

Ernest and Young:

What makes Citizenship by Investment Programme of Dominica world’s best?

While pointing out the process of tax evasion of Dominica, the report of multinational accounting firm Ernst & Young (EY) mentioned that it does not administer tax avoidance and evasion.

The report then explains the programme of the country and emphasizes that the tax duty of a person is not the ground for any citizenship; instead, the concept of tax residence promotes personal socio-economic relations with a country by committing to pay the taxes.

Citizenship by Investment programme of Dominica

By investing USD 100,000, the investor could get the passport of Dominica and be a resident of the two countries. To enhance the economic growth and fight the vulnerabilities faced by the country, the government of Dominica tookvigorous measures to uplift the programme.

The country has benefited from the programme and used the fund to develop the country that was affected at the time of Hurricane Maria 2017.

Due to the transparency of the funds of the CBI, it was reported that the government of Dominica had used them to improve several sectors of society. The government has invested in enhancing the education, healthcare, housing and resilience in the country.

The CBI programme has led the development of various projects in the country, such as the construction of hotels. It also boosts the eco-tourism industry in the country.

CS Global Partners:

The organization also appreciated the CBI programme offered by Dominica. It stated that the nation is politically and economically stable as it has a low crime rate. Moreover, the investment options have increased in the country over the past years and become a place which has achieved high marks for ‘Safety and Security’. The citizens of Dominica have led to the quality of life. The CBI programme of Dominica has set an example for other nations, noted by CS global partners.

Offers by Citizenship by investment programme of Dominica:

Firstly, the EDF options of the CBI programme includes a single applicant has to invest US$100,000 and the family members of the applicant can be included for additional fees. On the other hand, the option of the real state requires an investment of at least US$200,000.

Elements of Citizenship by investment programme of Dominica
Due-Diligence: The primary focus of the country is to ensure the safety of their citizen.

Moreover, the CBI Index report 2021 also crowned Dominica to have the best due-diligence process in their CBI programme as it ensured the proper vetting of each applicant. The report further asserted that they believe that non-eligible candidates would never get Citizenship of Dominica as they have a very comprehensive and rigorous vetting process.

Evident: The first factor on which the various organizations and reports have lauded Dominica was the evidence and transparency in CBI funds. The government of Dominica has presented every data about the funds collected by the programme and provided detailed information on where they have used it.

All the citizens via investment would not be forced to stay in the country for a specific period of time. The citizens could renounce their former Citizenship and attain Dual Citizenship. The citizens would be permitted to live, work, and study in Dominica.

The Citizenship by Investment Programme (CBI) of Dominica leads the country’s various development projects, including the construction of the over 5000 climate-resilient homes with the CBI funds. The country’s massive and most expensive project of international airport is being constructed with the revenue generated by the programme only.