The new era of Citizenship by Investment Programme
In this era of deglobalization, digital nomadism and living in the “new normal” , having a citizenship with the luxury of mobility, opportunity, and security has become a priority for many individuals. The interest in exploring alternative citizenship and residence options has increased. Furthermore, those who lost mobility during the pandemic became more eager to obtain a second citizenship. Hence, a new era for the Citizenship by Investment Programme is born.
According to a study published in Migration Studies (Vink, 2019), the percentage of nations that permit dual citizenship has climbed from 33 per cent to 75 per cent in the recent half-century.
Since its introduction by St. Kitts and Nevis in 1984, the Citizenship by Investment Programme (CBIP) has evolved into a legitimate pathway for individuals and their families to obtain a second citizenship. Consequently, a number of countries have devised and launched their own citizenship programmes with the goal of further growing their economies.
Presently, fourteen nations offer CBIP, the majority of which are located in the Caribbean. And governments have said that the Citizenship by Investment Programme has been the lifeline for them to develop, improve, and diversify while remaining debt-free.
CBI Index
Organizations like the Professional Wealth Management (PWM) of Financial Times study the global trend and changes across multiple Citizenship programmes to give practical guidelines to prospective investors.
PWM established the CBI Index, a rating system designed to measure the performance and appeal of active programmes worldwide.
According to the CBI Index, “The current global crisis has led investors to explore alternative citizenship and residence options with a focus on healthcare and standard of living”.
Nine pillars constitute the CBI Index includes: Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family, and Certainty of Product.
And for five consecutive years, Dominica CBI has ranked number 1.
“Dominica once again promises, among other things, an affordable minimum investment outlay, a streamlined application process, and certainty to investors,” researcher James McKay said in the report.
Dominica CBI received an overall percentage score of 89%. With a perfect score in six of the nine pillars evaluated.
Dominica Citizenship by Investment Programme
Launched in 1993, the Dominica Citizenship by Investment Programme is lauded as one of the world’s most efficient economic citizenship options.
The Programme was revamped in 2014 to include diverse investment options and stricter regulation processes. And in 2020, the Government significantly expanded the scope of eligible dependents and post-citizenship additions.
The Government established the Citizenship by Investment Unit (CBIU) to manage and process applications for economic citizenship. The CBIU observes and performs extensive series of due diligence processes to ensure that investors are of good character and have a clean criminal record. The process is straightforward, with the CBIU responding to an application within three months of document submission.
Benefits of having Dominican citizenship include visa-free travel to a number of countries, dual citizenship, minimal taxation, and the opportunity to experience a fun, laidback life on the nature island.
Not only is the CBI program beneficial for those who invest in it, but also for Dominica and its residents. Economic citizens play a vital role in achieving the goal of Dominica to become the world’s first climate-resilient nation and achieving sustainable development across various socioeconomic priorities, including housing, education, tourism, healthcare, and transportation.
“Those who become Dominican citizens are considered a part of our family. They help build our roads, hospitals, and schools through investment in our CBI Programme,” said Prime Minister Roosevelt Skerrit.