CBIU Head confirms no plans for Dominica Residence by Investment Programme

Dominica: On 15 October 2020, a video entitled “How to Get Dominica Citizenship for $50,000” was posted on the YouTube channel of Nomad Capitalist, a company that purports to help wealthy entrepreneurs legally go where they are treated best. Head of Dominica’s Citizenship by Investment Unit has since confirmed, however, that Dominica does not have a residence by investment programme and has no intention to implement such a programme any time soon.

The YouTube video in question described a supposed new residence by investment programme “rolling out right now” in the Commonwealth of Dominica, a country well-known for its industry-leading citizenship by investment programme. The video described a programme that would allow applicants to naturalise as a citizen of Dominica after two years of holding residence status. According to Nomad Capitalist, the routes to residency under the alleged programme include either an investment of US$50,000 into a Government-approved business or an investment of US$100,000 to start up a new business in a certain sector of the economy.

A WIC News representative reached out to the head of Dominica’s Citizenship by Investment Unit for comment and was informed that there are no plans for such a programme to be rolled out. “Dominica does not have a residence by investment programme in place and there are no plans to implement a residence by investment programme in the near future,” said the head of the Unit. “The only means to obtain citizenship of the Commonwealth of Dominica via an investment in the country is through our citizenship by investment programme.”

The Dominica Citizenship by Investment Programme allows foreign investors to obtain citizenship of Dominica for themselves and their families in return for a minimum contribution of US$100,000 to the country’s Economic Diversification Fund. The Programme was recently ranked the best citizenship by investment programme in the world for the fourth consecutive year by the Financial Times’ CBI Index.

Since the inception of the CBI Index in 2017, Dominica has attained a perfect score its commitment to due diligence. All applicants to Dominica’s Citizenship by Investment Programme, including dependants aged over 16, must undergo a stringent, multi-layered system of vetting before a decision is made in relation to their citizenship application. Dominica’s adherence to a rigorous system of due diligence has cemented its reputation as a trailblazer in the investment migration industry.