Dominica continue to lead the Citizenship by Investment industry
For some years, the Citizenship by Investment Program of Dominica continue to be the "economic citizenship" industry leader.
Tuesday, 1st February 2022
It is one of the most well-respected in the industry. It is renowned for its dedication to doing thorough due diligence.
PricewaterhouseCoopers (PwC) According to PwC's report, titled 'Assessment of the Commonwealth of Dominica's Citizenship by Investment Programme,' between 2013/14 and 2018/19, EC$582.6 million (roughly US$215.5 million) was redirected from the CBI Program into Dominican economy sectors. The funds were used in a managed approach to make a short-term recovery effort following Tropical Storm Erika and Hurricane Maria. The PWC Report applauded the careful management of CBI funds. The report added that using the CBI Funds, Dominica isd building hurricane-resistant homes for 6,680 families. Not only that, it is also repairing 15 sections of damaged roads and 19 bridges, investing in water sources, river dredging, repairing three hospitals and six health centres, repairing 15 schools, sponsoring 32 agricultural and fisheries projects, and funding 3,896 intern placements through the National Employment Program are just a few of the initiatives. Smith and Williamson The Smith and Williamson report applauded Dominica for its work in upgrading the due-diligence process so that eligible citizens could easily apply for citizenship by investment programme of the country. The report stated that the Citizenship by Investment Programme of Dominica does not present a risk to facilitating tax evasion. "Smith and Williamson Citizenship by Investment Programme of Dominica does not present a risk to facilitating tax evasion because citizenship alone is insufficient to secure tax residency of a country, and an individual is only liable to tax in countries where they are tax resident, subject to an existing double taxation treaty," the report added. Ernest and Young Citizenship by Investment Programme of Dominica, according to a report issued by multinational accounting firm Ernst & Young (EY), does not assist tax avoidance and evasion. The report pointed out that the programme, by its very nature, confers citizenship, but citizenship is not the basis for a person's tax duty. Rather, tax residence — a concept "typically based around the degree of personal socio-economic linkages with a country" – governs the duty to pay taxes. QC Balraj Bhatia’s comment on CBI Programme of Dominica Queen’s Counsel, Balraj Bhatia who is also member of London’s Inner Temple also lauded the Citizenship by Investment Programme of Dominica, especially on circumvention of tax liabilities. [caption id="attachment_40245" align="aligncenter" width="317"] Queen’s Counsel, Balraj Bhatia[/caption]While commenting on reports submitted by Ernest and Young and Smith and Williamson, Bhatia praised both findings, calling them "sound" and "useful and timely considering the criticism levelled at CBI states by entities who incorrectly connect CBI with tax residency and tax evasion.”
“It is not difficult to see why people from all parts of the world would like to become citizens of Dominica or St Kitts and Nevis. Such a choice, which can spell stability, freedom, and a better lifestyle, would be made by many people if they had the means. Moreover, it is entirely understandable why countries like Dominica and St Kitts and Nevis offer citizenship in exchange for much needed investment. To reduce these countries’ CBI programmes to no more than elaborate tax evasion schemes is unjustified,” Balraj Bhatia (QC).
Bhatia's position on CBI is obvious, particularly in relation to Dominica where CBI has been a part of the legislative history for decades. It denounces the portrayal of CBI programmes as elaborate tax evasion schemes as "unjustified," and instead emphasises the benefits that CBI provides to both applicants and countries.
World Citizenship Report by CS Global Partners The World Citizenship report by CS Global Partners also applauded the government of Dominica in the careful management of Citizenship by Investment Programme. "The nation is politically and economically stable, with a low crime rate and rich investment opportunities. Known as the Nature Isle, Dominica placed in the 52nd spot, achieving high marks for Safety and Security, Quality of Life and Global Mobility motivators," the report added."Dominica ranks high in categories like voice and accountability, where citizens feel empowered to hold leaders accountable to their demands and needs," the report added.
CBI Index of PWM Magazine Since its establishment in 2017, the CBI Index, a publication of the Financial Times' Professional Wealth Management magazine, has given Dominica a perfect score for due diligence every year. Efficiency, ease of processing, and, of course, affordability are just a few of the reasons it has been ranked as the best of its kind by the Financial Times' CBI Index for four years in a row.Dominica achieved the most pleasing scoring in all nine pillars of excellence set up in the CBI Index 2021. The report emphasized that Dominica persists to be the most inexpensive and transparent CBI Programme, not to mention the most significant increase in visa-free and visa on arrival access in two years.
Dominica's CBI Programme has played an essential role in the long-term development of this little Caribbean island for more than two decades. It allows highly-screened individuals and their immediate family members to obtain second citizenship in exchange for a financial donation. Applicants can choose between making a one-time investment in the existing Economic Diversification Fund (EDF) or purchasing real estate.
The EDF provides one of the most cost-effective paths to second citizenship in the world, especially for single applicants. Investments are utilized to fund essential development initiatives as well as to stimulate the local economy. Dominica's CBI Programme has also been recognized as the best economic citizenship programme in the world.
Citizenship by Investment ProgrammeDominica's Citizenship by Investment Programme started in 1993; it requires a minimum investment of USD 100,000. The Economic Diversification Fund and Pre-Approved Real Estate are two investment opportunities offered by Dominica's Citizenship by Investment Unit.
The funds derived from the Citizenship by Investment Programme of Dominica are used to improve several sectors of the Dominican society, including education, healthcare, housing and resilience. Not only that, many hotels are being constructed islandwide under the CBI programme. It has also aided in the development of Dominica's eco-tourism industry.Besides this, numerous opportunities for business owners, farmers, and fishers continue to grow as internationally famous hotel brands prepare to open on the island.
The government is building over 5,000 climate-resilient dwellings with Citizenship by Investment money. Aside from that, the CBI funds are being used to build the country's largest and most extensive project, "The International Airport."
Features of Citizenship by Investment Programme of Dominica
- Transparent: It has remained the most transparent CBI Programme in the industry for many decades. The government is investing all of the funds raised by CBI towards the country's development. In fact, it supports the island nation in becoming the first climate-resilient nation in the world.
- Due diligence: Dominica received total points in this category in the CBI Index Report 2021. The country places a high focus on the safety of its citizens. Third-party background checks are conducted on all candidates and dependents over sixteen to ensure that no illegal persons are granted citizenship.
- Fast Processing: One of the key reasons for Dominica's success in the citizenship by investment market is its unwavering dedication to speedy application processing. Applicants sometimes receive approvals in as little as three months after submitting their applications, which is a huge benefit of the Dominica Citizenship by Investment Programme.
Investment Options Economic Diversification Fund: This is a government fund that supports the country's social-economic initiatives. The minimum investment for a single application is USD 100,000, which includes due diligence and processing expenses.
- USD 100,000 for a single candidate
- USD 50,000 for the primary applicant's spouse
- Siblings of the primary applicant or spouse between the ages of 18 and 25 years old – USD 50,000
- USD 25,000 for each additional dependent (excluding the primary applicant's spouse and the primary applicant's siblings or spouse aged 18-25).
- A family of four will pay USD 175,000 in total (excluding siblings of the primary applicant or spouse).
- A single applicant's fee is US$25,000.
- A family with up to four individuals (the primary applicant and up to three dependents, excluding a dependant sibling)- US$35,000 in fees.
- Families with up to six individuals, including the primary applicant and up to five dependents, are eligible (excluding a dependant sibling)-US$50,000
- Families with seven or more individuals, including the primary applicant and at least six dependants, are eligible for USD 70,000.
- Siblings of the primary applicant or spouse between the ages of 18 and 25 – US$ 50,000
- US$ 25,000 for siblings of the primary applicant or spouses' who are under the age of 18.
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