LONDON, July 10, 2020 /PRNewswire/ -- Businessmen and families whose citizenship limits their work and family lives are seeking solutions for a Plan B. A recent article from The Economist unravels the cases of several African nationals who chose Caribbean citizenship over others due to their experience and smoother processing. One in particular says that obtaining the economic citizenship of the Commonwealth of Dominica was a "life-changer".
Dominica has the world's best Citizenship by Investment (CBI) Programme, established in 1993. This is according to the past three consecutive issues of the CBI Index, released annually by PWM – a publication from the Financial Times. Dominica excels at transparency, integrity, and transformative impact on the native population.
"One way to reduce the demand for second passport would be to make it easier for Africans to visit and work in rich countries," The Economist writes. "Until then, their best bet may be to copy another Nigerian businessman who recently got a passport from Dominica and resoundingly declares: "It is a life-changer," the article concludes.
Obtaining a passport is a separate process to the CBI Programme. The value of the citizenship of Dominica is greater than global mobility. A member of the Commonwealth, the island is a peaceful, modern democracy, with strong state institutions and a resilience-focused economy.
FT's fDI Intelligence says that Dominica is one of the top 20 destinations of the future. As the Nature Isle of the Caribbean, its ecotourism industry is thriving, and CBI offers the chance to own shares in some of these hotels. Vetted applicants can pick one of the select luxury resorts and make a qualifying investment of at least US$200,000. This includes already successful boutique hotels like Jungle Bay and Secret Bay; or upcoming world-branded resorts like Marriott's Anichi or Hilton's Tranquility Beach. The newest project approved for CBI is Sanctuary Rainforest Eco Resort and Spa. Alternatively, applicants can make a one-off contribution of at least US$100,000 to the Economic Diversification Fund.
Although it asks for one of the most affordable qualifying investments and has no visit, language or residency requirements, Dominica's Programme balances this with strict due diligence procedures. This way, the country's security integrity and that of its external partners remain intact. Moreover, passing Dominica's strict due diligence gives economic citizens peace of mind that their status is for life and many generations can enjoy it.