LONDON, April 29, 2020 /PRNewswire/ -- The Commonwealth of Dominica established its Citizenship by Investment (CBI) Programme in 1993. It is now classed as the best CBI Programme in the world, according to an independent study released by Professional Wealth Management – a publication from the Financial Times. In a new episode of the Plan B podcast released on Wednesday, a London lawyer specialising in investor immigration said that one of the benefits of choosing Dominica's citizenship over others is that it processes applications much more efficiently.
It takes three months on average to obtain second citizenship from Dominica, as stipulated in relevant legislation. Erion Andoni, the Manager of the Legal and Compliance team at CS Global Partners in London, explains that the country relies on its 27-year experience to make the process more streamlined. Moreover, Dominica has only chosen seven real estate projects as approved under the CBI Programme, which allows for concentrated investments to see hotels and resorts finalised much faster than in other countries that offer CBI.
"Dominica has a very long history of running a Citizenship by Investment programme, and its Citizenship by Investment Unit is also one of the fastest and most efficient," says Andoni. "The obvious pro is that more investment is received by each real estate project, ensuring there is a greater chance of project success and therefore return on investment," he adds.
While three months is faster than most programmes, due diligence in Dominica remains one of the most rigorous of all investor immigration offerings, which all applicants must pass. The island has an immaculate reputation, whose transparency and effective use of CBI funds have inspired trust and praise from journalists, the IMF, ECLAC and ECCB. PwC also visited Dominica last year and reported on the multilateral benefits and use of CBI monies.
Ultimately, the purpose of Dominica's CBI Programme is to benefit the native population which new economic citizens join as equals, except for the right to vote. Besides investing in prime real estate with good ROI prospects, Dominica also offers another, even more straightforward, route to second citizenship through the fund option. Single applicants can become citizens of Dominica by contributing US$100,000 to the Economic Diversification Fund. They can pass the citizenship down and earn the right to forever live, work and study on the Nature Isle of the Caribbean.
SOURCE CS Global Partners