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18 Dec 2018
Dominica is no stranger to success, which is all the more impressive when taking into consideration the number of challenges that beset the island in the last year. Since Hurricane Maria’s passage in 2017, Dominica has shown nothing but determination and resilience to return to its former glory – which it has.
While there have been many factors involved in Dominica’s resurgence, the island’s Citizenship by Investment (CBI) Programme had a substantial part to play. Since 1993, the programme has allowed the Commonwealth island to advance its national development through offering globally-minded individuals a second citizenship unlike any other.
Recently, Ambassador Emmanuel Nanthan, Head of the Citizenship by Investment Unit, travelled to the People’s Republic of China to attend a series of industry events aimed at furthering knowledge of the investment immigration industry by sharing experience. Ambassador Emmanuel Nanthan delivered speeches on the successes of Dominica’s CBI programme and the features that make it especially strong.
After securing the first position in the 2018 CBI Index – devised by the Financial Times’ Professional Wealth Management magazine – the Ambassador broke down some of the areas in which Dominica’s CBI programme achieved the highest rankings: affordability, due diligence and ease of processing. To be eligible for Dominica’s citizenship, one of the requirements is an investment of at least US$100,000. While affordable, the Government of Dominica ensures that only investors of the highest moral standing can apply after undergoing the Unit’s strict due diligence checks. Both of these aspects, coupled with the streamlined procedure that allows qualified applicants to obtain their citizenship in three months or less, demonstrates the government’s ability to steadily adapt with the changing needs of the market.
While showcasing the efforts of the CBI Unit in designing an efficient programme, he also highlighted how the funds have contributed to the development of the island. In the spirit of encouraging transparency within the industry, which the Ambassador noted was particularly important to address, Dominica has channelled funds from the programme into growth across the island. “You are all enablers of life-changing opportunities, at so many receiving ends,” said Ambassador Nanthan. This includes, but is not limited to, building 5,000 new homes, scholarships for 25 students, 16 children receiving critical medical care, boosting the island’s eco-tourism and creating over 1,000 new jobs. Dominica has mastered the ‘win-win solution’ as Ambassador Nanthan proudly simplified at the ETOUCE’s Industry Elite Convention in Beijing: “It gives investors a sense of pride that, not only did they obtain a valuable citizenship and secured their family’s future, but they also gave something back to the nation that welcomed them with open arms.”
With 25 years’ experience in the industry, Dominica has fine-tuned its processes to offer applicants a strong and stable programme. Ambassador Nanthan summarised it perfectly at the ETOUCE Convention in Shanghai: “Dominica’s CBI Programme is No. 1 in the world, it has two investment options, takes three months to process, costs one hundred thousand to invest and you get 120 visa-free or visa-on-arrival countries to visit. I’d say those are pretty good numbers.”
Ambassador Emmanuel Nanthan encouraged more transparency, closer international cooperation and for all investor immigration industry professionals to “militate for upholding the highest of standards”. Upon his closing remarks, the Ambassador sent a confident message to advisors and investors alike: “rest assured that you can always count on Dominica to be on the good and safe side of the industry”.
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