The Citizenship by Investment Programme of Dominica has been ranked first in the CBI index 2021. For the fifth consecutive year, Dominica has been placed at the first rank in the Index. Financial Times’ PWM Magazine released the CBI Index on Tuesday.
CBI Index provided an overview of the Citizenship by Investment Programmes offered by the 14 countries, and Dominica topped the charts.
The Citizenship By Investment programme has been the main element in the development of Dominica. During this period of the COVID-19 pandemic, a small country like Dominica is constructing International Airport without putting any burden on its citizens. The government, instead of increasing the taxes, used the capital they generated by the CBI programme. CBI Index 2021 also acknowledged the transparent usage of funds by the government of Dominica.
The two island countries of the Caribbean region St Kitts and Nevis and Dominica, are now heading the billion-dollar industry in the world with exemplary perfection in the sector.
The CBI Index is built around nine pillars designed to measure global citizenship programme features and jurisdictional desirability.
Both island countries were given positions after the CBI index examined all nine pillars before categorizing the countries on a different position.
- Freedom of movement: Global mobility is of paramount importance to any individual seeking second citizenship. Individuals who seek citizenship wish to travel for work purposes, visit family, or leisure. Dominica is the Caribbean nation with the greatest increase in its visa-free and visa-on-arrival offering for the second year in a row.
- Standard of Living: The pillar is a measure of the quality of life offered by the 14 CBI jurisdictions under assessment. This pillar is vital to those who yearn to relocate while securing a prosperous and fulfilling lifestyle. Dominica, in particular scoring highly with a life expectancy of 78.2 years and with a perfect freedom score.
- Minimum Investment Outlay measures one of the most effective and principal considerations of CBI. It focuses on how much capital is required for the investor to become an eligible applicant for the programme of their choosing. With a minimum contribution amount of US$100,000, Dominica and St Lucia proceed to offer the lowest threshold of all 14 jurisdictions assessed. Dominica, with a minimum contribution of USD 100,000 to the Economic Diversification Fund, reputable foreign investors can apply through an Authorized Agent listed on the CBIU site and attain second citizenship of Dominica.
- Mandatory Travel or Residence examines the travel or residence conditions imposed on applicants both before and after the granting of citizenship. Dominica, Grenada, St Kitts and Nevis, St Lucia and Jordan maintain their perfect scores as they don’t ask for travel nor residence from the applicant.
- Citizenship Timeline This pillar looks at the average time taken for citizenship to be secured by the applicant. Adhering to a 60-business day response time, Dominica scores nine.
- Ease of Processing shows the end-to-end complexity of the CBI application process. In some jurisdictions, the application process can be a labour-intensive and painstaking task that is time-consuming for the applicant. The Caribbean nations achieve scores of 10 in the Ease of Processing Pillar as they consistently work on their programme that shows the CBI process is as straightforward as possible. Due to which applicants are not burdened.
- Due Diligence pillar focuses on each nation’s commitment to assuring that their programme remains transparent and efficient at evaluating potential candidates for citizenship. Dominica CBI Programme has led the way in providing clarity as to how CBI funds are used. The country used CBI revenues to mitigate the effects of national disasters successfully.
- Family measures the range to which investors can get citizenship with their immediate and extended family. The CBI Index recognizes that the rise of increasingly complex family relationships encourages investors to explore programmes that permit a more diverse range of family members to be included.
- Certainty of Product embraces a range of factors that measure a programme’s certainty across five different dimensions: longevity, popularity and renown, stability, reputation and adaptability. Due to the clarity and prominence of the Dominica CBI Programme, it was the only country that reached a full score in the Certainty of Product pillar.
Prime Minister Roosevelt Skerrit said: “Those who become Dominican citizens are regarded as a part of our family. They help build our roads, hospitals and schools through investment in the CBI Programme.”