As the world is approaching modernization, people are increasingly turning towards a safe, secure environment and looking for ways to plan their wealth and diversify their portfolios. Several nations are coming up with their Citizenship by Investment Programme to serve the people with the things they are looking for. It directly allows the investor to have citizenship in exchange for a financial contribution towards the development. These programmes are gaining a lot of popularity these days.
There are several nations around the globe which are providing this service of economic citizenship, but the Caribbean nations like Dominica, St Kitts and Nevis and Saint Lucia are considered as big in the field of running Citizenship by Investment Programme, as these nations offer several profitable benefits to the investors/applicants.
The CBI programmes of St Kitts and Nevis, Dominica and Saint Lucia come up with countless number of benefits, including favourable opportunities to plan and spread one’s wealth, extending citizenship to the family, wide range of investment programmes, high standards of living as well as enjoying the general benefits that comes with living in modern, diverse nations.
For providing the above-mentioned benefits, these nations have been ranked at the top in the CBI Index, which is published by Professional Wealth Management (PWM) Magazine of Financial Times. The CBI Index is a comprehensive ranking system that evaluates operational citizenship by investment (CBI) programmes worldwide. The programmes are evaluated completely and then gain ranking as per their efficiency.
The report is thoroughly evaluated on nine pillars that are considered as towering priorities for investors looking to apply for economic citizenship. The nine pillars are as follows-
- Freedom of Movement
- Standard of Living
- Minimum Investment Outlay
- Mandatory Travel or Residence
- Citizenship Timeline
- Ease of Processing
- Due Diligence
- Certainty of Product
The PWM Magazine releases the Index in the month of August every year, and Dominica has been continuously securing top rank for the past five years. There are speculations that Dominica will once again top the ranking as the nation has been doing enough of development for the locals and offers several opportunities to the investors to expand their businesses.
Here are few reasons which enhance Dominica’s rank to secure top position again:-
- Low cost and affordable CBI for investors and their families
- New Biometric passport strengthening security standards
- Excellent property market attractive to invest in hotels
- Wise use of CBI funds in sustainable development
- Due diligence checks
In the last year’s annual report, Dominica shared the first position with St Kitts and Nevis. It was the first time for St Kitts and Nevis to secure the top spot. Both the nations bagged the first position for their due-diligence procedure, under which the CBI Unit and an international independent third party firm performs background checks and ensure that the alternative citizenship is granted to an honest and credible investor. Dominica and St Kitts and Nevis have been offering alternative citizenship from last two decades and have been adopting new changes to meet the challenges.
Citizenship by Investment Programme-
Dominica- The small Caribbean country has been offering alternative citizenship for the investor(s) since 1993 and is known as the world’s longest-running, safest and most secure. The Caribbean country has been providing citizenship in exchange for significant financial investment toward developing and uplifting the country’s infrastructure.
The programme has been contributing to helping Dominica to expand the economy and to meet the international market competition.
The investors can apply for alternative citizenship through two investment options – Economic Diversification Fund (EDF) and Real Estate Investment Option.
Under the Economic Diversification Fund, popular as EDF, the investor(s) invest in the country’s social-economic development. This fund option has contributed in the construction of bridges, roads, houses, schools, as well as, healthcare centres and hospitals. The investment under EDF starts from USD 100,000.
If the investor(s) is planning to invest through the Real Estate Investment Option, they have to invest in a government-approved real estate property. The investment starts from USD 200,000.
St Kitts and Nevis: In 1984, the twin-island Federation established as the world’s first Citizenship by Investment Programme. The programme is the oldest yet most reputed CBI Programme. The Citizenship by Investment Programme of Dominica is globally famous because it offers citizenship to reputable individuals along with their families through a robust and efficient due diligence process. St Kitts and Nevis Citizenship by Investment programme are committed to providing value and opportunities to investors & citizens alike in a responsible way, contributing to the social and economic success of the Federation.
An applicant may apply for alternative citizenship through the Sustainable Growth Fund, which is popularly known as Fund Option. Launched in 2018, SGF has been known as a most affordable, direct route to apply for alternative citizenship. The funds generated are used to support areas like infrastructure advancement, tourism development, social assistance and local entrepreneurship. The minimum investment starts from USD 150,000.