LONDON, Dec. 4, 2020 /PRNewswire/ -- The Commonwealth of Dominica's real estate sector has been making international waves in recent years. It has gained recognition from globally renowned publications to winning the travel industry's most notable awards. Recently, Dominica's popular Cabrits Resort & Spa Kempinski was heralded as the "Caribbean's Best New MICE Hotel" by the annual World MICE (Meetings, Incentives, Conferences, and Exhibitions) Awards. Since its opening in 2019, the luxury property has not only been providing a lavish space to conduct business but has also been attracting wealthy investors from across the globe under the Citizenship by Investment (CBI) Programme.
For nearly three decades, the island nation has been welcoming foreign investors to become citizens under its CBI Programme once an economic contribution is made. There are two channels of investment available: a one-time investment into the government fund or buying into selected real estate properties. Aside from the Kempinski resort, there are seven other properties to choose from including brands from renowned hoteliers like Hilton and the Marriott, while also offering unique boutique resorts like Secret Bay and Jungle Bay.
However, first, applicants must undergo a rigorous vetting procedure that utilises both local and international agencies to conduct thorough due diligence. "There is a very robust due diligence process because we have to ensure we protect ourselves as a nation. We also protect the applicant who is applying to become a citizen of Dominica and give [them] the assurance [that they are] applying to become a citizen of a country that respects international law," said Emmanuel Nanthan, Head of Dominica's CBI Unit during a recent webinar.
For the last four years consecutively, Dominica's CBI Programme has been acclaimed as the world's best offering for second citizenship as ranked by the annual CBI Index. The special report, devised by experts at the Financial Times' Professional Wealth Management magazine, highlighted the Programme's affordability, efficiency and meticulous attention to due diligence as some of the reasons for its ranking. Dominica is also one of the first jurisdictions to widen the definition of dependants under its CBI Programme, allowing for the inclusion of children over 18 years of age, parents, grandparents, siblings, and the family of the main applicant's spouse.
Successful applicants gain access to increased global mobility to approximately 140 destinations and the option to pass citizenship down for generations to come.
SOURCE CS Global Partners