Why is Dominica attracting investors and tourists in 2023?

About the author

Valeria Rebrentseva is the executive manager in the business development sector at CS Global Partners Ltd.

Commonwealth of Dominica

If you've been wondering about the Commonwealth of Dominica, which is actually different from the Dominican Republic, this is a wonderful opportunity to get to know a beautiful country in the Caribbean region. This place is far from the everyday chaos and stress related to the current situation on the planet, including the coronavirus pandemic. To date, there have been only eighteen reported cases of coronavirus in Dominica, and importantly, there have been no deaths from this disease.

Since August 7, the country has opened its borders to tourists, implementing strict security measures. Additionally, Dominica has been added to the list of countries whose citizens are not required to quarantine upon arrival in the UK. The economic situation here is showing positive changes and noticeable signs of recovery.

Economic growth

Recently, the Prime Minister of Dominica, Roosevelt Skerrit, made a statement regarding current economic issues. He noted, "If we do not face new natural disasters or other unforeseen global shocks, we expect the country's total revenue to start growing throughout this financial year, predicting an increase of 27.7% compared to the previous financial period of 2019/20."

The secret to Dominika's success

So what lies behind Dominica's success? The secret is in a long-term strategy that has been in place since 1993, along with the implementation of a unique citizenship-by-investment program known asCitizenship by Investment (CBI) ProgrammeThis program has received excellent reviews and in 2019 it ranked first in the world according to the annual CBI index prepared by the renowned magazine Professional Wealth Management, published by Financial Times.

In the same year, the British magazine The Economist published the opinion of a native who obtained Dominican citizenship; he stated that it "changed his life." The American publication Forbes also noted the high standards of this investment citizenship.

Government priorities

The success of this program is magically linked to the fact that the government of the country pays great attention to honesty, which it expects from investors, while carefully managing the incoming investment funds.

In recent years, the leadership has used funding from this program to significantly improve the island's infrastructure, investing in education and healthcare systems, as well as promoting the use of renewable energy sources and high-quality ecotourism.

Cost of citizenship

Let's discuss in more detail the cost of obtaining citizenship in Dominica. Although this country offers one of the best investment citizenship programs, the minimum amount required to participate is one of the lowest in the world – starting from100,000 US dollarsper person. This money is directed to the State Fund for Economic Diversification.Economic Diversification Fund, EDF.

Additionally, there is an option for larger investments – a minimum of200,000 dollarsin hotels and resorts that have been certified for the CBI program. For example, you can invest in hotels such as:

• Anichi by Marriott
• Cabrits by Kempinski
• Tranquility Beach by Hilton
• Dear boutique resorts, such as Jungle Bay, Secret Bay, and Sanctuary Rainforest

These investments not only provide excellent financial opportunities but also contribute to the development of the local economy, improving living conditions for the population and creating new jobs.

Citizenship program during the pandemic

Due to the ongoing pandemic, the Dominican authorities have temporarily switched to a fully online format for accepting citizenship applications. Given the current epidemiological situation, this approach is the safest and most convenient for everyone. Applications are accepted exclusively through officially accredited agents.

Changes in the CBI program rules

Important changes have occurred in the CBI program that expand opportunities for the family members of the main applicant. Citizens of Russia can also apply for Dominican citizenship. The main requirement is to successfully pass all due diligence checks.

The appeal of natural heritage

The nature of Dominica not only delights the eye with its beauty but also creates attractive conditions for those wishing to obtain citizenship. The new rules also allow for the inclusion of the following in applications:

• Brothers and sisters;
• Grandmothers and grandfathers.

Changes regarding dependents allow the primary applicant to include both adult children and parents, as well as grandparents, in their application. All applicants aged 16 and over must undergo a background check.

Updated terms for the primary applicant

The main applicant can now add children aged 18 to 30 to their application, and it is no longer required for them to live together or study at university as it was before. It will be sufficient to confirm that the specified child is dependent on the main applicant or their spouse.

Parents and grandparents can sign the declaration of their dependency without the need to live together with the main applicant.

Extended benefits for dependents

Moreover, the possibility of obtaining citizenship is now also open to the half-brothers and half-sisters of the main applicant or their spouse, who are unmarried and do not have children.

Reassessment of reliability

The main applicant is required to undergo a re-evaluation of good character along with dependents, except for newborns, if more than one year has passed since the initial assessment. Given the expansion of the categories of dependents eligible for Dominican citizenship, this aspect applies to all investment options, whether it involves participation in a government fund or the purchase of real estate.

Opportunities for Russian citizens

Recent changes in the citizenship acquisition program present a significant opportunity for Russian citizens, as they can now apply for documents for their relatives under convenient conditions. For example, the law firm CS Global Partners, located in London, has special authority from the government to promote "citizenship by investment" programs in various countries, including Dominica. We provide comprehensive assistance at every stage of the process and maintain constant contact with applicants from Russia and other CIS countries.

The interest of Russian entrepreneurs

According to our observations, the citizenship program of Dominica continues to attract significant interest from Russian entrepreneurs. Once registered, many Russians opt for the donation program, as it is the most advantageous for individual applicants. Subsequently, as they start families, they can now apply for citizenship for their spouses and newborn children.

Expanding opportunities for dependents

In addition, adult children of the main applicants can also submit documents for citizenship for their future families. Moreover, the new rules allow Russians to include siblings in their applications, which previously required a separate process and an additional fee for each dependent. This means that potential applicants can now arrange citizenship for their entire family in advance, confident that this right will also be available for future generations.

The significance of a second passport

Today, the importance of a second passport has significantly increased, as programs like citizenship by investment in Dominica offer freedom of choice for living, doing business, and obtaining education, as well as access to high-quality healthcare.

In the context of the current crisis caused by the pandemic, having a second home in a calm and stable country with a developed healthcare system and a friendly international community is becoming particularly relevant.

Advantages of remote application submission

Moreover, the ability to submit applications remotely offers additional advantages, allowing individuals to avoid unnecessary trips and simplifying the process of obtaining citizenship. This process is tailored for those who value their time and want to efficiently address issues related to legalization in another country.

Conclusion

In conclusion, I want to emphasize that Dominica is not only an exotic travel destination but also a promising platform for investors looking to obtain citizenship through investment. The Dominica citizenship program has set high standards and earned recognition on the international stage due to its efficiency and transparency. Every step taken by the government is aimed at creating a favorable economic environment and long-term benefits for investors and their families.

The recovery of the country's economy after the pandemic is truly impressive, and the announced growth in income is27.7%Compared to the upcoming financial year, it opens new horizons for business and tourism. These achievements are made possible through skilled resource management and strict standards, which the government follows as it confidently looks to the future. As a result, we can see how Dominica has found a balance between attracting foreign investments and caring for the well-being of its citizens.

Availability of the citizenship program

In the current circumstances, it is important to understand the availability of the program and the various options for participation in it. The opportunities offered to investors, or a more traditional approach through investments in the hospitality business, open up new prospects for everyone.

• Strict verification mechanismsThey confirm the seriousness of the administration's approach to this important area.
• Options for participation:
  • Citizenship through investment in a government fund.
  • Investments in resort projects, such as Anichi by Marriott and others.

Recommendations for potential investors

Thus, if you are considering options for obtaining a second citizenship, a quality citizenship by investment program in Dominica can definitely be one of the best solutions on the modern market. Attractive offers, safe conditions, and a unique ecosystem make this country an ideal place for novice investors, while its picturesque landscapes and friendly population create perfect conditions for a fulfilling life away from stress. The choice is yours, but I am confident that Dominica will be a worthy candidate for your list.