The Financial Times’ Professional Wealth Management magazine has recently conducted a CBI Index study on countries that provide citizenship-by-investment programs, and named the best country to choose for second citizenship investment.
The PWM team of researchers examined 12 countries that offer their passports to wealthy individuals. Dominica, a small country in the Caribbean Basin, ended up on top of the list. Other countries dominating the CBI index are Austria, Vanuatu, Cyprus, Malta, Cambodia, Comoros, Bulgaria, St. Kitts and Nevis, Antigua and Barbuda, Grenada and Saint Lucia.
The total score was based on seven judgement criteria: freedom of movement, standard of living, minimum investment layout, compulsory travel or residence, nationality timeline, simplicity of processing and due diligence.
Dominica emerged the winner with a final score of 63 points out of 70 (90% score in total). The country was given the highest mark in four categories: due diligence, minimum investment layout, no mandatory travel or residence, and ease of processing.
The CBI research team observed it was “no surprise” that five Caribbean countries dominated the list. Summarising their findings on Dominica - whose CBI program was launched in 1991, - they say the country is now reaping the rewards for its traditionally fast-track paperwork and mild program cost options. It is only logical to see the popularity of the Dominican CBI program grow.
Reacting to the development, Dominica’s Prime Minister Roosevelt Skerrit also said Dominica’s decades-long hard work on honing their citizenship for investment program is now paying off.
“Dominica has worked tirelessly over decades to become the leader in providing citizenship by investment opportunities for high net worth individuals and their families,” he commented on the PWM’s CBI index results.
“Private investment has a major role to play in mobilising and realising Dominica’s potential, so our program has to be of the highest quality. The CBI Index results confirm that it is,” Skerrit further elaborated.
Over the years, Dominica’s CBI program has received its share of criticism, most notably, for the way it carries out due diligence. Skerrit has since rose to the defense of this program requirement, saying the check is carried out in accordance with international standards, with all applicants being screened thoroughly. Dominica’s first place in the CBI Index seems to prove once again that the country indeed has strong vetting parameters, and does meet due diligence standards.
The prime minister assures that Dominica’s CBI program will continue evolving. “We will continue to adapt and advance our processes, particularly with respect to our due diligence, to ensure that our program remains robust and fail-proof in the face of international political and economic tensions,” Skerrit said.
Established in 1991, Dominica’s CBI is one of the oldest citizenship through investment programs in the world. Over 2,000 people have received Dominican passports over the 26 years of the program’s existence. The passport costs vary, depending on the investment option choice, but the most popular offers are obtaining citizenship by donation of $100,000 to a state fund, or by investing $200,000 in real estate (starting price).
In the CBI Index, Dominica shares the glory with St. Kitts and Nevis (2nd place) and Grenada (3rd place). As for European CBI programs, the leader of the pack is Cyprus (placing 7th), with Malta and Bulgaria close behind.
Already interested in acquiring the second citizenship of Dominica? Find more detailed information, get answers to your specific questions. Our experts consult and accompany future investors in their journey to the second home.
We also urge our clients to compare conditions of the various CBI programs. This helps them make up their minds and opt for what suits them best. Speaking of Caribbean nations, we can name at least two other reasons to strongly consider one of the countries in the region as your second home: