Caribbean Citizenship by Investment Programs Carry the Region Forward
Dominica is located between the French overseas territories of Guadeloupe and Martinique. The island has an amazing nature with numerous rivers and waterfalls, green mountains and beautiful ocean views. Population of the country is around 75,000. The official language of the island is English, but Creole is also spoken. With its reputation as a safe, breath-taking country, Dominica is a great place to live. Through its citizenship by investment program, country experiences great developments recently.
Hosting one of the very first citizenship by investment programs around the world, St. Kitts and Nevis are widely recognized among investors as having a platinum quality program. This beautiful twin-island nation located in the Caribbean Sea is one of the pioneers of citizenship by investment programs, and one of the biggest reasons that always take these programs into the next level. Country owes its current state of welfare and development level largely to its hugely successful citizenship by investment program.
What Citizenship by Investment Programs Bring
Citizenship by investment programs form a link between the country of application and the economic citizen that lasts a lifetime. The core purpose of these programs is to receive citizenship. After an applicant receives citizenship, they also gain the civil, economic and political rights that are assigned to the members of the nation under whose legislation the application was made. These rights, unlike residency, are permanent.
Citizenship by investment programs offer different options for different investors with different desires and interests. Some applicants might prefer programs with better mobility advantages, the other might go for the ones that do not require continued residence. Some investors might want to reduce their taxes through a second passport, and some might be looking for a new business option in a new country.
St. Kitts and Nevis Citizenship by Investment Program
St. Kitts and Nevis’ Citizenship by Investment Program is the first there ever was. Launched in 1984, the scheme accepts investments for real estate or donations. To benefit from the program, applicants must make a minimum donation of $150,000 to the Sustainable Growth Fund (SGF). They may also prefer making an investment of $400,000 in real estate plus related government and due diligence fees. The process leading to citizenship takes usually around 3 to 6 months. St. Kitts and Nevis passport grants visa-free travel to 133 countries.
St. Kitts and Nevis CBI Program’s Benefits for the Country
Attending the Caribbean Green Tech Start-Up Bootcamp opening event in Basseterre, St Kitts and Nevis’ Minister of International Trade, Lindsay Grant emphasized the benefits of St. Kitts and Nevis Citizenship by Investment Program. Thanks to the program’s feed into the Sustainable Growth Fund (SGF), sectors like education, sustainability, and infrastructure or steadily developing. Caribbean Development Bank’s recently published report partially credits SGF as responsible for St. Kitts and Nevis’ financial growth.
Mr. Grant also stated that “revenue from the SGF is used to support sustainable growth initiatives, education, climate change resilience, economic growth, infrastructure development, the enhancement of medical facilities, tourism development and the preservation of culture and our heritage.” St. Kitts and Nevis Citizenship by Investment Program also funds several infrastructural developments that support locally-sourced materials, servicing and employment.
Dominica Citizenship by Investment Program
Citizenship by investment in Dominica is available through two options. The first is by making an economic contribution (donation) to the country under the government’s investor visa program. The second option available since January 2015 is through real estate investment. With a minimum investment threshold of $100.000, Dominican passport is among the cheapest. It takes around 3 months after the application to get the passport.
Until 1993, it was not possible to gain Dominican citizenship without residing in the country. This rule has been changed by the Dominican government. Through its changes, Dominica Citizenship by Investment Program not only became the cheapest, but also one of the most flexible options. Holders of Dominica second passport can travel freely to around 140 countries including UK and Schengen zone.
Dominica CBI Program’s Benefits for the Country
Dominica now has a new program to be funded by its successful citizenship by investment program. The geothermal project in Dominica has been announced in last December. Dominica’s Energy Minister, Ian Douglas, addressed the Government’s plans to build a geothermal plant in the third quarter of 2019. It hopes to power 23,000 homes with clean geothermal energy, which represents approximately 90% of the entire population.
In funding the project, there have been challenges. Dominica Citizenship by Investment Program rushes to the aid of the government at this point who looks for a country-owned source of income. Funding for the geothermal project was partly acquired through Dominica’s Citizenship by Investment Program.
According to a study by the Financial Times, Dominica is the best second citizenship to invest in. One of the investment options of Dominica CBI Program is the Economic Diversification Fund (EDF) option. This particular fund sponsors supports public or private projects that need financial aid. Therefore, the money eventually helps improving the infrastructure, schools, hospitals and industries around Dominica.