It may seem like a bizarre duo, but the island nations of Dominica and Cyprus, former in the Caribbean Sea and the latter in the Eastern Mediterrenean, have something very common when it comes to making their policies regarding housing: the citizenship by investment programs. It is no secret that Dominica has been developing its economy partially built on these foreign investments, it had such programs for a long time now and they are implemented quite successfully there. Cyprus is a relatively new player in the market and apparently it is set on looking at some good examples to build the future of its citizenship by investment program, as well as its housing policies.

Citizenship by Investment Programs are not the Best for Locals

It is no secret that more often than not citizenship by investment programs are better for the foreign investors themselves than a common citizen in a country where they are investing in. After all, these programs offer certain advantages to those investors such as residency permits, new passports, new tax schemes etc. However, since these are all achieved when the investor buys a house in that country, more often than not the added demand to the real estate market in countries with citizenship by investment programs lead to an increase in overall housing prices. Naturally this can have disastrous effects on the actual population that lives in those countries, who may be rendered incapable to sustain themselves in their old homes due to increasing prices. 

Things are Improving for Locals as Well in Dominica and Cyprus

However, this does not have to be this way, as Dominica and Cyprus have illustrated so well in the last couple of years. In fact, a proper planning regarding on how to invest the money that comes through citizenship by investment programs can create jobs and lower the cost of living for the people of these countries, if done well. For example, as Roosevelt Skerrit, prime minister of Dominica, puts it, the Dominican housing revolution was built upon the funds that came to the country via citizenship by investment program since 1993. Thanks to this program now there are more than 5000 houses built in Dominica, all funded by investor’s money and ended up offering affordable housing for locals. Cypriot government aims to provide affordable housing to its citizens as well, houses that do not cost more than the 30 percent of the household’s salary. They too will implement policies which will syphon funds from citizenship by investment programs and use them to make accommodation affordable to masses.

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Hurricane Maria left the little island nation of Dominica scarred in 2017 and those scars are still tried to be cured to this day. The successful Citizenship by Investment program that is implemented in the country is taking care of this little issue by bringing in a lot of foreign investment to the country in recovery.  

Dominican Citizenship by Investment Program Praised for Its Success

In a recent study done by PricewaterhouseCoopers (PwC), one of the best in its line of work, the Dominican Citizenship by Investment Program was praised for two good reasons. The funds that are gotten from the investors were put to good use recently to better the living conditions on the island. Perhaps more importantly, some of it was spent of battling the after-effects of the Hurricane Maria that left the country in ruins, just as many other that shared the same fate in the region. However, Dominica denied sharing this fate and is committed to restore itself by using the money from Dominican Citizenship by Investment Program in a smart way. 

Infrastructure is Repaired Back at a Rapid Speed

Many assumed that it would take decades for the small island nation to recover from the devastation Hurricane Irma caused but it seems like this will not be the case thanks to the Dominican Citizenship by Investment Program funds that are flooding into the country.  So far 582.6 million East Caribbean Dollars from these funds were used on rebuilding the lost infrastructure of the country. 15 roads and 19 bridges were repaired while three new hospitals and six health centers were built. Furthermore 15 damaged schools were repaired with these funds over the last two years. 

Lost Housings are Also Being Rebuilt for the Community

Infrastructure was not the only thing that suffered from Hurricane Irma. People have lost their homes but now the Dominican government is doing its best to give them back their livelihood by using funds from the CIP program. So far 6680 hurricane resistant houses were built, and many are on the process. Government also invested some of this newly found funds into tourism sector so that more jobs could be created and that more tourists could be persuaded to come and perhaps even invest in Dominica.

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How to get Citizenship in Caribbean

Being the cradle of the sector, Caribbean boasts some of the best citizenship by investment programs around, namely St.Kitts & Nevis Citizenship by Investment, Antigua & Barbuda Citizenship by Investment, Dominica Citizenship by Investment programs. After a successful investment period, applicants may become a citizen of one of these Caribbean countries. St. Kitts and Nevis has a minimum investment requirement of 150,000 US dollars; Antigua and Barbuda 100,000 US dollars; and Dominica 100,000 US dollars.

How to Get Antigua and Barbuda Passport

The citizenship by investment program of Antigua and Barbuda provides a second passport to investors. There are a few options applicants may choose to benefit from the program. Investors may choose to contribute $100,000 to the Antigua National Development Fund. They may also invest $1.5m in establishing a business ($5.0m for two or more investors). As the final option, they can invest $400,000 in a government approved real estate project (can be reduced to $200,000 for connected investors). Antigua and Barbuda passport grants visa-free travel to over 150 countries including the Schengen area. Moreover, the country requires only 5 days of residence per year. With its vast advantages of mobility, Antigua and Barbuda passport can be issued around 4 to 6 months.

Can Buying a Property in Dominica Lead to Citizenship?

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.

How to Apply for St.Kitts Citizenship

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.

How to Get Citizenship of St. Kitts and Nevis

To be able to obtain a St. Kitts and Nevis passport, investors might choose to invest or donate. Donation of $250,000 to the government’s social fund does the trick, but if the applicant chooses to have return over their capital, they might opt to invest $400,000 in a state-approved real estate project. Growing demand for real estate in the country offers investors a chance to generate profit over their capital.

How to Get Antigua Passport

Antigua & Barbuda Citizenship by Investment Program was established in 2013. The program’s minimum investment threshold is US$100.000 contribution to the National Development Fund. The applicants may also choose to invest in real estate in Antigua and Barbuda. In this option, the investor must invest at least US$ 400,000 plus the payment of government processing fees and due diligence fees. Last investment option of Antigua and Barbuda Citizenship by Investment Program is the business investment. There are two business investment options. The first option is to make an investment in an approved business of at least US$ 1,500,000. The second one is to make a joint investment in an approved business totalling at least US$ 5,000,000. In this option, however, each applicant must contribute at least US$400,000 to the joint investment.

What are the Travel Perks of St. Kitts and Nevis Passport?

St. Kitts and Nevis citizenship by investment program is one of the world’s longest running citizenship by investment programs. It is launched in 1984 and is still active. This small Caribbean island nation offers investors from almost any country around the world the chance to obtain quick citizenship and St. Kitts and Nevis passport as a second passport which grants its holders visa-free travel to over 140 countries including the European Union countries.

Is it Possible to Own a Business in Antigua through Citizenship by Investment?

Yes, it is possible to own a business in Antigua through its CBI program. One of the investment options of the program is to invest $1.5m to establish a business. This can be a joint investment comprising two or more people, as long as each person contributes at least $400,000, and the total joint investment comes to a minimum of $5m.

What is the Processing Time to Get Citizenship in Antigua and Barbuda?

After the successful submittal of documents and realization of investment, Antigua and Barbuda passport is generally issued within 4 to 6 months.

Where Can You Go with the St. Kitts and Nevis Passport?

St. Kitts and Nevis Passport grants visa free travel to 133 countries. These countries include European Union, Schengen Area countries, Russia, and most of the South America.

Is It Legal to Buy a Second Passport?

Countries like St. Kitts and Nevis, Malta, Cyprus, Antigua and Barbuda, Dominica, and Turkey offers citizenship in exchange for a substantial amount of investment. Therefore, as long as the minimum investment requirement assessed by the governments has been met by the investors through legal and clean sources, it is legal to buy a second passport from these countries.

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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.

Dominica’s Citizenship by Investment Program

        The only program older than Dominica Citizenship by Investment Program out there is St. Kitts and Nevis’ Program. Thanks to its experience in the area, Dominica is one of the fastest countries to grant second passport to its applicants.
        Dominica Citizenship by Investment Program is enshrined in Dominica Constitution. So, not only the program is one of the oldest ones, it is also protected by the country’s constitution. Dominica offers economic citizenship to investors who donate $100,000 to the country.
        Dominica citizenship is usually granted within 6 months. However, cases differ between 3 and 9 months. Of course, there are some unusual cases where it takes more than 9 months. Because of its low price and fast processing time, Dominica is a viable option for people who want a fast second passport. It is the cheapest economic citizenship option in the world at the moment.
        Dominica Citizenship by Investment Program does not require residency. Qualified investors around the world do not need to reside in Dominica throughout their application process. This feature of the program is particularly attractive for investors with busy schedules. Also, people who want to have a second passport as an insurance policy enjoy this feature.
        Others that particularly find Dominican visa attractive are the ones that have inefficient visa-free travel on their current passport. Dominica passport grants access to more than 120 countries without going through the entire headache and the paperwork of visa applications.

How Do You Get a Dominica Passport?

        Dominica Citizenship by Investment Program is as straightforward as it gets. The interested investors make a donation or invest in real estate and they get a passport. Provided that there occurs no problem in the due diligence process, the program is very straightforward.

  1.      Donation

The donation route is the oldest and simplest option available. Most of the time, this option is labelled with the $100,000 price tag, but there are a few more details. The price might vary under different circumstances. For instance, the pricing for a single applicant and a couple are different.

  •         Single Applicant: $100,000 non-refundable contribution
  •         Main Applicant and Spouse: $175,000 non-refundable contribution
  •         An applicant with up to 3 Dependents (applicant plus spouse and two children below the age of 18): $200,000 non-refundable contribution
  •         Additional Dependents (4+): $200,000 non-refundable contribution and $25,000 for each additional dependent.

However, donation option is really not more complicated than it looks above. As long as the investor meets the demands and pays the fees, the process does not get complicated at all.

  1.      Real Estate

Second option of Dominica Citizenship by Investment Program is the real estate investment option. Dominica offers economic citizenship to those willing to purchase approved real estate in the country. Minimum investment requirement for the real estate option of Dominica is USD $200,000.
        It is possible to make a joint investment in the real estate option. As long as each applicant meets the requirements, this option is viable.

  •         Authorized Real Estate Purchase: $200,000 (minimum)
  •         Government Fee
  •         Single Applicant: $25,000
  •         Main Applicant and Spouse: $35,000
  •         A family of up to 4 Persons: $35,000
  •         A family of up to 6 Persons: $50,000
  •         A family of 7 or More Persons: $70,000

This option does not exclude the due diligence fees of the donation option.
        This option does not include all the real estate in the country. It is not enough to just to meet the minimum investment requirement. The investment should also be made in a government approved real estate. This may not look as advantageous as buying from an open market with a wider array of options. However, this way, investors buy property of value that they can sell a few years later without losing money.

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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.

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There are numerous citizenship by investment options around the world. Caribbean citizenship by investment programs are among the first programs ever to step into the sector. It is of course not enough of a reason to decide on a second passport from one of the Caribbean countries. Yet there are several other reasons to attract investors to this paradise. Here are 3 reasons to choose Caribbean programs for second citizenship.

Low Price Point

When it comes to being the cheapest citizenship option, Dominica citizenship stands alone. With Comoros CBI programme temporarily suspended, Dominica’s $100,000 plus government and legal fees option for citizenship is the single cheapest option there is.
Dominica is an island in the Caribbean’s, a different country from Dominican Republic. The population of Dominica is less than 75,000. The donation of $100,000 for Dominica citizenship goes to aid tourism and public projects. With legal and government fees, a single applicant should expect to spend around $175,000, while a married couple with children should expect to spend closer to $300,000.
Dominica passport allows visa-free travel to UK, Ireland, Switzerland, Singapore, South Korea, Hong Kong and many more. However, most of the North America and continental Europe requires a visa. So, for a person who values easy travelling highly, it might be a tough call.
Antigua and Barbuda citizenship  program became more attractive recently because of its new special promotion. By this new special, applicants can use the donation-based citizenship option for only $200,000. Each person has to pay a separate due diligence fee. So, a single applicant’s expenditure is close to $300,000.
Antigua citizenship is also available through real estate purchase or business investment. These options are substantially more expensive. Antigua and Barbuda passport also grants visa-free travel to most of the Europe and Americas.
St. Kitts and Nevis citizenship is just a little bit more expensive than Antigua and Barbuda citizenship. Government’s Sugar Fund accepts donations of $250,000 in exchange for St. Kitts and Nevis passport. While it is possible to get the passport within several months, the usual total expense is about just over $300,000. Applicants may also choose to buy real estate, but this option is considerably more expensive.
St. Kitts passport allows visa-free travel to Europe’s Schengen area. For now, St. Kitts is the cheapest, most reliable second passport with easy travel to Europe.

Speed

One of the qualities that makes Caribbean citizenship by investment programs desirable is the speed of their process. Other programs around the world usually take around 6 to 12 months; whereas Caribbean programs offer a much quicker route. In most cases, applications are approved with three to four months following the date of submission.
For further acceleration during the process, St. Kitts and Nevis government offers The Accelerated Application Process (AAP) service. By using AAP, the investors might adopt the fast track to St. Kitts and Nevis citizenship. This addition accelerates the process to end in 60 days.
For Dominica citizenship, it usually takes the Government 60 to 90 days to process the application. This period also includes the necessary due diligence procedures.
The processing time for Antigua and Barbuda citizenship application is also quite fast. The process usually gets completed within 3-4 months.

Investment Options

For St. Kitts and Nevis citizenship, applicants may qualify through a contribution to the Sustainable Growth Fund (SGF). For a single applicant, a non-refundable contribution of US$150,000 is required. Applicants may also prefer to invest in real estate. The minimum investment threshold for the real estate option is US$200,000 (resalable after 7 years) or US$400,000 (resalable after 5 years).
For Dominica citizenship, candidates can either make an economic contribution to a Government Fund or purchase approved real estate on the island. To be able to qualify, a non-refundable contribution of USD $100,000 must be made to the Government fund. Applicants may also choose to purchase real estate to achieve Dominica citizenship. In this case, candidates must buy real estate in the country for at least USD $200,000. They also need to maintain ownership for a minimum of three years.
Under the Antigua and Barbuda Citizenship program, there are 4 different options. First one is the option to donate USD $100,000 to National Development fund (NDF). Second one is a rather new option. In this option, applicants may choose to donate USD $150,000 to the University Fund. They can also prefer to invest USD $400,000 in real estate or USD $1,500,000 in a business.

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Caribbean islands are in general quite popular in terms of second passport opportunities. Dominica is among those paradise-like islands and improves its popularity by attracting more high net worth investors from all around the world every year. As Dominican citizenship gains more value in public eye, its citizenship by investment program attracts more attention and Dominica reaps the fruits of its correctly placed policies as to how to get Dominican passport.

Among the Pioneers of the Citizenship by Investment Programs

Not the same with the Dominican Republic, the Commonwealth of Dominica is a small island nation in the Lesser Antilles archipelago. As the other Caribbean nations, Dominica also is known for its amazing nature and endless beauties, but it has so much more to offer than its physical attractions.
Dominica launched its citizenship by investment program in 1993 as one of the firsts in the area. Since then, it successfully constituted a worthy option for businesspeople from every corner of the world. Increasing its popularity every day, Dominica’s citizenship by investment program also benefits from its experience gained by the long run of its success. By simplifying the process of evaluation and strengthening the due diligence stage, Dominica continued to upgrade its Dominica citizenship by investment program towards perfection.

Second Passport and Business Opportunities 

The small island nation appears to be gaining popularity, because although the government of the country does not reveal the number of applications to the public, the publicly available yearly budgets clearly show that the program continues its success. As a result, the inspiring work of the island does not go unnoticed; Professional Wealth Management, a subsidiary of the Financial Times, ranked Dominica’s citizenship by investment program as the best in the world.
Minimum investment one can make for the Dominican citizenship is $100,000 and it allows visa-free travel to more than 120 countries across the globe including important business hubs. The minimum amount of $100,000 investment is required to be donated to the Economic Diversification Fund. If the applicant chooses to make a real estate investment, then the investment amount rises to $200,000. In addition, the program does not obligate continuing residency in the country during the process of application and evaluation and it allows investors to continue their international affairs uninterrupted while getting their Dominican passport.
Dominica’s citizenship by investment program recently launched its Global Community initiative and now it offers an even wider perspective for its international applicants: “We are a nation deeply rooted in community values and a mind set of reciprocity,” said Dominican Prime Minister Roosevelt Skerrit. “For this reason, we invite individuals and families from around the world to invest in our country. In exchange, we promise to provide you with citizenship of the Commonwealth of Dominica – a status that comes with [myriad] opportunities aimed at transcending borders in a continually globalising world.”
Beyond its mind-blowing nature, Dominica offers infinite possibilities and awaits its new citizens.

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