Anichi Resort & Spa is the latest investment offering under Dominica’s Citizenship by Investment (CBI) Programme giving investors the chance to acquire citizenship with the purchase of preferred or freehold shares in a luxury eco resort with a minimum investment of US$220,000.
The Commonwealth of Dominica and St Kitts & Nevis shared first place in the annual CBI Index report produced by Professional Wealth Management (PWM) magazine, published by the Financial Times.
Demand for second homes in safe destinations that have fared best during the COVID-19 pandemic is growing from high-net-worth buyers looking to commit to homes in countries with warm climates where life has largely returned to normal.
The UK government lifted travel restrictions in May, opening the door to buyers keen to secure an overseas escape or establish second citizenship based on real estate investment. Recent statistics show that enquiries for property in Portugal rose by 93 percent. A survey of 2,500 overseas buyers showed 90 percent were looking to buy in Spain.
Some island destinations have seized this opportunity to offer new pathways to citizenship for investors or special permits for those working remotely. Dominica has a digital nomad visa – an 18-month residential certificate for those who want to live in the country while working remotely in another. The Caribbean nation's Citizenship by Investment (CBI) Programme had also proved increasingly popular with US citizens who can use Dominican citizenship to travel around the globe.
"The option of securing a second or third home has proven to be a valuable asset for many investors," says Micha Emmett, the CEO of CS Global Partners, a London-headquartered citizenship advisory. "With COVID-19, real estate investment is now often combined with a second citizenship or residency to secure that safe haven for their families."
Dominica's CBI Programme has greatly helped the island's recovery from Hurricane Maria. CBI confers second citizenship to those who invest in the nation's economy and is a route many take to attain greater travel mobility, business opportunities and a Plan B in times of crisis. Main applicants who invest USD$100,000 in the government's Economic Diversification Fund can gain full citizenship of Dominica and the right to work, study and live in the country also known as the 'Nature Isle of the Caribbean'.
There are just six months left for families to take advantage of the limited time offer for families under Saint Kitts citizenship by programme, which allows families of four citizenship for a reduced fee of US$150,000.
The Residences at Secret Bay, one of Dominica's award-winning Citizenship by Investment resorts, recently recorded its highest-ever sale in the country with a Secret Bay's clifftop villa selling for US$7.1 million.
Dominica’s Prime Minister Dr Roosevelt Skerrit says a contract for the development and construction of an international airport on the island – funded by its citizenship by investment programme – will be signed before the end of May.
Head of the Dominica Citizenship by Investment Unit, Ambassador Emmanuel Nanthan, invited investors and their families in China to become citizens of Dominica during a speech at the China Offshore Summit in Beijing.
The recent eruption of the La Soufriere volcano in St Vincent and the Grenadines has seen neighbours Dominica offer assistance and support to evacuees.
Prime Minister Dr the Hon. Roosevelt Skerrit has announced that three health and wellness centres opened in Dominica last week. The Marigot health centre, the Georgetown health centre and the Bellevue Chopin health centre are part of the 12 health centres funded by the country’s Citizenship by Investment (CBI) programme, with eight now near completion.
Dominica’s world-leading Citizenship by Investment programme is set to up its global mobility ante with 28-35 more countries expected to be added to its passport by year-end making a second passport from this Caribbean island a very attractive proposition.