The Commonwealth of Dominica has secured first place in CBI Index 2018 rankings, a publication published by financial times among 13 citizenship by investment jurisdictions.
Dominica secured 90% of score, followed by St Kitts and Nevis in second place and Grenada in third. Dominica scored top marks (ten out of ten) for minimum investment, ease of processing, due diligence, residence requirements and citizenship time.
CBI schemes offer wealthy individuals freedom of movement while providing vital funds to what are often cash-strapped nations, yet continue to draw criticism.
The concept of citizenship by investment(CBI) – allowing wealthy individuals fast track to a second citizenship and passport in return for investment into real estate or a donation into a government fund–is becoming increasingly attractive as a gateway for non-EU citizens to access Europe. The Freedom of movement within the EU, especially in the wake of the UK’s contentious Brexit referendum, is now central to the attraction and marketability of the schemes
Dominica’s Citizenship by Investment Programme was launched in 1993 and is known for being one of the world’s most efficient and transparent options for economic citizenship
Dominica,which has performed well in the CBI Index,is an excellent example of how such a scheme can be used to rebuild after the twin disasters ofHurricane Maria and Tropical Storm Erika devastated the island’s infrastructure.
During 2017, the entire capital budget of $222.9m was financed with CBI funds.CBI is directly funding housing and hotel developments,plus tourism and agriculture projects. Payouts to house holders of $34m and a government initiative to build 5,000 homes will likely be financed by CBI receipts. All funds received by the government of Dominica and the nature of their use are disclosed to parliament and subject to audit.The names of all applicants approved under theCBI system are also published in the Dominica Official Gazette,a government bulletin available fora $50 annual subscription.
The Dominica Citizenship by Investment Unit (CBIU) is the government authority tasked with managing and processing applications for economic citizenship. The CBIU maintained high competence levels even in the aftermath of Hurricane Maria in September 2017, garnering praise among industry specialists.
About CBI Index
The CBI Index was created by James McKay, a research consultant with more than a decade’s experience in the design and execution of complex research and data analysis projects
The seven pillars that constitute the CBI Index include:
- Freedom of Movement
- Standard of Living
- Minimum Investment Outlay
- Mandatory Travel or Residence
- Citizenship Timeline
- Ease of Processing
- Due Diligence
Read more here the full report: http://cbiindex.com
