The Commonwealth of Dominica came out tops in the annual CBI Index, a rating system designed to measure the performance and appeal of global citizenship by investment (CBI) programmes across a diverse range of indicators.
The CBI Index is intended as a practical tool to compare CBI programmes as a whole and specific aspects of each programme. These aspects are reflected by the CBI Index’s nine pillars which are Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product.
Number one for six consecutive years, Dominica beat 11 other nations with active citizenship by investment programmes and scored full marks in the areas of Minimum Outlay, Mandatory travel or residence, Ease of Processing, Due Diligence, Family and Certainty of Product.
These nations include Antigua and Barbuda, Austria, Cambodia, Egypt, Grenada, Jordan, Malta, Montenegro, St Lucia, Turkey and Vanuatu.
“For the last 29 years we have ensured that our CBI programme really meets the needs of an ever-changing global investor. We’re proud to yet again be ranked as one of the best CBI offering in the world and look to increase our scores across all nine pillars next year,” commented Dominica’s Prime Minister, Dr Roosevelt Skerrit.
Dominica continues to be on a concerted drive to offer investors – through its Economic Diversification Fund and government-approve real estate options – a reliable safe haven amidst the constant global upheavals. Accompanied by a robust due diligence process, Dominica uses a multi-layered process in partnership with third-party due diligence firms from the USA and the UK, investors can be confident that they are buying a product that will enhance their portfolio.
Dominica’s scoring in the nine pillars:
Freedom of Movement: Dominica scored seven out of 10 as the country offers visa-free and visa-on-arrival access to 14 countries across the world, including the globe’s most sought-after business hubs.
Freedom of movement within and between countries is paramount to global investors seeking second citizenship and this year, the Index placed emphasis on the total number of countries and territories that can be visited without applying for a visa.
Standard of Living: Dominica scored five in this area due to its low average expected years of schooling, but it must be noted that the country has the highest life expectancy at 78.2 and a perfect freedom score when compared to Egypt, Jordan, St Kitts and Nevis and Vanuatu – who also shared the same score.
Minimum Investment Outlay: Dominica received a perfect score of 10 here as the minimum investment outlay for their CBI programme is only US$100,000 per applicant, one of the lowest citizenship investment outlays in the industry.
Mandatory Travel or Residence: As last year, Dominica kept its score of 10 out of 10 as the country does not require mandatory travel or residence in the country for processing its citizenship application.
Citizenship Timeline: Dominica scored a nine in the citizenship timeline pillar. The pillar accesses the duration to get the application processed.
Ease of Processing: The citizenship by investment unit of Dominica continues to make the application process straightforward and more robust, helping the country secure a score full marks in this area.
Due Diligence: Dominica is recognized for its stringent and comprehensive due diligence checks on applicants seeking second citizenship and once again retained the score of 10 for due diligence processing. The country requires the provision of either fingerprints or a biometric passport and has robust external due diligence procedures that are undertaken by internationally renowned third-party due diligence firms.
Family: As Dominica allows main applicants to add additional dependents under a single application, once again making it easy to bring in additional family members, the country scored 10 under this pillar.
Certainty of Product: Dominica, along with St Kitts and Nevis, attained a perfect score for Certainty of Product Pillar thanks to the programme’s longevity, popularity, renown, stability, and adaptability. The CBI Index also lauded Dominica for its transparent two-track investment routes.
Regarded as an industry voice and reputable benchmark for CBI programmes across the globe, this year’s CBI Index offers readers a glimpse of the possibility that could in the CBI industry should all relevant parties cooperate.
The current turmoil has certainly brought a negative spotlight to the investment migration industry and overlooked the fundamentals of CBI – offering honest, hardworking families and entrepreneurs to explore and participate in meaningful global opportunities, especially where they have been let down by their own home countries.
Findings in the CBI Index state that in 2023, it is predicted over 125,000 millionaires will look to relocate to more secure and attractive destinations around the world and this trend is expected to continue and increase to 2030. Political fragmentation, instability, social polarisation are some of the reasons why investors look for second citizenship options.
It is for this reason that countries like the Commonwealth of Dominica are a popular investment choice, offering political and economic stability, a currency pegged against the US-dollar and, even more appealing is an eco-conscious government working its way to be carbon-neutral and sustainable.
“People who invest in our programme can be 100% sure that they are also investing in a country that cares about the planet and one that is taking tangible, measurable steps to protect the planet,” continues Prime Minister Skerrit.
The CBI Index is the world’s most definitive guide on citizenship by investment and is published today by PWM Magazine, a publication from the Financial Times in collaboration with CS Global Partners.