Dominica introduces five major changes to CBI programme

0
110
Prime Minister Roosevelt Skerrit

By Caribbean News Global fav

LONDON, England – Dominica has introduced five major changes to its world-leading Citizenship by Investment (CBI) programme, that relates to family members that can qualify for second citizenship, in light of the ongoing uncertainty caused by the global pandemic.

Prime minister Roosevelt Skerrit described the new policy as “groundbreaking” on Monday, stating, “Dominica reduced the qualifying fund contribution for a family of four from US$200,000 to US$175,000, comprising the main applicant, their spouse and two dependants other than a sibling.”

The five major changes to the CBI programme are:

  • Any dependant can be related to either the main applicant or the main applicant’s spouse;
  • We impose no age limitations on parents and grandparents;
  • For all adult dependants, other than a spouse, there need only be a showing of substantial support on the part of the main applicant or the spouse of the main applicant, where, previously, we required full support […];
  • We allow siblings up to the age of 25, but we are also cautious that, for any sibling who is a minor – that is under the age of 18 – consent must be granted by the parents;
  • And we are the only country, really, that allows spouses of qualifying parents and grandparents to also be included in the CBI application, so long as there is a showing that they are substantially supported by the main applicant or the main applicant’s spouse.

On June 24, the government of the Commonwealth of Dominica expanded the definition of ‘dependant’ under its Citizenship by Investment (CBI) Programme. The changes allow main applicants to add previously unqualifying adult children, parents, grandparents, and siblings. All dependants aged 16 or over must still pass due diligence checks to qualify.

Dominica has the world’s best CBI programme, established in 1993, and according to the past three consecutive issues of the CBI Index, released annually by  Professional Wealth Management (PWM) – a publication from the Financial Times. Dominica excels at transparency, integrity, and transformative impact on the native population.

Dominica continues to expand the number of visa-free access globally to 140 countries including Russia, China and Brazil. To apply for Dominica’s citizenship by investment programme, please visit the CBIU website.

All applicants must first pass a series of security checks before being ‘approved in principle’, after which they make a qualifying investment. This can either be in the form of a contribution of at least US$100,000 to a government fund or an investment of US$200,000 or more in pre-approved hotels and resorts.

LEAVE A REPLY

Please enter your comment!
Please enter your name here