Citizenship by investment in Cyprus costs in excess of €2 million, while the Maltese passport comes with a hefty price tag in excess of €1 million. Caribbean CIPs are significantly less expensive, with Dominica offering citizenship against a non-refundable contribution of just $100,000.
However, a low investment requirement is a double-edged sword because countries don’t have the option of boosting foreign investments by reducing thresholds. Yet, this has not stopped Caribbean countries from coming up with innovative ways to attract foreign capital to ease the economic strain of the coronavirus pandemic.
Dominica: Expanding the Definition of Dependents
Some countries, such as St. Kitts & Nevis and St. Lucia, have offered temporary reductions in certain investment options. Dominica has retained its minimum investment options but sought to make its program more inclusive by expanding the definition of dependents.
A richer lifestyle for spouses and international study and work opportunities for children are some reasons why wealthy individuals explore the option of citizenship by investment. Dominica has sought to make its program more attractive by enabling investors to include a wide range of family members as dependents.
Unlike St. Lucia, Dominica has not changed the permissible ages for inclusion of children and parents as eligible dependents. Instead, it has expanded the list of eligible relatives to include siblings and relaxed some requirements applicable to children, parents, and grandparents.
Biological or adopted siblings of the main applicant or their spouse can be included in the CIP application. Siblings must be over 18, single and childless.
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Adult children of the applicant can be included even if they are not full-time students or do not live with their parents, provided they are financially dependent.
Similarly, parents or grandparents of the applicant or their spouse can be included as long as they are financially dependent. The earlier requirement that they should live with the applicant to qualify is no longer applicable.
Further, spouses or children of any person included in the CIP application will acquire citizenship by naturalization even if the marriage or birth takes place after processing.
Finally, the CIP procedure has been simplified to make it easier for the applicant to add dependent family members to an application. This provides for inclusion of any family member added pending the processing of the CIP application.
The government has emphasized that these changes do not, in any way, impact the quality of due diligence checks and vetting procedures carried out as a part of the CIP process.
These measures allow applicants to obtain citizenship for a wider group of family members, which may make Dominica an attractive destination for those seeking the protection of a second passport for their extended family at an affordable price tag.General Information: Contact us to receive more information about this article.
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