Dominica Citizenship by Investment Program
The Commonwealth of Dominica’s Prime Minister Roosevelt Skerrit made a private visit to China last week to meet potential immigrant investors and promote Dominica’s citizenship by investment scheme. Skerrit told investors they could obtain nationality with an investment of at least US$ 200,000 in one of the several housing and development projects on the island nation.
Spread out over 751 square kilometers and with a population of 71,000, the Caribbean nation of Dominica offers a citizenship by investment program through which investors can obtain a passport of the island nation. With a weak manufacturing industry, Dominica’s economy has been struggling since the financial crisis of 2008, and the country is now using its investment immigration program to generate much needed revenue and to cut down on its debts.
Talking about his visit to China, Skerrit said that his main purpose in China was to meet interested investors and to encourage people to immigrate to Dominica either through the investment program or by applying directly to the government.
He further added that Dominica’s investment immigration program, which has international certification, offered a range of investment options to investors. Among the options that were promoted during his visit were two large housing projects in scenic locations. Skerrit said that more such projects would be on offer in the near future, giving Chinese investors ample choice.
Talking about the advantages of Dominica’s investor citizenship program, he mentioned that the requirements for investment were not as stringent as those in other countries and that once nationality was obtained, it was permanent.
In addition, investors do not have to pay property tax and Dominica’s government does not interfere with the gains of the investors. The investment immigration program does not impose any English language requirements on the investors either.
Chinese investors have been increasingly targeted by citizenship by investment programs being launched by various European and Caribbean nations. However, critics say these programs are being used by corrupt Chinese officials to channel their illegally acquired wealth out of the country.
Skerrit however is not too worried about the misuse of Dominica’s program, saying that each application is thoroughly investigated before citizenship is granted. He insisted that Dominica’s immigrant investment scheme “is not aimed at providing a convenient destination for corrupt officials in China or the United States”.
Source: Want China Times