Day: December 27, 2022

Roseau, Dec. 27, 2022 (GLOBE NEWSWIRE) — The festive season is often a time to reflect on the year that has passed and on plans and goals for the year to come. With gift-giving around the world, the festive season is also a time to think about what one really wants from life.

With the explosion of remote work options around the world, our experience wish lists are no longer restricted by location. And even if your professional and private life requires you to be in a certain location from time to time, the world has opened in ways which may just top your stockings’ list.

Dream island location

The Caribbean is known for its idyllic beaches and island lifestyle. Let alone its dynamic culture and history, it’s offered a hideaway for investors the world over.

Located halfway along the Eastern Caribbean archipelago is the Commonwealth of Dominica, an island-state stretching 751 km² (290 square miles) and boasting 148 km (91 miles) of coastal line. It is not to be confused with the Dominican Republic, also in the Caribbean.

Also known as the “Nature Island of the Caribbean”, its forest landscape is still being formed by geothermal-volcanic activity and boasts the second-largest hot spring in the world, Boiling Lake. The island boasts nine volcanic peaks.  Morne Diablotins is the highest mountain on the island and the second highest in the Lesser Antilles. One can even view the neighboring islands of Guadeloupe and Martinique from its top.

The country’s climate agenda also makes good use of these natural resources. As part of its aims to become the first climate-resilient country in the world by 2030, as announced by President Roosevelt Skerrit following the devastation ravaged on the island nation by Hurricane Maria in 2017, the nation is actively investing in sustainable development projects. In March 2019, the World Bank approved a US$27 million project to support the construction of a 7MW small geothermal power plant in the Rosseau Valley, which aims to increase the share of renewables, diversify the country’s energy matrix, and identify a clear road map for private sector investment in geothermal development. Development projects outside of the development and enhancement of renewable energy capabilities include sustainable housing, healthcare and educational facilities. The country already obtains 28% of its energy requirements from renewable energy sources such as hydropower and wind.

Cities and spoken languages

English is the official language of Dominica, with French and Spanish spoken in some parts. The capital city is Roseau, which is the most popular place for nomads and expats to settle in Dominica, while others choose to live in Portsmouth, Dominicas’ second-largest city.

Visa and work options

Dominica welcomes digital nomads from across the world. More recently, the government has launched its “Work in Nature” (WIN) campaign. This programme offers digital nomads an extended stay visa for individuals and families to work remotely in Dominica for up to 18 months.

Many affluent investors enjoy life on Dominica so much, that they opt to invest in the country’s Citizenship by Investment (CIB) programme, through which investors gain citizenship, freedom of movement and of doing business in and from the island nation. Citizenship is for life, with the right to hold dual citizenship, so investors don’t need to give up their current citizenship at all. Once citizenship is obtained, it can also be passed to future generations.

Launched in 1993, Dominica’s CBI programme has been ranked as the number one CBI initiative for five consecutive years by the CBI Index. This is a ranking system published by the Financial Times’s Professional Wealth Management (PWM) magazine. The Financial Times’ PWM publication particularly highlighted the programme’s stringent due diligence, efficient times and affordability. After applicants pass the due diligence checks, citizenship hopefuls then choose to either invest in real estate or contribute to a government fund. The latter is known as the Economic Diversification Fund (EDF), and it sponsors public and private sectors in Dominica that need financial support or have economic potential, such as the Geothermal Risk Mitigation Project.

Is this for me?

The Dominica CBI Programme is a good value for money for both individual applicants and families looking to apply for second citizenship. It is particularly a good fit for single professionals who want to broaden their horizons, families that would eventually like to add dependants such as grandparents or siblings, individuals looking to study abroad and digital nomads who want greater global mobility.

Dominica requires no wealth tax, gift tax, inheritance tax, capital gains tax, foreign income tax or personal income tax. There are also corporate tax incentives, import duty exemptions, tax relief and export allowances.

The programme has no residency requirements for applicants, so there is no need to be present on the island for any duration of time.

As the processing time for a CBI application takes about three months from submission of the application to approval in principle, this is something you’ll be able to bag before next Christmas.

PR Dominica
Commonwealth of Dominica
001 (767) 266 3919
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8720614

London, Dec. 27, 2022 (GLOBE NEWSWIRE) — The much-anticipated changes to St Kitts and Nevis’ Citizenship by Investment Programme have been announced today by the country’s recently appointed Citizenship by Investment Unit Head, Michael Martin. Setting a bold and new tone for the industry as a whole, St Kitts and Nevis is once again leading the way for the investment immigration industry – adding a new layer of integrity to truly accelerate the country’s economic diversification, empower and prosper local citizens while creating an enriching base for intelligent investors.

“Today, our progressive government brings to fruition these much-awaited and very important changes to our much-loved Citizenship by Investment Programme. Today marks a new era for the investment immigration industry as we boldly declare that a clear strategy will drive our Citizenship by Investment Programme with the sole purpose of benefiting our people and investors who want to see our nation flourish.”

“Today these changes show the international community that we place honesty and integrity above all else as we look to deliver a product that will bring us a positive reputation and send a clear message that we are open for business,” said Michael Martin.

Watch the full video announcement here.

The changes have been gazetted on 23 December 2022 and will take effect on 1 January 2023.

Since his election in August, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew, has hinted at upcoming changes to the country’s Citizenship by Investment programme – reiterating multiple times that the revamped programme needs to be mutually beneficial to both Kittians and Nevisians and international investors.

The Prime Minister said at a recent event “While we navigate the complexities of managing a small island developing state in this unpredictable and highly globalized world, we have made it a priority to craft a solution to ensure that the evolution of our citizenship programme will be a sustainable model filled with integrity, transparency and accountability.”

The Programme will be underpinned by three fundamental principles that have guided the administration’s decision making with respect to the evolved version of the twin-island’s Citizenship by Investment Programme – sustainability, good governance and pragmatism.

“We have crafted a sustainable model that will continue to be the envy of the international community by injecting high levels of integrity that will come through administrative improvements. We have also structured our programme to allow for greater transparency and accountability, which make the hallmarks of a good governance framework that solidifies the foundation of any successful endeavour. Lastly, we have tailored our investment options to align with market realities while preserving the platinum brand our proud nation has developed and nurtured for four decades, operating the oldest Citizenship by Investment Programme in the world,” added the Prime Minister.

To achieve this, the most notable change to the programme will be the introduction of a Board of Governors and a Technical Committee.

Effective next year, a professional Citizenship by Investment Board of Governors will be responsible for high level supervisory matters such as providing general oversight of the operations the CBI Unit, developing and implementing policies and procedures for the CBI Unit, ensuring that application processing is completed as swiftly as possible within the time frames advertised without comprising the integrity of the programme and, continuously monitoring the global investor immigration industry to ensure that the country’s Citizenship by Investment regulations align with and adjust to, international market forces.

To further the Programme’s good governance agenda, a Citizenship by Investment Technical Committee will be charged with ensuring that all due diligence background checks are comprehensive and that all citizenship by investment applications are reviewed thoroughly. This committee will also be tasked with making recommendations to the Prime Minister in his capacity as Minister of National Security, Immigration and Citizenship.

The Technical Committee will be comprised of a chairperson, this role will be filled by the recently appointed Head of the CBI Unit, Michael Martin; a senior officer and a secretary – who will be a civil servant assigned by the Prime Minister.

Applicants can gain second citizenship in 60 days, but only for a limited time

St Kitts and Nevis is offering applicants a chance to gain second citizenship in as little as 60 days through its Sustainable Growth Fund – the revenue from the fund is aimed to facilitate economic development and social upliftment in the country. The Sustainable Growth Fund will be used to provide financial support to educational institutions, medical facilities, as well as provide additional funding for the construction of infrastructure, the development of local tourism, the preservation of local culture and heritage and support of sustainable growth initiatives in the twin-island nation.

The Sustainable Growth Fund remains the quickest and easiest route to second citizenship in St Kitts and Nevis and from 1 January to 30 June 2023, for a Limited Time Offer, a main applicant, following stringent background checks, can make a minimum investment of US$125,000 to the Fund and receive approval in principle within 60 days of submission of application.

Under the Limited Time Offer, investment options are as follows:

• Single applicant – US$ 125,000
• Main applicant and a spouse – US$150,000
• Main applicant, spouse and two dependants – US$170,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000

From 1 July 2023 onwards, applicants investing through the Sustainable Growth Fund will be charged as follows and can expect approval in principle within 90 days of submission of application.

• Main applicant – US$150,000
• Main applicant and a spouse – US$175,000
• Main applicant, spouse and two dependants – US$195,000
• Each additional dependant under 18 – US$10,000
• Each additional dependant over 18 – US$25,000

These changes are part of the government’s tireless efforts to create conditions necessary for sustainable economic growth and diverse business opportunities.

“This is an exciting time because these policies will continue our progressive course in the global investor immigration industry and cement St Kitts and Nevis’ place as a leader in the Citizenship by Investment space. As we move toward a brand-new diversified economy, we remain committed to investing in tangible projects to uplift the country to achieve our goal of establishing a sustainable island state,” continued the Prime Minister.

It is important to note that these additional layers are not meant to hinder the application process but rather ensure multiple aspects including keeping processing to agreed timelines, all approved applicants are of the highest repute and most importantly, that projects meet the requirement of benefitting the local economy.

Another change is that the sustainable model of the Citizenship by Investment programme will now involve the implementation of an improved multi-faceted approved real estate application process, the removal of loopholes and the strict enforcement of escrow and project milestone requirements.

The evolved St Kitts and Nevis Citizenship by Investment Programme will invite bold and creative investors to facilitate the development of innovative industries in St Kitts and Nevis including construction of real estate developments pursuant to the new administration’s priority infrastructure list. “All projects must bring substantial benefit to the people of St Kitts and Nevis,” noted the Prime Minister.

The government will approve real estate projects to be developed and of these, a designated number of real estate units will be available to be sold to qualifying investors. Real estate projects will be constructed and completed according to a pre-defined schedule and a designated escrow drawdown process will also be implemented.

Only approved real estate developments will be eligible for the Citizenship by Investment option and most importantly, current “Approved Projects” will lose this designation once the new Citizenship by Investment regulations have been gazetted and approved, meaning stakeholders of these projects will need to apply afresh to become an “Approved Development”.

Minimum investment for approved real estate will remain at US$200,000 but there will be an introduction of penalties for the circumvention of minimum investment sums including:

• Fines of up to US$200,000 on summary conviction
• Revocation/suspension of Approved Development status
• Removal of Authorised Agent licence
• Blacklisting on the Citizenship by Investment website as a person or entity not authorised to submit a Citizenship b Investment application

A new Public Good Investment Option (PGIO) will replace the Alternative Investment Option (AIO) and will focus on effecting real transformation for the country by investing into areas that will benefit the citizens of St Kitts and Nevis – these projects must maximise local employment, transfer technological skills and increase capacity building. Investors of the PGIO must assume all financial risks associated with the projects and, if the investment results in the development of real estate on State land, investors must agree to transfer all real estate to the State on substantial completion. Investors looking to contribute to the PGIO will be required to apply to the Board of Governors to be designated as a Public Good Investor. To qualify under the PGIO, an applicant must contribute US$175,000, excluding relevant due diligence, processing and Government fees.

Investors can also apply for citizenship through the purchase of a qualified private home, for a minimum investment of US$400 000.00 for each main applicant. Unlike the preapproved real estate option, investing through a private home means a single-family home is sold as one unit and cannot be converted into apartments, condominiums or divided otherwise. The use of shares is also prohibited.

A private home that has been purchased through the Citizenship by Investment Programme cannot be sold for a period of five years after the granting of the citizenship and the property may never be eligible for use in a subsequent Citizenship by Investment application.

Having established the citizenship by investment industry 40 years ago, the progressive government of St Kitts and Nevis believes that these changes to its programme will once again set a much-needed positive tone and direction in the investor immigration industry.

St Kitts and Nevis has created a name for itself as a financial nexus with an attractive citizenship programme underpinned by a sound legal framework and robust multi-layered due diligence.

For nearly 40 years, St Kitts and Nevis has been the pioneer of the global investor immigration industry.

Watch the full video announcement here.

PR St Kitts and Nevis
Government of St. Kitts and Nevis
mildred.thabane@csglobalpartners.com

GlobeNewswire Distribution ID 8720436