DUBAI, UAE — The number of people seeking Dominican citizenship that allows visa-free travel to more than 130 countries through citizenship by investment (CBI) programme has increased significantly. In UAE alone, Caribbean citizenship demand by affluent residents has increased 51 percent. The investment in the Marriott Autograph Collection Hotel development directly qualifies the buyer for Dominican citizenship.
UAE, with over 5,000 high-net-worth individuals holding $925 billion, eight million expatriates with Dh121 billion remittance flows, is an ideal hub for emigrants and for countries in Europe, America, the Caribbean, Australia and New Zealand – who attract wealthy investors and skilled immigrants through business and investment immigration programmes offered to boost their economic growth.
This was highlighted at a seminar about Dominica’s citizenship by investment. The event, held in Dubai on Wednesday night, was attended by the prime minister of Dominica, Roosevelt Skerrit; Emmanuel Nanthan, head of the Citizenship by Investment Unit in Dominica; Alick Lawrance, deputy CEO of the Marriot Autograph Collection development, a member of Marriott International’s industry-leading portfolio and a Dominican government approved project for citizenship by investment programme, along with Imran Farooq, chief executive officer of AAA Associates, a citizenship by investment immigration advisory firm, which is part of Dubai-based Samana Group of Companies, high officials and over 500 ultra-high-net-worth individuals.
“AAA Associates in Dubai under the leadership of its chief executive Mr Imran Farooq is doing a commendable job for Dominica. We greatly thank them for the wonderful job. Through AAA Associates, we receive a large number of applications every year,” Skerrit said.
“Our government has a strong mechanism to protect the investment of people who put money into Dominica’s citizenship by investment programme. Therefore all investment is processed through state-run escrow account and funding is released as and when required on phase by phase on construction activity of the property. That is the reason, Marriott International, which is the world’s largest American multinational diversified hospitality company that manages and franchises a broad portfolio of hotels – such as Anichi Resort & Spa, an Autograph Collection by Marriott – decided to set up this hotel after a careful due diligence process,” he said.
“Dominica has very favourable tax regime, imposes no capital gains and property or inheritance taxes. Personal income tax is not charged if the income is not earned in Commonwealth of Dominica. The Dominica citizenship through investment programme is legally entrenched in law, and since Dominican law does not contain any restrictions on holding dual nationality, obtaining second citizenship by investment in the country is a confidential process that does not require a person to renounce his existing citizenship and be present to get the Dominican passport,” Roosevelt noted.
Anichi Resort & Spa is certified by the government of Dominica for citizenship investment through its citizenship by investment programme. Its striking design, amplifying the spirit of Dominica and its indigenous people, fuses tropical foliage with impressive architecture, giving way to what can only be called eco-chic resort living.
“I, on behalf of the people of UAE, express great gratitude to the dignitaries from the Commonwealth of Dominica for supporting the AAA Associates’ seminar and making it resounding success. I must say that now is the right time to embrace out-of-the-box approach in the citizenship by investment (CBI) programs extended by Caribbean region, that has two-way benefit – developing the economies of applicant’s home country and Dominica,” Farooq said.
“In addition to having no physical residency requirement, the Dominica CBI investments are done in government managed escrow accounts, has no language, age, business experience, or educational requirements, and there is no mandatory interview,” he explained.
The CBI industry is worth US$2 billion per annum that helps the economies of the host countries to grow. Many European, American and the Caribbean countries are offering citizenship in exchange of investing in real estate, cash donation, investment in government bonds and treasuries and public projects.
A report published in Finance and Development, a publication by the International Monetary Fund (IMF), says, the inflows of funds to countries from the citizenship by investment programmes can be substantial, with far-reaching macroeconomic implications for nearly every sector, particularly for small countries.
Programmes with popular real estate options generate an inflow similar to that of foreign direct investment (FDI), boosting employment and economy. The Marriott Autograph Collection will open in late 2019 and the project is funded from the real estate component of Dominica’s citizenship by investment programme.
Established in 1993, the Dominica economic citizenship programme legally offers individuals and families an irrevocable second citizenship and passport in only three to six months, with no visit to the country required. The Caribbean island nation has an excellent international reputation and, consequently, Dominica passport provides visa-free access to 130 countries around the world, including the Schengen zone, Europe, Switzerland, Singapore, Hong Kong, the UK and many more.