Citizenship through investment picks up as Dominica offers citizenship for as low as US$100,000 for emigrants
Source: Pan Asian Media , Author: Posted by BI-ME staff
Posted: Wed January 3, 2018 11:34 am

UAE. The number of people seeking a second citizenship that allows visa-free travel to more than 100 countries in a more inter-connected and globalised world – through investment and business migration – has increased significantly, according to latest findings.

Highlights:
1-  Dominican citizenship by investment programme has been ranked as the best in the world by Financial Times – offering visa-free travel to 120 countries
2-  The UAE, with more than 8 million foreigners, is an ideal hub of prospective emigrants to countries in Europe, America, the Caribbean, Australia, New Zealand
3-  Citizenship through investment is a US$2 billion annual industry that helps the economies of the host countries
 
This was evident at a latest seminar organised by Dubai-based immigration consultants AAA Associates in Dubai, where Mr. Imran Farooq, CEO of AAA Associates, part of UAE-based diversified conglomerate Samana Group, Mr Emmanuel Nanthan, Head of Citizenship by Investment Unit of the Commonwealth of Dominica, Mr. Alick C. Lawrance, Deputy CEO of Anichi Resort and Spa, a member of Marriott International's industry-leading portfolio and a Dominican government approved project for citizenship by investment programme, along with around 200 high-networth-individuals (HNIs), high officials attended and participated in the interactive session about Dominica’s Citizenship by Investment programme.
 
Globally, more than 250 million people live outside their countries of origin who collectively contribute to the US$596 billion remittance flow worldwide, according to the latest World Bank report.
 
The UAE, which hosts more than 8 million expatriates who contribute US$33 billion (Dh121 billion) remittance flow, is an ideal hub for emigrants and for countries in Europe, America, the Caribbean and Australia and New Zealand – who attract wealthy investors and skilled immigrants through business and investment immigration programmes offered to boost their economic growth.
 
 
Many UAE expatriate residents usually seek migration to different countries for a better life or a new strong passport that allows free movement to a number of countries in a more connected and globalised world.
 
Dominca, a small Caribbean island of 71,000 people, offers one of the cheapest economic migration packages, starting from US$100,000 through government’s donation programme, or US$200,000 investment in property – that allows the investor to gain the passport of Dominica that allows visa-free travel to 120 countries in the world.
 
“Tourism and foreign investment through citizenship programme helps the relatively small economy of our island-state and we are seeking greater number of citizenship applications from the UAE – a strong immigration source market for us,” Emmanuel Nanthan, Head of Citizenship by Investment Unit of the Commonwealth of Dominica, told participants at the seminar.
 
“The Dominica citizenship through investment programme is legally entrenched in law, and since local 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 their existing citizenship,” Emmanuel Nathan said.
 
“In addition to having no physical residency requirement, the Dominica citizenship by investment programme has no language, age, business experience, or educational requirements, and there is no mandatory interview.”
 
Citizenship through investment is a US$2 billion annual industry that helps the economies of the host countries. Many European, American and Caribbean countries are offering citizenship in exchange of cash donation, investment in government bonds and treasuries, public projects and real estate.
 
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.
 
“Inflows to the public sector alone in St. Kitts and Nevis had grown to nearly 25 per cent of GDP as of 2013. Antigua and Barbuda and Dominica have also experienced significant inflows. In Portugal, inflows under the country’s golden visa programme may account for as much as 13 per cent of estimated gross foreign direct investment inflows for 2014; in Malta, total expected contributions to the general government from all potential applicants could reach the equivalent of 40 per cent of 2014 tax revenues when all allocated passports are issued,” the report says.
 
The macroeconomic impact of economic citizenship programmes depends on the design of the programme, as well as the magnitude of the inflows and their management. The foremost impact is on the real sector, where inflows can bolster economic momentum.
 
“Programmes with popular real estate options generate an inflow similar to that of foreign direct investment, boosting employment and growth. In St. Kitts and Nevis, inflows into the real estate sector are fuelling a construction boom, which has pulled the economy out of a four-year recession — to a growth rate of 6 per cent in 2013 and 2014, one of the highest in the Western Hemisphere,” the report says.
 
“The rapid increase in golden visa residency permits in Portugal, which has issued more than 2,500 visas since the programme’s inception in October 2012, has reportedly bolstered the property market, leading to a steep rise in the price of luxury real estate.
 
 
“If they are saved rather than spent, inflows from these programmes can substantially improve countries’ fiscal performance. In St. Kitts and Nevis, budgetary revenues from the programme boosted the overall fiscal balance to more than 12 per cent of GDP, one of the highest in the world.”
 
Established in 1993, the Dominica Economic Citizenship Programme legally offers individuals and families worldwide an irrevocable second citizenship and passport in only four to six months with no visit to the country required. The Caribbean island nation has an excellent international reputation, and consequently, the Commonwealth of Dominica passport provides visa-free or visa on arrival access to more than 115 countries around the world including the entire European Union, Switzerland, Singapore, and Hong Kong.
 
“Dominica is an economically secure country with a parliamentary democracy enjoys one of the highest standards of living in the Caribbean, has no taxes for non-residents, boasts the lowest crime rate in the entire region, and is arguably one of the most naturally beautiful places on earth with lush green mountains, countless pristine rivers and waterfalls, and stunning white and black sandy beaches,” Emmanuel Nathan said.
 
“Best of all, Dominica offers the cheapest citizenship by investment programme in the world with reputable second passports starting at only US$100,000.
 
“The cost of citizenship in Dominica has remained unchanged until 2017, which was originally scheduled to increase significantly in August 2016, with the minimum price of a Dominica passport rising 75 per cent to $175,000. This major cost increase has now been put on hold for some time, so if you are interested in becoming a Dominica citizen, we encourage you to act fast.”
 
Dominican citizenship by investment programme has been ranked as the best citizenship by investment programme in the world by the Financial Times. Becoming a citizen of this peaceful and welcoming country for life through one of the oldest and most trusted citizenship by investment programme is now becoming more popular.
 
Imran Farooq, CEO of AAA Associates, an entity of Samana Group, said, “As an immigration consulting firm, we offer the best guidance and the best professional services to our clients, many of whom are benefitting from these citizenship packages available globally.
 
“Dominican citizenship by investment programme is the most affordable second citizenship scheme in the world. It offers visa-free travel to around 120 countries, including UK, Schengen zone, Singapore, Hong Kong etc.
 
“With minimal taxation – no wealth, gift, inheritance, foreign income or capital gains tax, an immigrant’s savings multiply as compared to other countries who tax all immigrants. The country offers full residence status and dual citizenship, with the right to live and work in Dominica and there is no requirement to reside in Dominica before or after citizenship is granted.
 
“Moreover, the citizenship does not expire and can be passed on to future generations.”


Photo Captions:
1. (above)   Mr Imran Farooq, CEO of AAA Associates, with Mr Emmanuel Nanthan, at the seminar
2. (inset)     For illustrative purposes only (File photo)

About AAA Associates
AAA Associates is a one-stop solution for your business immigration and Second Citizenship/ Second Passport needs. AAA Associates is a UAE based immigration services company that specialises in the most in-demand areas of immigration and citizenship by investment field.
 
 The company’s highly-qualified, well-trained and vastly-experienced team of immigration lawyers, consultants and experts provide clients focused services as per their specific immigration and/or quick second citizenship needs.

For more information, please visit http://aaa-international.com/
 
About Samana Group
Samana Group of Companies is a Dubai-based well-diversified and well-established business conglomerate comprising of eight companies engaged in immigration services, investment, real estate development and asset management, playing their role in the UAE and GCC economies. Each company is a full-fledged professional and business entity, with proper business model, state-of-the-art facilities and managed by fully dedicated professional staff.

Samana Group of Companies offers diversified services to its clients. Samana Group’s strength is in its highly professional and transparent approach. The group companies render Business Management, Immigration Services and Real Estate investment and Development services with outstanding professional approach.  

For more information, please visit http://samana-group.com/

Samana Group of companies includes Premiers International, Star Business Centre, Global Migration Services, AAA Associates, Samana Developers, Capital Investment Company Limited and Reliance Star Properties LLC.

 

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