2020 CBI Index Applauds Dominica for its Swift Response to the Global Health Crisis

29/09/2020 11:00

LONDON, Sept. 29, 2020 /PRNewswire/ -- Overall, the Citizenship by Investment (CBI) industry has been quick to respond to the global COVID-19 crisis. However, the Caribbean's Commonwealth of Dominica topped the list. This is according to the CBI Index, an in-depth report that examines and evaluates fast-track routes to citizenship offered by a variety of countries in the Caribbean, Europe and Asia. Dominica's swift response was credited to its longstanding history in the investment immigration industry.

The 2020 version of the report was published earlier this month and is backed by the Financial Times' Professional Wealth Management magazine. The fourth annual version of the index compares 14 CBI jurisdictions using nine 'pillars' that evaluate factors like the speed of the application process, due diligence, and investment rates.

"CBI countries — particularly those with long-established systems and experienced processing staff — have largely been quick to respond to the Covid-19 crisis. They have provided a range of solutions, both temporary and permanent, to alleviate administrative burdens for applicants and authorised agents," the report said.

In March 2020, the CBI unit of Dominica, "Issued circulars announcing that they would move their processes online to reduce transmission of the disease. Dominica, whose unit had already accomplished a swift switch to remote processing in the aftermath of the 2017 hurricane season, drew on experience to adapt to the social distancing requirements of COVID-19 and continue to process at a rapid pace," it added.

Dominica also ranked best overall CBI Programme for the fourth year in a row. It excelled in the pillars of minimum investment outlay, mandatory travel and residence, ease of process, due diligence, certainty of product, and the index's newest pillar, family. This is due to some changes the country made this year to make its CBI Programme more attractive to families. The changes include the fact that dependents can be related to the main applicant or the main applicant's spouse, there is no longer an age limitation on parents or grandparents, and siblings are allowed up to the age of 25.

A growing population of foreign investors have become citizens after contributing US$100,000 to a government fund or investing at least US$200,000 in prime hotels and resorts. CBI funding has had a tangible impact on virtually all aspects of life in Dominica, as noted in a PricewaterhouseCoopers report.

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