By Staff Writer
December 4, 2020
Dominica’s Cabrits Kempinski Resort Becomes the First Recipient of the Annual World MICE Awards
The Commonwealth of Dominica’s real estate sector has been making international waves in recent years. It has gained recognition from globally renowned publications to winning the travel industry’s most notable awards. Recently, Dominica’s popular Cabrits Resort & Spa Kempinski was heralded as the “Caribbean’s Best New MICE Hotel” by the annual World MICE (Meetings, Incentives, Conferences, and Exhibitions) Awards. Since its opening in 2019, the luxury property has not only been providing a lavish space to conduct business but has also been attracting wealthy investors from across the globe under the Citizenship by Investment (CBI) Programme.
For nearly three decades, the island nation has been welcoming foreign investors to become citizens under its CBI Programme once an economic contribution is made. There are two channels of investment available: a one-time investment into the government fund or buying into selected real estate properties. Aside from the Kempinski resort, there are seven other properties to choose from including brands from renowned hoteliers like Hilton and the Marriott, while also offering unique boutique resorts like Secret Bay and Jungle Bay.
However, first, applicants must undergo a rigorous vetting procedure that utilises both local and international agencies to conduct thorough due diligence. “There is a very robust due diligence process because we have to ensure we protect ourselves as a nation. We also protect the applicant who is applying to become a citizen of Dominica and give [them] the assurance [that they are] applying to become a citizen of a country that respects international law,” said Emmanuel Nanthan, Head of Dominica’s CBI Unit during a recent webinar.
For the last four years consecutively, Dominica’s CBI Programme has been acclaimed as the world’s best offering for second citizenship as ranked by the annual CBI Index. The special report, devised by experts at the Financial Times’ Professional Wealth Management magazine, highlighted the Programme’s affordability, efficiency and meticulous attention to due diligence as some of the reasons for its ranking. Dominica is also one of the first jurisdictions to widen the definition of dependants under its CBI Programme, allowing for the inclusion of children over 18 years of age, parents, grandparents, siblings, and the family of the main applicant’s spouse.
Successful applicants gain access to increased global mobility to approximately 140 destinations and the option to pass citizenship down for generations to come.
On the CBI front, Dominica has been making great strides as well.
Brexit has for some time been a part of the lives of those living in the UK. From a proposed idea to a passed bill, the UK is currently in the midst of a transition period that will culminate in officially leaving the EU on January 1, 2021. What remains unclear, is what exactly this means for British citizens. What restrictions will be in place, how strong will the British passport now be and what will be the economic impact? Due to this uncertainty many have now turned to Citizenship by Investment Programmes as a means to obtain dual citizenship in another country.
Not knowing what the future holds in the country you call home can be distressing and so for many, they are looking into the option of citizenship in more stable countries where their future seems more certain.
Citizenship by Investment (CBI) has long been a route taken to secure a second citizenship. A survey conducted by CS Global Partners highlighted that 63 percent of British citizens would like a second citizenship and that the majority of this group made this decision because of Brexit.
“Put simply, Brexit has left people uncertain about their future. Whether it’s your business, family or just the security and stability you want from your government. It has made many think of what their options really are. What is the ‘Plan B’ if Brexit does not favour your personal situation or the overall economic state of the country. Citizenship by Investment provides that safety net and the financial freedom they crave. As a company, we have seen a marked increase from British citizens in applying to our programmes in the Caribbean; specifically to the Dominica CBI Programme,” says Paul Singh, Director of CS Global Partners, a legal advisory firm headquartered in London.
According to the survey, lifestyle has been a determining factor when it comes to choosing a country for dual citizenship. In comparison to the British weather, and the economic ups and downs, the Caribbean offers a tropical paradise with opportunity, security and stability.
“Dominica offers a well-established programme whereby investors can either become citizens through a donation or by investing in real estate. The quick turnaround of the application process, around 90 days, makes it an attractive option. Being a citizen of Dominica also allows you visa-free access to 140 countries which opens doors for travel and for business. While many can only gain dual citizenship via family connection, Citizenship by Investment Programmes offer an equal playing field for those able to invest,” says Micha Emmett, CEO of CS Global Partners.
So, what does the future hold for the UK? “I firmly believe that diversifying your options/having a ‘plan B’ is the way for British citizens to gain back some control over their future; to gain some certainty,” concludes Emmett.