Business & Money | Wednesday 27 July, 2016 11:35 am |

Following Prime Minister Roosevelt Skerrit's announcement yesterday at the annual Dominica Government Budget Address, the current pricing thresholds for its popular citizenship-by-investment program will remain unchanged for 2016, Savory & Partners, a Dubai based Dominica Government Approved Citizenship Agent can exclusively reveal. 

With this recent announcement, Dominica citizenship will continue to start from $100,000 and therefore remain as the least expensive of all the Caribbean citizenship programs, in most instances as much as half the cost of its peers.

During his Budget speech the Hon. Mr Skerrit outlined that the economic citizenship program has raised more than USD $200 million dollars, surpassing all expectations.  The funds raised from the program have been a major source of funding in the recovery efforts raised after tropical storm Erika.  

The cost of Dominica citizenship starts at $100,000 for a single person and $200,000 for a family of four persons.

·         $100,000 for a single applicant;

·         $175,000 for applicant and spouse ;

·         $200,000 for applicant, spouse and up to 2 children below the ages of 18 years old;

·         $50,000 for any additional dependents of the main applicants other than spouse (unchanged)

In addition, Dominica offers selected real estate investments to qualify for the its passport. The minimum investment required for real estate is $200,000, covering a family of 4.  With a minimal difference between the real estate and donation option, this incentivizes applicants to invest in Government Approved projects in the country of their second citizenship.  Already more than one 5-star hotel brand has committed to build resorts on the island with other residential and hotel resorts for investors to choose from. Some are in the form of shares, other offer freehold title deed and after a period of 5 years the real estate may be sold and the applicant retains their citizenship.

 Jeremy Savory, CEO & Founder of the British family-owned Citizenship by Investment advisory firm Savory & Partners observed" This announcement is extremely positive as it keeps second citizenship accessible for a greater share of the region's population seeking a second passport. In particular single applicants, or families with children over 25 who would be double, triple or multiple applications it is a cost effective alternative to other citizenship by investment jurisdictions. Over the last 12 months we have successfully processed almost 100 high quality applications in anticipation of a price increase, so this extension will come as welcome relief to those who were concerned they could not submit their application before the 1st August 2016."

At the end of 2015, Savory & Partners hosted an exclusive dinner for prominent members of the UAE business community who held Dominica citizenship where The Prime Minister The Hon. Mr Skerrit addressed guests on investment opportunities available in his country and the importance of developing reciprocal business relationships between Dominica citizens in the Middle East and around the globe. This private by invitation-only event was attended by over 60 VIP businesspersons together with His Excellency, Dr Vince Henderson, the Permanent Representative and Ambassador of the Commonwealth of Dominica to the United Nations and His Excellency Ambassador Mr Emmanuel Nanthan, Director of the Citizenship by Investment Unit (CBIU).

The Dominica Citizenship by Investment Program has been in effect since 1993, making it one of the oldest and most established second passport programs in the world. After a rigorous investigation that takes up to 3 months, successful applicants are granted the citizenship of the Commonwealth of Dominica Citizenship. The passport allows visa free travel to over 127 countries including the United Kingdom & Schengen. A member of the British Commonwealth, Dominica passport holders may stay for up to 6 months in the UK and 3 months in European countries. The passport also provides investors with increased business and banking opportunities, significant tax advantages and family security and safety. The Government of Dominica accepts applications only from Government Approved Agents such as Savory & Partners in Dubai.

Savory & Partners is a British family-owned company with roots reaching back as far as 1794 when the Savory family were the pharmacists to the British Royal Family. The pharmacy division of the family business closed and is now part of the Melbourne University Medical University in Australia. However today the company has established itself as a leading second citizenship firm in the Middle East with Authorized Agent status granted by the Governments of Dominica, Grenada, and Antigua and Barbuda. Savory & Partners are trusted by governments around the world to source individuals of the highest caliber. By providing the highest level of service through experience, knowledge and trust, a successful application is guaranteed.