The Dominica Citizenship by Investment Unit has revealed that there were 2,100 successful applications regarding their Citizenship By Investment Program (CBI) over the 12 month period to the end of June 2019. This tops the number of applications approved per year in any CBI program, of those countries that reveal their data.
The Dominica CIU attributes the success of its program to efficiency in the processing of applications.
The Prime Minister Roosevelt Skerrit announced in his budget address in August that revenue from the country’s CBI program will represent 25% of GDP and 51% of revenue in the fiscal year 2019-20, and that direct government receipts from the program would amount to EC$ 417.5 million not including real estate investments and donations.
Sam Raphael, the owner of Jungle Bay Eco Villas, which development has recently completed its first phase, said in a recent interview that he believes confidence in the program’s investment option, as opposed to the donation option is partly creditable for the CIPs relative popularity. Jungle Bay Real Estate is an approved project registered under the CBI Program for the Commonwealth of Dominica.
Jungle Bay Eco Villas is also an award-winning adventure wellness boutique resort located on the nature isle of the Caribbean and is the first hotel in Dominica that opened under the CBI Program.
To qualify for Citizenship of Dominica under the Real Estate option, you must purchase authorised Real Estate to the minimum value of USD 200,000.
On approval in principle of an application through a real estate investment or other approved project, the following Government Fees also apply:
- USD $25,000 for a single applicant;
- USD $35,000 for the main applicant applying with his or her spouse;
- USD $35,000 for a family of up to four persons, including the main applicant and up to three dependants;
- USD $50,000 for a family of up to six persons, including the main applicant and up to five dependants or
- USD $70,000 for a family of seven persons or more, including the main applicant and six or more dependants.
In order to qualify for Citizenship, you must hold authorised Real Estate for 3 years from the grant of citizenship. Furthermore, you may only re-sell that Real Estate under the CBI Program after 5 years of receiving Citizenship.
In addition to the capital investment required under the real estate option, the following fees are also payable:
Per application – USD $1,000
Due Diligence Fees*
- Main Applicant – USD $7,500
- Spouse – USD $4,000
- Dependant aged 16 years or above – USD $4,000
*In some cases, enhanced due diligence may be required, depending on the citizenship the applicant holds and other personal circumstances.
Certificate of Naturalisation Fee – USD $250 per person
Expedited Passport Issuance Fee – USD $1,200 per person
Sam Raphael, the owner of Jungle Bay Eco Villas has made the CBI application simple and cost-effective.
Jungle Bay Eco Villas have incorporated the Villa purchase price with all related CBI fees. Using their in-house Commonwealth of Dominica CBI register Agent, who conducts the whole legal process which takes approximately 3 months.
Price of a Jungle Bay Eco Villa (without Residency)
$255,000 for the 1,200 square foot lot and villa. Each villa comes with its own title/deed.
Jungle Bay Eco Villas – The Smartest Caribbean Citizenship By Investment Option
|Citizenship Option||Single Application||Family of 4||Family of 6|
|With Jungle Bay Villa||$290,000||$308,300||$326,200|
|Effective Cost of Villa||180,000||$90,000||$55,000|
The above prices include all government fees, Real Estate title registration & closing costs.
Following perusal of this news article, you can work it out for yourself. Increasing the family numbers to the CBI program, the less you pay for your associated Jungle Bay Eco Villas.
For more information regarding the Dominica Citizenship By Investment Program or the Jungle Bay Eco Villas, please clink the link and contact us direct.