Roseau, June 28, 2023 (GLOBE NEWSWIRE) — Numerous reports and data, including data from the country’s Central Bank, are showing how a record number of wealthy Indians are investing abroad. According to the Reserve Bank of India, in the 2021-22 financial year, Indians invested approximately US$1.69bn directly into foreign bank deposits, equity and debt instruments, and bought property outside the country – that figure is 40 per cent higher than the figure for 2020-21 and nearly six times the figure in 2014-15.
The outflow of money and millionaires is being driven by factors ranging from the desire to diversify investments geographically to the search for boltholes following the COVID-19 pandemic.
Earlier this year, India’s External Affairs Minister, S Jashankar, stated that the Indian government has noted a trend where a significant number of Indians renouncing their Indian citizenship – attaining citizenship in jurisdictions that can offer them the safety, security and opportunities they desire.
The Commonwealth of Dominica offers a Citizenship by Investment Programme that has been running for almost three decades – and is a legitimate solution to those looking to invest in a stable economy pegged against the dollar.
Citizenship by Investment enables HNWIs and their families to qualify as citizens of another nation by making a monetary commitment to that territory, usually via a contribution to a government fund. This investment is often channelled by the government to socially and economically important projects such as health and education, segments that perform exceptionally well in the Caribbean territories, so much so that their social development indicators are on par with, or even exceed that of, the wealthy countries in Europe, East Asia, Australasia and North America.
The financial freedom that flows from Citizenship by Investment also provides a safety net against tanking markets, hyperinflation, political instability, trade wars and currency fluctuations. In such circumstances, Dominica acts as a safe haven, a place where Indians can securely and confidently deposit their assets and investments and embrace flexibility in business and tax planning while being immune to financial and political shocks.
Dominica’s Citizenship by Investment has two distinct investment options that Indian HNWIs may select from.
Real Estate investment option is an opportunity for Indian HNWIs to invest in government-approved property. The minimum value of investment contribution is US$200,000, and there are due diligence, processing and Government fees are applied per application submitted.
The ‘Nature Isle of the Caribbean’ has exquisite government-approved real estate properties that have advantages such as great returns on investments and benefits for the whole family.
Jungle Bay, situated in Soufriere, is one of the government-approved properties that Indian HNWIs can purchase. The eco-friendly villas utilise renewable energy provided by Caribbean Renewable Energy Services.
The Residences at Secret Bay is an award-winning property that received recognition from prominent travel publications around the world, such as Travel + Leisure and The Financial Times. Secret Bay is currently under construction of additional villas to expand the property portfolio that Indian HNWIs can invest in.
InterContinental Dominica Cabrits Resort & Spa in Douglas Bay, formally known as Cabrits Resort & Spa Kempinski Dominica. The Resort is owned by Range Developments, and are eager to have the luxury resort in its portfolio that will attract business-minded investors to take part in the first InterContinental resort in the Eastern Caribbean. Despite the conversion and revamp of the resort, all of the resort employees’ jobs will not be affected by the changes in management.
Investment property must be held for at least three years from the date citizenship has been granted or must be held for five years from the date citizenship is granted, should the future purchaser is applying for alternative citizenship by investment.
Another investment option is the Economic Diversification Fund, Indian HNWIs can financially support private and public initiatives that are in various sectors of Dominica’s economy that include education, healthcare, tourism and various other sectors. This investment option is an element of Dominica’s national capital mobilisation portfolio.
Dominica has multiple projects that are advancing the progress of becoming a sustainable island. Mainly the construction projects that will create employment security.
An example of this is the extension of the Douglas Charles Airport runway to ensure more planes can land and take off safely. In addition, the government with key contractors have partnered to construct the new international airport that is successfully progressing.
Dominica is planning the construction of the geothermal power plant that will be implemented to ensure it will be a government-owned entity that will provide environmentally-friendly power to the whole island.
There are non-refundable contributions towards the Fund that Indian HNWIs can secure alternative citizenship for themselves and their families.