The Prime Minister of the Commonwealth of Dominica His Excellency Roosevelt Skerrit was the guest of honour and addressed over 500 ultra-high-networth individuals at a mega seminar organised by AAA Associates immigration advisory.
The number of people seeking the Dominican citizenship that allows visa-free travel to more than 130 countries through Citizenship by Investment programme has increased significantly. In UAE alone, the Caribbean citizenship demand by affluent residents has propelled to 51 per cent. The investment in the landmark development Marriott Autograph Collection Hotel directly qualifies the buyer for Dominican citizenship.
UAE, with over 5,000 high-networth-individuals holding Dh3.4 trillion ($925 billion), 8 million expatriates with Dh121 billion remittance flows, is an ideal hub for emigrants and for countries in Europe, America, the Caribbean, Australia and New Zealand – who attract wealthy investors and skilled immigrants through business and investment immigration programmes offered to boost their economic growth.
These deliberations were made at a strategically important and specialized seminar about Dominica’s Citizenship by Investment. The mega event, held in Dubai last night, was attended by the Prime Minister of the Commonwealth of Dominica His Excellency Roosevelt Skerrit; H.E. Emmanuel Nanthan, Head of Citizenship by Investment Unit of the Commonwealth of Dominica; Mr. Alick C. Lawrance, Deputy CEO of Marriot Autograph Collection, a member of Marriott International's industry-leading portfolio and a Dominican government approved project for Citizenship By Investment programme along with Mr. Imran Farooq, Chief Executive Officer of AAA Associates, a leading Citizenship By Investment immigration advisory, which is part of Dubai-based Samana Group of Companies, high officials and over 500 ultra-high-networth individuals.
His Excellency Dr. Roosevelt Skerrit, the Prime Minister of the Commonwealth of Dominica, said: “The AAA Associates in Dubai under the leadership of its Chief Executive Mr. Imran Farooq is doing a commendable job for Dominica. We greatly thank them for the wonderful job. Through AAA Associates, we receive a large number of applications every year.”
“Our government has a strong mechanism to protect the investment of people who put money into Dominica’s Citizenship by Investment programme. Therefore all investment is processed through state-run escrow account and funding is released as and when required on phase by phase on construction activity of the property. That is the reason, Marriott International, which is the world’s largest American multinational diversified hospitality company that manages and franchises a broad portfolio of hotels - such as Anichi Resort & Spa - an Autograph Collection by Marriott decided to set up this hotel after a careful due diligence process,” he said.
“Dominica has very favourable tax regime, imposes no capital gains and property or inheritance taxes. Personal income tax is not charged if the income is not earned in Commonwealth of Dominica. The Dominica citizenship through investment programme is legally entrenched in law, and since Dominican law does not contain any restrictions on holding dual nationality, obtaining second citizenship by investment in the country is a confidential process that does not require a person to renounce his existing citizenship and be present to get the Dominican passport.” H.E. Roosevelt said.
“I, on behalf of the people of UAE, express great gratitude to the dignitaries from the Commonwealth of Dominica for supporting the AAA Associates’ seminar and making it resounding success. I must say that now is the right time to embrace out-of-the-box approach in the Citizenship by Investment (CBI) programs extended by Caribbean region, that has two-way benefit – developing the economies of applicant’s home country and Dominica,” said the host, Imran Farooq, Chief Executive Officer of AAA Associates.
“In addition to having no physical residency requirement, the Dominica CBI investments are done in government managed escrow accounts, has no language, age, business experience, or educational requirements, and there is no mandatory interview,” Imran explained.
The CBI industry is worth US$2 billion (Dh7.34 billion) per annum that helps the economies of the host countries to grow. Many European, American and the Caribbean countries are offering citizenship in exchange of investing in real estate, cash donation, investment in government bonds and treasuries and public projects.
A report published in Finance and Development, a publication by the International Monetary Fund (IMF), says, the inflows of funds to countries from the citizenship by investment programmes can be substantial, with far-reaching macroeconomic implications for nearly every sector, particularly for small countries.
Programmes with popular real estate options such as Anichi Resort & Spa - an Autograph Collection by Marriott generate an inflow similar to that of Foreign Direct Investment (FDI), boosting employment and economy. The Marriott Autograph Collection will open in late 2019. The project is funded from the real estate component of Dominica's Citizenship by Investment programme.
Established in 1993, the Dominica Economic Citizenship Programme legally offers individuals and families an irrevocable second citizenship and passport in only three to six months with no visit to the country required. The Caribbean island nation has an excellent international reputation, and consequently, the Commonwealth of Dominica passport provides visa-free to 130 countries around the world including Schengen zone, Europe, Switzerland, Singapore, Hong Kong, the UK and many more.