Wealthy Chinese businesspeople just love second citizenships, and it’s no great surprise to discover Chinese investors are the main applicants for most CBI (Citizenship by Investment) and Golden Visa programs in Europe and North America. However it is slightly surprising to discover they are also snapping up lesser known CBI programs for Caribbean islands like Grenada and Dominica.
China is the no.2 economy in the world, behind the USA and ahead of Japan, Germany, the UK and France – the nations that have made up the Big Six economies for many years. While China – a country of 1.3 billion people – has more millionaires and indeed billionaires than anyone else, there is nevertheless a constant undercurrent of unease that runs through the country, from the lowliest paddy field worker in the Yuangyang rice terraces, to a multi-billionaire in his own high-rise office block in Beijing. China remains very much a police state, one in which individuals can still vanish overnight simply for doing, saying or even thinking the wrong thing.
China; A Police State With A Puny Passport
Added to that is China’s shockingly poor passport, which allows its holder visa free travel to just 51 countries. In comparison with the rest of the Big Six, the US passport grants access to 174 countries, Japan has 173, the UK and France 175, while Germany’s passport has visa-free access to a mighty 177 countries. It is little wonder that China is by far the world’s largest market for second citizenship, with the EU, Australasian and North American markets their preferred choices.
Everyone knows China loves Portugal, from its government pumping more billions into the Western Iberian nation than any other country, to the 4,000-plus Chinese citizens who have purchased Portuguese Golden Visas in the past five years. Everyone knows wealthy Chinese love Vancouver, and more than 100,000 Chinese millionaires have bought property there. There’s even a reality TV show about rich Chinese-Canadian kids blowing their money there.
However, Chinese investors don’t only choose Europe and North America as locations to splash their cash. The Caribbean is also a target, aided in no small terms by its global reputation as an offshore banking and tax haven. Recently, two lesser-profile Caribbean island nations have been receiving plenty of attention from Chinese investors looking to gain second citizenship and a powerful new passport in return for their investment.
Both Dominica and Grenada have CBI programs which are great value for money, provide a solid passport, and have the added bonus of virtually zero residential demands on investors, perfect for Chinese businesspeople based thousands of miles away with travel restrictions.
The volcanic island of Dominica in the Lesser Antilles, also known as the “Caribbean Nature Island”, is one of the most beautiful places in the world’s natural landscape. Dominica covers 750 km2, and has a population of 72,600. A large area of the island is covered with lush tropical rainforest and dotted with natural hot springs. Dominica’s tourism industry is still in its infancy, with an average of 50,000 visitors each year, a drop in the ocean in comparison to such heavyweights as Jamaica and the Bahamas, and far less than close neighbors St. Kitts and Nevis.
Unlike many Caribbean islands whose economies are reliant on tourism, banking, or – as in the case of St. Kitts and Nevis, citizenship by investment, Dominica’s economy is still mainly dependent on agriculture, although it is gaining an increasing reputation with eco-tourists and lovers of exploring rainforests. If you like adventure and a positive lifestyle, then Dominica may be right for you. Although there are some authentic, Dominican-style “boutique” hotels on the island, visitors should not expect to find a five-star service across the board.
However, as we have seen with the rapid development of St. Kitts, which is undergoing a massive overhaul of high-end construction including a luxury Marriott’s complex, not to mention the hundreds-of-millions of dollars being poured in to Antigua and Barbuda from investors including Packer and business partner Robert De Niro, things can change rapidly in the Caribbean.
Dominica’s Citizenship By Investment Program
To stimulate domestic economic growth, in 1993 Dominica took a leaf out of St. Kitts and Nevis’ book and introduced their citizenship by investment (CBI) (St. Kitts had introduced the world’s first ever CBI program in 1984.) Almost 25 years later, Dominica’s CBI program is still going strong, and remains one of the most appealing and cost-effective on the market. The Dominic passport holds visa-free access to more than 135 countries and territories, including the UK, the Caribbean and the Commonwealth countries.
The application process requires no actual living on the island, ideal for Chinese business people based thousands of miles away, and citizens pay no income tax, property tax or estate tax. At present, the Dominic CBI program does not require a formal interview, but the Dominican government has of course the right to insist on such an interview.
Dominica CBI Investment Options
When it comes to the Dominican CBI program, an investor has two options. They can either make a charitable donation to the Dominican government to aid the country’s infrastructure, or purchase some Dominican real estate.
A Charitable Donation To The Dominican Government
If the investor is the only applicant (and no family members are included in the application), a minimum non-refundable investment of $100,000 is required.
For families wishing to acquire a second nationality, the investment requirements are as follows:
- Single applicant – $100,000, investment is non-refundable
- Applicant and spouse – $175,000, investment is non-refundable
- Family application (applicant + 1 spouse + 2 children under the age of 18) – $200,000, investment is non-refundable
- Additional family members – $50,000 per person
Only when the investor’s application has been approved will the donation be paid to the Dominican government account. Dominica sees the economic citizenship program as part of the country’s approach to school building, hospital refurbishment and promotion of overseas funding.
Investment In Dominican Real Estate
- To meet the requirements of the Dominican CBI program, an investor is required to spend at least $200,000 in a government-authorized real estate project. In addition, an applicant may be required to pay:
- Applicant: $50,000
- Spouse: $ 25,000
- Additional family members of the principal applicant (under 18): $20,000 per-person
- Applicant’s family (18-25 years old): $50,000 per-person
The purchased real estate must be retained for a minimum 3 years, at which point it can be passed on to a family member. It can be re-sold in accordance with the civil investment plan five years from the date of initial purchase.
Grenada is geographically a far smaller island than Dominica, although with a larger population. The surface area of the island is 344 km2, while its population is just under 110,000. Because of its fame as one of the world’s major producers of nutmeg and mace, Grenada is affectionately known as “Island of Spice”, and is one of the most beautiful locations to be found in all of the West Indies.
The island is covered in lush and exotic plants and flowers, and the beautiful scenery of Grenada includes its waterfalls and golden beaches, framed by tropical rainforests, which, like Dominica, attracts explorers and eco-tourists. This Grenada’s French-colonial “Creole” style combines both the authentic and the modern, making Grenada an ideal location for a holiday, or an extended break.
Grenada CBI Program
In 2013 Grenada announced their new, improved and updated citizenship by investment program, designed to be the equal of any CBI program available in the Caribbean. The benefits of the new program were multiple:
- The Grenada passport has visa-free access to more than 135 countries and territories.
- Grenada does not impose any income, property or inheritance tax on its citizens
- An applicant does not have to go to Grenada for a formal interview, nor spend any physical time on the island
Grenada CBI Investment Options
There are two principle investment options for applicants looking to become Grenada citizens and passport holders:
Contribution to the Government: National Transition Fund (NDF)
This options requires the applicant to make a non-refundable donation to the Grenada National Development Fund of a minimum amount of $200,000. There are additional charges for extra family members.
Real Estate Investment
This option requires the applicant to make a real estate purchase on the island of Grenada for a minimum of $350,000. The investor must maintain the property for a minimum of five years before selling it.
If you are a Chinese citizen who has been considering obtaining second citizenship to Grenada, Dominica, or indeed any of the multiple CBI and Golden Visa programs available, 2ndPassports.com are here to help and advise you.
If you visit our homepage you will see a large selection of the very best residency and citizenship programs from the EU, the Caribbean plus many other parts of the world. We can advise you on the programs that will best suit you, and help you make the right choice.
Feel free to contact us via email, WhatsApp or Telegram. If you prefer you can chat to one of our expert representatives directly – you can call us using our encrypted phone and Skype lines. All of our contact details are listed at the top of the 2ndPassports.com homepage.
REQUEST A FREE CONSULTATION
Fill out the form below to receive a free and confidential consultation.
This is a secure online application protected by SSL encryption