With a looming recession, inflation on the rise and a lack of security, high net-worth Nigerians caught in tax evasion are looking to secure their future by investing in a second citizenship. According to CS Global Partners, a London headquartered legal government advisory and marketing firm, there has been interest from Nigerians, particularly under Dominica’s Citizenship by Investment (CBI) Programme.
Introduced in 1993, Dominica’s CBI Programme is internationally recognised as the world’s best offering for second citizenship for the last four years consecutively – as ranked by the annual CBI Index. For over two decades, Dominica has been welcoming wealthy investors and their families to its shores once they invest in either a government fund or pre-approved real estate. Those who opt for the real estate route can choose to invest in a variety of luxury properties from the likes of Marriott, Hilton and Kempinski. This allows for a return on investment as investors can decide to resell the property after holding it for five years.
Once undergoing stringent due diligence checks, successful applicants gain access to a wealth of opportunities like alternative business routes, the right to live and work in the country and increased travel freedom. For the average Nigerian businessperson, accessing global business hubs is essential. However, the Nigerian passport only allows visa-free entry to roughly 54 countries. In contrast, Dominica’s passport allows travel to approximately 140 destinations, around 75% of the world.
Micha Emmett, CEO of CS Global Partners, says: “Homegrown is always best but to be competitive, one needs to look at global outreach. As a Nigerian, travel can be seriously hampered; therefore having second citizenship provides access to the globe. Moreover, there is no price that one can put on personal safety and security, precisely the benefit obtained from being a citizen of a safe and happy country like Dominica.”
Dominica is also one of the few countries that made the inclusion of family members in an application simpler. Investors who choose to acquire Dominican citizenship can include their spouse, children, parents and grandparents, along with the spouse’s family members. Dominica’s CBI Programme also allows for post-citizenship additions, meaning that investors can still include family members even after the receipt of citizenship.
Aside from offering a safe route to second citizenship, Dominica also provides a high quality of life with a burgeoning eco-tourism sector that prioritises the natural environment. Those who do choose to emigrate to Dominica can rest assured that they’re selecting a stable nation with unlimited opportunities.