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The Guardian Nigeria - Webinar

Redefining Wealth, Safety, and Travel for Nigerians

 

Redefining Wealth, Safety, and Travel for Nigerians

Top reasons why Nigerians choose Dominica for Second Nationality

Dominica has seen a steady increase in the number of applicants from Nigeria over the years. However, the number of Nigerian applicants has skyrocketed in recent months. COVID-19 has made people realise that freedoms can be fleeting and that health is paramount. For many, a second citizenship can provide a layer of protection against restraint and uncertainty.

In partnership with CS Global Partners, the Guardian Nigeria hosted a webinar with Dominican Prime Minister Dr the Hon. Roosevelt Skerrit and His Excellency Emmanuel Nanthan, the Head of the Citizenship by Investment Unit, on January 15th. The webinar discussed three critical benefits for Nigerians opting for economic citizenship in Dominica: Wealth, Safety and Travel.

Wealth

The Commonwealth of Dominica provides many opportunities for Nigerian businesspersons to grow their businesses, whether they want to make Dominica their base or expand operations abroad. In the webinar, the Prime Minister said that the country is committed to encouraging and protecting business and entrepreneurship. He highlighted some of the main benefits being:

  • No capital gains or estate tax
  • The free movement of profits and dividends
  • Preferential access to specific markets due to the Economic Partnership Agreement between CARICOM and the EU
  • A wide range of concessions that are not limited to a particular sector

“Government will continue to assist and protect businesses as ensuring a thriving business sector is an essential part of Dominica’s development,” the Prime Minister said.

Safety

In terms of physical safety, many people are being subjected to government intrusion and social unrest. Second citizenship has become a means to live in a politically stable country where civil liberties are protected. Dominica has proven to be a politically stable country with a mature democracy. During the webinar, Ambassador Nanthan reiterated that the rule of law in Dominica is highly respected, and people live in harmony with each other.

He also discussed the ways locals and investors are kept safe through the due diligence of the Citizenship by Investment Programme: “Persons who have been denied a visa to a country with which Dominica has visa-free travel are not eligible to apply for citizenship under the Programme. This can only be mitigated if that person subsequently obtained a visa to, or residence permit for, that country.”

“We pride ourselves on ensuring that our due diligence and security checks are uncompromising, and we have several layers of this,” he added.

Most recently, in the 2020 edition of the CBI Index, a publication by the Financial Times’ PWM magazine, Dominica received a perfect score for its due diligence processes.

Travel

Today, Nigeria’s population faces severe restrictions on the number of countries they may travel to. Second citizenship can provide access to a country with an excellent international reputation and a strong visa-free and visa-on-arrival offering. Currently, Dominica offers visa-free or visa-on-arrival access to 141 countries worldwide, including a number of the world’s major business hubs.

“Dominican citizens can therefore travel without a visa to over 200% more of the world than citizens of Nigeria,” said the Prime Minister.

Citizenship by Investment in Dominica

The Citizenship by Investment Programme provides fast-track access to Dominican citizenship to the main applicant and their dependents. This includes dependant children up to 30 years of age and dependant parents and grandparents over the age of 55, so long as they demonstrate support.

Unlike other economic citizenship programmes, Dominica is a relatively cost-effective solution. Its benefits include citizenship-by-descent available for future generations, full residence status, with the right to live, work, and study in Dominica, no restrictions on dual citizenship in Dominica, and there is no requirement to reside in Dominica before or after citizenship is granted.