Over 900,000 South African have already left so where are they going? Could Dominica be the answer?
Roseau, July 05, 2023 (GLOBE NEWSWIRE) — South Africa has been in the news for all the wrong reasons in the past few months, with ongoing rolling blackouts hampering business, soaring interest rates and most recently the prospect of the country being isolated by international partners due to its ties with Russia.
Many South Africans are now actively looking outside their border for better personal and business prospects. South Africans are demanding more and better from their government – over 900,000 South Africans have already left the country according to the UN Department of Economic and Social Affairs’ 2020 International Migrant Stock report in 2022. The UN report, said by the end of 2020, 914,901 South Africans were living in other countries and territories, up from 786,554 in 2015.
With countries around the world increasing their global competitiveness, many nations are offering investors lucrative benefits that attract the best talent and brightest businesses to their shores.
One such nation is the Commonwealth of Dominica – an island nation that is one of the safest countries in the world according to the 2023 World Citizenship Report.
Dominica has been attracting global citizens for nearly three decades through its Citizenship by Investment Programme – a process that allows an investor to obtain a second or alternative citizenship by investing in the country’s economy.
By contributing to either the Economic Diversification Fund or investing in Real Estate, South Africans should know that they will have access to a stable economy, a currency pegged against the US dollar and greater mobility to access the best hospitals, business hubs and education facilities.
Economic Diversification Fund
The Economic Diversification Fund financially supports socio-economic initiatives to develop Dominica’s economy. These include construction and infrastructure developments, agriculture, information technology and tourism. There are currently multiple initiatives that are from the private and public sectors that focus on the economic development of Dominica. An example of these can be seen with the latest developments of the new international airport.
Prime Minister of Dominica, Honourable Roosevelt Skerrit shared with the public that “Significant work has been done, we discussed with the developers and contractors to advance the work to have a shorter period of time to complete the construction. The discussions are being held, and a strategy is being placed forward to advance the work.” The progress has created hope for the government and the citizens of Dominica.
Another example is the construction of the world’s longest cable car that will transport passengers from Roseau Valley through the tropical rainforest to the world’s second-largest Boiling Lake, creating new experiences for tourists and visitors to view the Nature Island of the Caribbean from the sky.
These are some examples that have guaranteed Dominica’s local citizens to be employed during the projects and create permanent employment once the projects are fully operational.
The minimum contributions for applications are as follows:
- US$100,000 (ZAR1,800,000) for the main applicant;
- US$150,000 (ZAR2,700,000) for the main applicant and spouse;
- US$175,000 (ZAR3,200,000) for the main applicant and up to three dependants;
- US$50,000 (ZAR910,000) for any additional dependant 18 years of age or older.
There are instances whereby additional fees will apply that depend on the applicant’s primary citizenship and personal circumstances.
Real Estate
Real estate investment option starts from US$200,000 (ZAR3,600,000) for government-approved properties that offer South African investors the opportunity to invest in selective properties available in breathtaking locations around Dominica.
There are additional government fees applicable per application that consist of the following:
- US$25,000 (ZAR450,000) for the main applicant;
- US$35,000 (ZAR600,000) for the main applicant and up to three dependants;
- US$50,000 (ZAR910,000) for the main applicant and up to five dependants;
- US$25,000 (ZAR450,000) for any additional dependants.
The award-winning The Residences at Secret Bay are one of the luxurious properties that South African Investors can leisure in the benefits of a beautiful eco-friendly property that offers excellent returns on investments.
The Due diligence fees in the Economic Diversification Fund and Real Estate investment options, per application, are:
- US7,500 (ZAR137,000) for the main applicant;
- US$4,000 (ZAR73,000) for the spouse;
- US$4,000 (ZAR73,000) for any dependants 16 years of age or above.
Chantal Mabanga Commonwealth of Dominica +44 (0) 207 318 4343 chantal.mabanga@csglobalpartners.com
GlobeNewswire Distribution ID 8869063