Dominica’s CBI laws regarding the real estate option require, among many other things, the following:
- That the price paid for real estate meets the minimum threshold of US$200k
- That this minimum payment is paid in full to an authorized escrow account
- That the purchaser has unencumbered title/ownership to the real estate being purchased
As it pertains to The Residences at Secret Bay, we are publishing our declaration of compliance with respect to Dominica’s CBI laws regarding the real estate path to citizenship by investment, confirming that it is the policy and purpose of The Residences at Secret Bay to ensure full compliance with the highest principles of professional conduct to the related laws, regulations and policies that govern the industry. Specifically, The Residences at Secret Bay commits to the legal basis and relevant legislation as established by the Commonwealth of Dominica here, as well as the policy statements that Dominica’s Citizenship by Investment Unit issued as of October 11th, 2018 as published here and January 24, 2022, as published here.
Regarding the published policy statements we quote the following excerpts:
“Several agents deliberately misrepresent the investment cost to make their offer seem lower than the official Government Fees mandated by law.”
“We want to make it abundantly clear that we do not want to be associated with the “Special Offers” nor “Special Discounts”, etc., This is contrary to law and those involved in such must cease and desist immediately.”
“The fees of the Dominica Citizenship Program are mandated by the law and regulations of Dominica and do not provide or make allowance for fees other than what is prescribed by law”.
“You are required to provide the proof of receipt of funds of the full investment and remitter details to match the applicant.”
“You are reminded that the fees payable by the applicant to the government are those which are stipulated in the regulations and no other fees apply.”
“To qualify for citizenship of Dominica under the real estate option of the Citizenship by Investment Program, you must purchase authorized real estate to the minimum of value US$200,000”
“It is prohibited to claim that an applicant may receive citizenship through the Programme at investment costs that are lower to [sic] the prescribed minimum amount.”
“It is prohibited to promote the Programme by falsely associating “Special Offers” or “Special Discounts” with the programme.”
It is prohibited to compare the Programme with similar programmes through information that extends beyond precise facts and deliberately misrepresents details of the Programme that are not in line with those mandated by law, Government guidance or the information on the website of the CBIU
As such, The Residences of Secret Bay has adopted the following Compliance Framework:
- We expect everyone with whom we are associated to comply with the laws and legal framework set out by the Government of Dominica as well as with the internally published policies and procedures of Secret Bay.
- Our Compliance Plan is designed to discover, remedy and deter non-compliant, unethical, unlawful, or criminal conduct and helps ensure we conduct our business and provide our services in a legal and ethical manner.
- We encourage ongoing internal analysis of our organization’s Policies and Procedures and conduct effective self-monitoring and internal reporting to ensure their efficient and effective operation.
- Our Compliance Program is intended to reinforce and supplement all policies which pertain to ethics, possible conflicts of interest and disclosure of the same, standards, or codes of conduct.
- In accordance with the Commonwealth of Dominica and its CBI laws we are committed to be effective compliance containing the following elements:
- Written Policies and Procedures and Standards of Conduct
- High-Level Oversight
- Effective Training and Education
- Effective Lines of Communication
- Disciplinary Measures
- Effective system for routine monitoring, auditing and identification of compliance risks
- Procedures and system for prompt responses to compliance issues
In addition, The Residences at Secret Bay routinely monitors the consistent applicable laws and regulations regarding Dominica’s Citizenship by Investment Industry as well as our operations.
For non-compliant offers which are below the regulated price from any program or project that fails to meet the requirements and regulations, we advise all potential applicants to (a) request of the cooperating agent the related legislation that supports the offer and (b) to contact the participating government CBI Unit and to confirm that the offer is compliant with the respective laws. For example, if an applicant is seeking Citizenship for a family of 4, and an agent is providing a proposal where such Citizenship can be obtained for less than the regulated price, then the applicant should require the agent to confirm that their offer is legal and compliant by providing a copy of the legislation that supports the offer, and further to confirm that the offer is legal and compliant by directly contacting the Government’s CBI Unit.
Integrity of CBI Program
Non-compliant offers and transactions, in addition to being contrary to the laws and legal framework, undermine the integrity of the program and puts the program at risk for everyone involved.
About The Residences at Secret Bay
Secret Bay — an acclaimed Relais & Châteaux property and Travel + Leisure’s #1 Resort Hotel in the Caribbean — has long been praised for its artful fusion of high design, local craftsmanship and authentic guest experiences custom-curated to personal preference. Now, the six-star resort brings this unparalleled hospitality and global acclaim to The Residences at Secret Bay — a limited Caribbean real estate opportunity featuring 42 architecturally stunning villas and villa estates within the gated confines of Secret Bay. Here awaits the rare chance to own a sustainable luxury vacation home complemented by the resort’s incomparable service and world-class amenities — all set on Dominica, one of the Caribbean’s most sparsely populated, environmentally conscious and culturally rich islands.
Comment from Dominica’s Prime Minister and Minister for Finance, Honourable Dr. Roosevelt Skerrit
“[When] investing in Secret Bay, you can be assured of your investment. You can be assured of a return on your investment. It is a project that cannot be compared to any other in the Caribbean.” And, going on to say that “[Secret Bay] will enhance the integrity of our [CBI] program.”
CBI Investor Testimonials
Hear directly from existing CBI investor-owners of The Residences at Secret Bay. These astute investors shared why they desired second citizenship, and why they chose Dominica, and specifically, The Residences at Secret Bay in this published story.