Dominica’s Secret Bay Sees 2020 Spike in Enquiries from African Families Seeking Second Citizenship
The Residences at Secret Bay, the six-star all-villa resort in Dominica, the Caribbean’s “Nature Island,” is reporting 27% of their Citizenship by Investment (CBI) transactions in 2020 came from Africa. With Nigeria being the fastest growing market within Africa, that number is expected to rise to 35% in 2021 from those seeking second citizenship.
Obtaining citizenship through investment in approved real estate, like The Residences at Secret Bay, is an increasingly popular path to dual citizenship as it’s attractive to African buyers who, in addition to obtaining a second passport for their entire family, gain an ownership interest in a luxury property that can serve both as a place to escape to and an astute investment. With CBI programmes, like that of Dominica, offering visa-free or visa-on-arrival access to 140 countries, Africans now have access to the luxury of a Golden Passport or Plan B. Additionally, a CBI investment in Dominica is incredibly stable: Dominica’s currency is pegged to the US Dollar, and has been for the past 50 years. Dominica is also rapidly expanding its consulate service presence worldwide with its most recent consulate in Abu Dhabi, and consulate offices being considered for Nigeria, Kenya and South Africa to meet its citizens’ needs.
“We’ve seen immense interest from the African market this year, particularly from buyers who want future mobility,” said Gregor Nassief, proprietor of Secret Bay and Chairman and CEO of GEMS Holdings Limited. “In addition to being granted citizenship, our buyers are investing in Dominica’s only Citizenship by Investment opportunity with completed villas, proven financial performance and a competitive exit strategy with a robust market for resale, so they have great confidence in their investment.”
Dominica’s CBI Programme was recently recognized for the fourth consecutive year as the ‘World’s Best Country for Second Citizenship’ by the Financial Times and has been applauded by both Dominica’s Prime Minister and Minister for Finance, Honourable Dr. Roosevelt Skerrit and Ambassador Emmaneul Nathan, Head of Dominica’s CBI unit.
“We’ve seen an increased positive interest coming from Africa and in particular Nigeria,” said Dominica’s Prime Minister, Roosevelt Skerrit. “…there are shared cultural circumstances between ourselves and Africa.”
Ambassador Emmanuel Nanthan, Head of Dominica’s Citizenship by Investment Unit, recently said: “Dominica offers a unique opportunity to Nigerians where they can invest in a country that is very solid. Our Brothers and Sisters in Nigeria are beginning to understand the process, understand what is on offer, and they are taking advantage of that now. And we welcome them with open arms.”
The Residences recently reached near sell out of Phase 1 built product and launched Phase 2, which includes four new Hillside Ti-Fèy Villas. Designed to complement, not compromise, the land, the newest phase of Nassief’s vision to create a first-of-its-kind boutique and six-star serviced vacation home experience in the Caribbean.
The awarding-winning Green Globe certified resort and residences, which was recently named the #1 Resort Hotel in the Caribbean, Bermuda and the Bahamas and #6 Hotel in the World in Travel + Leisure’s 2020 World’s Best Awards, has also recently been recognised by such global publications as Architectural Digest, CNN, Fortune, National Geographic, Outside, the cover of Travel + Leisure, and The Telegraph.
The Residences at Secret Bay is the only government-approved real estate project in Dominica offering purchase options to both vacation home buyers and citizenship investors. With strong demand for ownership by vacation home buyers, The Residences at Secret Bay grants citizenship investors unmatched access to the vacation home market for resale.