High-net-worth individuals from Kenya are increasingly looking to invest in Dominica, attracted by its promising real estate market and other thriving economic sectors, as well as the opportunity for a more relaxed and desirable lifestyle, the Caribbean country has revealed.
According to a press statement shared by the Dominican government, Kenyan investors are making the most of the Citizenship By Investment (CBI) programmes offered by the Caribbean nation.
According to the statement, the Kenyans who have become Dominican citizens by investment have done so by taking advantage of two main instruments.
The first is the Economic Diversification Fund (EDF), an investment option centered around socio-economic development. Investors are required to fork out at least Ksh14.1 million ( $100,000) for this.
“This is an element in the national capital mobilisation portfolio. Funds accumulated through EDF support the construction of schools, the development of medical facilities, agriculture, and tourism sectors, as well construction of a national sports stadium,” read the statement.
Kenyan investors can also choose to splurge on the Real Estate Investment option that has a variety of government-approved properties. The minimum contribution amount is Ksh28.2 million (US$200,000).
“This investment option has the flexibility of permitting Kenyans to hold the real estate property for a period of three years from the date of citizenship approval, or for five years should the potential future buyer be a CBI applicant,” reads the statement.
Some of the prime real estate properties in Dominica that Kenyan investors can spend on include the Sanctuary Rainforest Eco Resort and Spa, Secret Bay, and InterContinental Dominica Carbits Resort & Spa.
Citizenship by investment programs offers investors the opportunity to legally acquire a new nationality. In turn, they are required to invest in the economy of the host country.
The Carribean country is attractive because it is politically stable compared to other investment destinations.
The Island also offers aging Kenyans a relaxed environment for them to retire.
In June, a report by Henley Private Migration 2023 revealed that 100 millionaire investors fled Kenya due to political tension in the country and the high taxation regime.
The report explained that more millionaires were expected to leave due to the state of affairs in the country.
