The official opening ceremony of the Cabrits Resort & Spa, Kempinski in Dominica on November 2 has cemented Range Developments’ reputation as the leading developer of luxury hotels in the Eastern Caribbean. The hotel, set on the stunning Caribbean shores on the edge of a national park and near the town of Portsmouth, has already won widespread praise for the quality of its design and construction.
“The hottest Caribbean hotel opening of 2019 is here,” said the Caribbean Journal. “The Cabrits Resort and Spa Kempinski Dominica resort is a monumental new addition to an island that has always been one of the best-kept secrets in the Caribbean.”
The Cabrits Resort & Spa Kempinski, Dominica
Speaking to a distinguished group of politicians, including His Excellency Charles Savarin, president of Dominica, and The Right Honorable Roosevelt Skerrit, Prime Minister of Dominica, numerous high-level businesspeople and journalists, Mr. Mohammed Asaria, Managing Director of Range Developments, described the hotel’s development as transformative for Dominica’s tourism industry.
“This hotel marks the advent of a new stage in its development life cycle,” he said. “The possibilities for Dominicans to benefit from this hotel are endless – a multitude of small businesses have already been created. At least 40 local enterprises have been established, and this is what we all must be most proud of; the fact that we have provided opportunities for these individuals to flourish.”
“The economic outcome for the island has been nothing but positive, with a direct financial contribution of USD$40million from government fees. More than 400 local workers were employed at various stages of construction – with four million working hours completed without a major accident while building 250,000 square feet of 5-star built-up areas. More tourists will come to the island, and more than 150 jobs alone will be created at the hotel, with at least double that figure benefitting indirectly.”
“This hotel – Cabrits Resort & Spa Kempinski, Dominica is a lighthouse in the Caribbean’s CBI marketplace,” concluded Mr Asaria.
The Cabrits Resort & Spa Kempinski, Dominica
The spotlight for Range now switches to Grenada, specifically the Six Senses La Sagesse in Saint David’s Parish, an unspoiled area of remarkable natural beauty boasting ‘one of the top ten beaches in the Caribbean’ according to The Sunday Times.
Grenada’s CBI program is the only one in the Caribbean that offers visa-free access to China. It is also the only one that holds an E-2 Investor Visa treaty with the US, allowing citizens to be eligible to apply to the US for a non-immigrant visa.
Six Senses La Sagesse, Grenada
Its appeal has been further enhanced by improvements to the country’s Citizenship-by-Investment unit, which is simplifying its processing procedures, and consolidating its position as one of the most sought after citizenship program in the Caribbean. According to a statement from the unit, the move to a two-step system will represent a ‘significant enhancement’ for the program.
The first step for potential investors is to produce key documents, including passport, marriage certificate, proof of funds, bank references, among others, which can be used for pre-screening candidates before final applications are lodged. While the formal processing does not begin until the application is fully completed and all fees paid, the aim is expected to cut down on unnecessary delays.
The unit has also moved to make the required documents more responsive to local customs, and less draconian on specific wordings. For example, confirmation of address need no longer be solely proven by a utility bill, but can also be confirmed by a letter from a landlord; a family book for Arab families can be used as a substitute for a marriage certificate.
These are just the latest enhancements to Grenada’s CBI program. The unit is also preparing to automate most of its work using application processing software.
Grenada: CBI-Developer Promises 500 Jobs During Construction, 300
The Six Senses, La Sagesse – Range Developments’ third hotel project in the Caribbean, broke ground in Grenada last Friday. The partly CBI-funded project is part of a larger master plan that “will feature two luxury 5-star hotels, oceanfront villas, spas, retail and watersports facilities,” said the developer in a press release yesterday.
Range Developments say the project will employ some 500 construction workers and support more than 300 permanent jobs once it’s up and running in 2022.
The amendments expand the definition of dependents as it relates to CBI applications, to include the applicant and spouse’s single and non-child siblings over the age of 18, No age limit for the dependent parents and grandparents of the applicant and spouse.
Grenada is pleased to announce that it has attracted Range Developments,
one of the leading hotel developers in the Caribbean, to the country.
Range is planning an incomparable master-planned development on one of
the best locations in the Caribbean, just 15 minutes’ drive from Grenada’s
airport. It will feature two luxury 5-star resorts, oceanfront villas, spas,
retail and water-sports’ facilities.
The luxury operator for the first resort will be announced in the coming
days.
Range Developments specializes in building luxury resorts in the Eastern
Caribbean. As in other of Range’s developments, investors will be able to
participate in the project, and if applicable, be a part of the Citizen by
Investment programme.
According to Grenada’s Prime Minister, Dr. the Right Honourable Keith
Mitchell: “We are extremely delighted to welcome such an experienced
hospitality developer to Grenada. Range Developments is well known
for the high quality of its hotels and for the ability to deliver results in
our region. Our Government’s policy is to bring investment and
sustainable jobs to the country, and our partnership with Range
Developments is irrefutable proof to this. What’s more telling is that
this project will be based in a rural part of the country, St. David;
showing our commitment to ensuring that every part of our Tri-Island
State is developed.”
The hotel project, once started, will create more than 600 jobs during
construction and many more during operations.
“We have been very impressed by the welcome and the opportunities
in Grenada,” said Mohammed Asaria, Managing Director and Member of
the Board of Range Developments. “The government is committed to a
thorough and transparent citizenship program. We look forward to
working together on this exciting project.”
About Range Developments
Range Developments is an international property developer focusing on
high-end hotel resorts in the Caribbean that are well-designed, sustainable
and desirable.
Its flagship project, Park Hyatt St. Kitts, has been opened to guests since
November 1, 2017. This luxury resort has received multiple awards and
has been widely recognized in the international media. CNN has singled it
out as “the Best Hotel in the Caribbean” with Forbes naming it “a grand
Caribbean debut that was well worth the wait.” It has been included in
Condé Nast Traveler’s 2018 hot list “Best New Hotels in the world.”
Range has a number of other developments in the region. The Cabrits
Resort & Spa Kempinski, Dominica is the first government approved real
estate project in Dominica under the country’s Citizenship-by-Investment
Program. The hotel is scheduled to open in Q4 2019. It was recently named
“the most exciting new Caribbean property set to open in 2019” by Forbes
magazine.
The CBI Index’s key findings allow readers to either perform an overall review of the programmes, or evaluate the pillars individually
In providing both programme rankings and rankings by each of the seven pillars, the CBI Index affords readers the opportunity to either perform an overall review of the programmes, or complete a critical appraisal of the pillar that is of greatest consequence to them.
The following key findings emerge from the CBI Index rankings:
Pillar 1: Freedom of Movement
The countries that scored the highest in freedom of movement were the four European nations included in the CBI Index: Austria, Malta, Cyprus, and Bulgaria. Of these four, the highest-ranking were also members of the Schengen Area, which, for the most part, operates under a common visa policy.
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The Caribbean followed Europe, having access to numerous key financial centres and having worked extensively to forge closer ties with other nations and to increase the number of destinations to which their citizens can travel visa-free. Antigua and Barbuda scored slightly higher than the other Caribbean islands.
Vanuatu ranked third-to-last, but significantly above Cambodia and Comoros, which received the lowest possible score under this section. Cambodia and Comoros received low scores both because of their poor overall ability to offer citizens visa-free travel, and because they lack the adequate travel treaties to ensure their citizens can easily access today’s prime business centres.
Pillar 2: Standard of Living
Standard of living saw Europe receive the highest scores, with Austria and Malta both topping the rankings. Austria obtained the best results in all sub-indicators with the exception of real GDP growth, where, together with Dominica and Saint Lucia, it was awarded the lowest mark. It is worth noting that Dominica’s GDP was affected by the horrific Storm Erika, which set back the country’s economic growth for 2016. It is no surprise that there are staggering growth rates seen from emerging markets such as Cambodia and Vanuatu.
The life expectancy sub-indicator revealed that, but for Austria, the longest lives can be enjoyed on the Mediterranean Sea. Close behind in second was Dominica – a lush island known for its abundant nature, spiritual atmosphere, and reliance on clean energy sources.
Expected years of schooling, another sub-indicator for a country’s standard of living, saw Austria and Grenada obtain the top scores. Living in a country with more than 30 public and private universities, it should come as no shock that young Austrian men and women remain in education for long periods of time. Less well-known is Grenada’s devotion to education, which has also led to it receiving international praise for its St George’s University – a leading medical and veterinary school.
Overall for this pillar, Antigua and Barbuda, Dominica, and Grenada placed best out of the Caribbean – a region that, on the whole, ranked just below Europe. Island-nation Vanuatu equalled Saint Lucia and St Kitts and Nevis, while Cambodia and Comoros received the lowest scores. Comoros was especially penalised by its results in sub-indicators such as life expectancy and gross national income (GNI). Cambodia was listed as the nation least dedicated to the freedom of its people, shedding light on its inability to uphold political and civil rights.
Perhaps unexpectedly, Cambodia was among the highest-ranking nations under the relative safety sub-indicator, which measures intentional homicide rates. The country scored the same as Europe and Vanuatu, the latter of which is known to be one of the least dangerous destinations in Oceania.
Pillar 3: Minimum Investment Outlay
Offering the most affordable option for second citizenship, Comoros received its highest ranking in this pillar – which also saw Dominica and Saint Lucia top the list. Vanuatu and Grenada were close seconds, both offering citizenship to single applicants for less than or equal to $200,000. Austria received the lowest ranking, offering citizenship for over forty times that amount.
Cyprus and Malta both obtained low scores, themselves extending citizenship for more than $2m and $1.2m respectively. Bulgaria ranked below Antigua and Barbuda and St Kitts and Nevis, but is the most affordable programme in Europe.
Pillar 4: Mandatory Travel or Residence
Dominica, Grenada, Saint Lucia, and St Kitts and Nevis achieved full scores under this pillar, as none of them require applicants to travel to or reside within their territory at any time prior to or after receiving citizenship. Indeed, these four jurisdictions rely on their stringent due diligence procedures to obviate any need to meet the applicant in person. It is important to mention, however, that these countries are famed for being welcoming, and applicants are invited to spend time visiting the countries whenever possible.
A high score was given to Comoros and Vanuatu, whose travel requirements can be waived by the payment of an additional fee. Austria, Cambodia, Antigua and Barbuda, Bulgaria, and Cyprus also received creditable scores.
Significantly below all other countries came Malta, whose more complex physical residence requirements placed it at the bottom of the scoring scale. Malta’s ‘genuine link’ test only provides some flexibility to how an individual can demonstrate residence on the island.
Pillar 5: Citizenship Timeline
St Kitts and Nevis, the sole nation to offer both a secure and an efficient timeframe for application processing, ranked best together with Vanuatu, which promises citizenship in around one month. High marks were awarded to Comoros, Dominica, and Grenada – whose average times were slightly less than those for Cyprus, Antigua and Barbuda, Cambodia, and Saint Lucia. In normal circumstances, these seven countries all offer processing times between more than one and less than five months.
Malta and Austria each received very low scores due to their protracted processing procedures, although it was Bulgaria that scored the lowest, as citizenship of this nation can only be obtained within three to five years, depending on whether the applicant chooses the more expensive fast-track route.
Pillar 6: Ease of Processing
The Caribbean was awarded the highest number of points for its ability to offer applicants streamlined and clear procedures to apply for citizenship. This reflects two important points regarding the region. Firstly, the requirements imposed on applicants in the Caribbean each follow the same model, and secondly, these nations have all committed to making their procedures transparent.
Vanuatu attained the same result as Saint Lucia, receiving equal points for all sub-indicators. Both performed weakly when evaluated for their ability to deliver on the promise of citizenship. Saint Lucia, for example, lost points following claims that all citizenships received under the December 2016 amendments to their Citizenship by Investment Programme (which came into force on January 1, 2017) would be reviewed and may be revoked should the applicant fail to make additional disclosures, payments, and filings.
Malta and Cyprus each scored below Vanuatu and Saint Lucia, dropping in the rankings because they leave no alternative to the applicant other than the purchase or rental of real estate – property transactions that inevitably come with hefty paperwork and enhanced due diligence on the property investment. While offering real estate investment under their citizenship programmes, the jurisdictions of the Caribbean do not make the purchase or rental of real estate mandatory.
With its requirement to acquire a bond portfolio, Bulgaria also failed to rank well. Lack of support from official government sources put Comoros, Austria, and Cambodia at a strong disadvantage. Enforcement of tests, previous business experience prerequisites, and compulsory interviews also factored in these weak results.
Pillar 7: Due Diligence
Dominica, Malta, and St Kitts and Nevis scored equally to take first place, owing to their unique data collection and due diligence features. Generally, the Caribbean scored remarkably well – as did Bulgaria, thanks, among other things, to its thorough questioning of applicant information.
Comoros and Cyprus obtained average scores, while Austria, Cambodia, and Vanuatu each received the lowest scores attained under this pillar. Despite its high investment threshold, Austria falls short of many other nations with respect to the level of due diligence it performs on its applicants, especially when exploring the history and source of the applicant’s funds.
Final Scores: The Best Programmes
Considering the stability and longevity of the programmes in the Caribbean, it is no surprise that the Caribbean jurisdictions ranked in the CBI Index’s top five positions, with Dominica – home to one of the longest-running citizenship by investment programmes, and known for its speedy procedures and affordable entry thresholds – attaining the highest ranking.
This echoes current trends in the economic citizenship market, which have seen Dominica’s popularity grow in recent years. St Kitts and Nevis took second place due to its reputation for integrity and trust but scored slightly lower due to a higher investment threshold. Grenada, a relatively new programme relaunched in 2013, emerged from an unstable first year to become one of today’s most interesting citizenship by investment options, particularly following the implementation of reforms in 2015.
Antigua and Barbuda and Saint Lucia, coming fourth and fifth respectively, completed the picture of a citizenship by investment arena dominated by the Caribbean.
Vanuatu, perhaps surprisingly for a less-known programme, ranked fifth together with Saint Lucia, having obtained consistently high scores under all the pillars. Cyprus received the best score out of any European nation, distinguishing itself for its attractive travel and residence requirements. Comoros finished in eighth position, bolstered by its inexpensive investment requirements, rapid application turnarounds, and minimal travel and residence requirements – but damaged by its comparative inability to provide citizens with sufficient freedom of movement and a tolerable standard of living.
Malta, together with Austria, attained the highest scores in freedom of movement and standard of living, as well as achieved the highest score, together with Dominica and St Kitts and Nevis, for due diligence. Having received a commendable score for ease of processing, Malta was however among the lowest-scoring nations for all other pillars.
Bulgaria, the country to come 10th in the CBI Index, was especially harmed by the length of its citizenship routes and costly investment requirements. Austria is predictably one of today’s least sought-after citizenship by investment programmes: enticing applicants with the promise of life in a prosperous European nation, but offering an abstruse programme known for its expensive and lengthy procedures.
Cambodia, the lowest-ranking programme, was consistently hovering at the end of the spectrum, except in the case of investment thresholds, travel and residence requirements, and citizenship timeline.
Subtle but key differences in Caribbean citizenship programmes (updated on 23032017)
By Caribbean News Now contributor
MIAMI, USA — It is often tempting to lump together the five citizenship by investment (CBI) programmes of the Eastern Caribbean, with investors assuming that the only difference is the reputation of the island or the price of the passport. This is clearly not the case. While they often share many similarities, not all are created equal.
For example:
1. Saint Lucia citizenship cannot be passed down to future generations, but is limited to the applicants at the time the application is made – so it is not true citizenship, more like residency. This is not the case in Dominica, where full citizenship is passed from parent to child indefinitely.
2. St Kitts and Nevis’s big advantage, shared by Saint Lucia, is that it does not maintain diplomatic relations with China, preferring many years ago to partner with Taiwan instead. As a result, the Chinese love these passports as they feel safer with the Taiwanese. This is an important issue with Antigua and Barbuda, which is very close to China – it built the Sir Vivian Richards cricket stadium among other things – so there is always a perceived risk for Chinese investors that their new citizenship will be revealed to their home government.
3. Dominica and St Kitts and Nevis’s other big advantage is that real estate can be sold after five years to investors who can also use the same piece of real estate to apply for CBI. This is not the case with Antigua and Barbuda or Grenada. In the case of the former, it can only be resold (if the applicant wishes to keep the passport), the project is complete and given progress to date.
4. Grenada’s much-touted selling point is its E-2 investor visa treaty with the United States. The E-2 investor visa allows an individual to enter and work in the US based on an investment he or she will be controlling. This visa must generally be renewed every two years, but there is no limit to how many times one can renew. The investment must be “substantial”. Investor visas are available only to citizens of certain countries, including Grenada. However, applicants must hold a Grenadian passport to apply for this visa but, in order for the E-2 visa to be granted, applicants first have to visit the US embassy in Bridgetown, Barbados, and explain their business plan. Officials there are said to baulk at any applicant, who, though they might be holding a Grenadian passport, does not look Grenadian.
Link : http://www.caribbeannewsnow.com/headline-Subtle-but-key-differences-in-Caribbean-citizenship-programmes-33872.html
