The changes redefine the parameters of who constitutes a qualifying dependant under the CIP and also adjust the fee structure. The changes will come into full effect on the 15th September, 2022.
These new regulations add more detailed requirements for adult financially-dependent children, while also removing siblings, adopted siblings, and parents or grandparents below the age of 65 as qualifying dependants.
Eligible dependants are now considered as follows:
In terms of the fees, the Government of Dominica has not changed any of the investment thresholds for either the real estate or the Economic Diversification Fund (EDF) contribution options. The changes only affect the government fees associated with each investment option.
Under the real estate option, the new government fee structure is as follows:
Only families with a composition higher than six people are affected by the change, as previously, a family of seven or more would cost $70,000 in government fees.
For example, a family of nine under the old regulations would pay $70,000 in government fees under the real estate option, but under the new requirements, the fee becomes $125,000 ($50,000 + $25,000*3).
The Government has changed the fee structure under the EDF contribution option to become:
The main change for the EDF government fee structure concerns any additional dependants after the third, as previously, any dependant would incur a government fee of $50,000, regardless of age.
However, under the new regulations, government fees for dependent children below 18 have been reduced to $25,000, while the amount remains the same for adult dependent children.
The changes, while not significant to the overall structure of the CIP, allow applicants to intricately consider their preferred investment options depending on their family composition and the age of their dependent children.
Looking to Add Your Siblings?
For main applicants still looking to add their siblings, St Kitts and Nevis, Grenada, St Lucia and Antigua and Barbuda still allow for siblings to be included in an application and vary with their qualifying criteria.
Antigua and Barbuda, St Lucia and Grenada do not require the sibling to be financially dependent on the main applicant, whereas St Kitts and Nevis do.
The maximum age for siblings allowed in St Lucia is 18 years of age, in Dominica it’s 25 years of age, and in St Kitts and Nevis it’s 30. Grenada and Antigua do not have any maximum age restrictions.
Dominica’s CIP, the second-longest running programme of this nature, continues to garner extensive demand from HNWIs.
To learn more about Dominica’s CIP, don’t delay and contact us today.