The Residence at Secret Bay
The Residences at Secret Bay, Dominica’s crown jewel development and only six-star, all-villa resort, recently published its declaration of compliance with respect to Dominica’s Citizenship By Investment (CBI) laws regarding the real estate path to second citizenship. The statement outlines 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. This includes upholding legislation as established by the Commonwealth of Dominica, as well as the policy statements that Dominica’s CBI Unit issued as of October 11th, 2018 as published by IMI and additionally on January 24, 2022 on IMI.
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 account
- That the purchaser has unencumbered title/ownership to the real estate being purchased
- That the real estate must be held for a minimum of five years before it can be resold and eligible for use in another Citizenship by Investment application
“We are today publishing our Compliance Statement as we want to make it absolutely clear that we do not want to be associated with any practices that are contrary to CBI regulations, such as what is commonly referred to as ‘Special Offers’ or ‘Special Discounts,’” said Gregor Nassief, proprietor of Secret Bay and The Residences at Secret Bay, and CEO of GEMS Holdings Limited. “These practices are contrary to law and those involved in such are acting contrary to legal regulations and putting their businesses and their clients at risk. The Residences at Secret Bay operates in full compliance when conducting CBI transactions and encourages all participants in the industry to do the same.”
When commenting on The Residences at Secret Bay, Dominica’s Prime Minister and Minister for Finance, Honourable Dr. Roosevelt Skerrit, recently said: “[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. [Secret Bay] will enhance the integrity of our [CBI] program.”
Read the full compliance statement for The Residences at Secret Bay here.
The compliance statement comes on the heels of The Residences announcing it has paid out US $1 million in returns to investors and now has more than 100 Citizenship by Investment (CBI) owners from around the globe. The globally-recognised CBI project, which is part of award-winning resort Secret Bay, just released year-over-year results between the fourth quarter of 2019 through the second quarter of 2022. During this period, The Residences at Secret Bay has outperformed expectations related to CBI investor growth, return on investment payout, total sales, ADR, occupancy rate, and resort employee growth. Additionally, the team delivered on-scheduled new villas and new amenities. This success, along with The Financial Times’ subsidiary Professional Wealth Management naming Dominica the “Best Country for Citizenship by Investment in the World,” — for the sixth consecutive year — cements Secret Bay as the gold standard when it comes to CBI real estate investment opportunities.
Secret Bay continues to be acknowledged for its exceptional design, service and experience by such global travel and lifestyle publications as Architectural Digest, CNN, Fortune, National Geographic, Outside, the cover of Travel + Leisure, and The Telegraph. This year, for the second time in three years, it was named one of Travel + Leisure’s top 500 hotels in the world, and the #1 Resort Hotel in the Caribbean, Bermuda and the Bahamas. The property is the first and only property in Dominica to be affiliated with the elite luxury brand, Relais & Châteaux. The Residences were recently showcased in global publications like Architectural Digest,Departures, Luxury Magazine, New York Post, Ocean Home Magazine, Robb Report, Wall Street Journal and Wealth Magazine, among others, recognised not only for their impressive offering, but their most coveted amenity — second citizenship.
The Residences’ CBI offering is priced at US $208k for fractional ownership and from US $1.5 million for whole ownership. To learn more about Citizenship by Investment in The Residences at Secret Bay, visit: https://secretbay.dm/cbi/. For a consultation, please email email@example.com.