A second passport is a must in the present-day world that is gradually losing its stability. Nothing costs more than safety, and the citizenship by investment program offered in Dominica will make it possible for you to acquire safety for yourself and your loved ones at an affordable cost! What is more, you will have a new homeland – a tropical paradise where you can come to have a rest. If you are an entrepreneur, you may be interested to find out that the country also offers good prospects for business. And if the tax burden in your current country is too high, you may consider becoming a tax resident of Dominica and pay much less.
Dominican Program: Main Advantages
Let’s take a look at the main benefits of becoming a citizen of Dominica:
- The passport you will get is quite strong, which means that you will be able to enter more than 120 countries without a visa, including Schengen states, the UK, South American countries, Singapore, and Hong Kong.
- You will reside in a friendly and peaceful jurisdiction.
- You will not have to pay any taxes on capital gains, foreign income, inheritance, gifts, or wealth. Dominica is a party to multiple double taxation agreements, including those with the United States, Caribbean Community countries, and others.
- You are under no obligation to live in Dominica before/after you acquire a local passport (unless you want to become a fiscal resident).
- You will be able to obtain the status of a fiscal resident if you live in the country for most of the year (183 days).
- Investors will be able to take advantage of several duty-free markets in the Caribbean region.
- Entrepreneurs will benefit from attractive business incentives, including complete exemption from import duties and tax breaks.
- The local currency is pegged to the US dollar, which guarantees the country’s financial stability.
- You will not encounter any limitations if you decide to repatriate profits or import capital.
How to Acquire Dominican Citizenship
The first requirement is very simple: the main applicant must be at least 18 years of age to apply. In this case, he or she will be allowed to include younger dependents in the application. There are two possible investment options for those seeking Dominican citizenship:
- A donation of 100,000 US dollars to the Economic Diversification Fund (this figure is only applicable to a solo candidate, and you will be liable for additional fees if you submit a collective application). This amount is non-refundable.
- Investment in government-approved real estate (at least 200,000 US dollars). The property has to be kept for 3 years, and then you can resell it if you want.
Let’s take a more detailed look at each option.
Investment in Real Estate
You will have to pay the following government fees in addition to the cost of the property you choose to purchase:
- 25,000 US dollars if you apply alone.
- 35,000 US dollars if you apply as a couple or your application includes up to three dependents (four people in total).
- 50,000 US dollars for a family of five to six members.
- If you are blessed with a larger family, you will have to pay a fee of 70,000 US dollars.
If the principal applicant wants to include siblings and their spouses (aged from 18 to 25) in the application, it will require a fee of 50,000 US dollars per person.
There are some other fees applied:
- You will have to pay a processing fee (1,000 US dollars per application).
- You will also be liable for due diligence fees that amount to 7,500 US dollars for the principal applicant, 4,000 US dollars for the spouse or any dependent aged 16 and more.
- The Naturalization Certificate will cost 250 US dollars per person.
- If you want to use the service of accelerated passport registration after you have successfully obtained Dominican citizenship, you will be charged 1,200 US dollars per person.
If you have any questions regarding investment in Dominican real estate, do not hesitate to follow the above link to use the live chat and ask a professional.
Donation as a Path to Citizenship
The Dominican Economic Diversification Fund is used as part of the national fundraising strategy for more active development of the jurisdiction. The money contributed to the fund is allocated to different public and private sector projects.
The projects in the public sector include the following ones:
- Stadium construction
- School construction
- Hospital reconstruction
- Offshore sector development promotion
As for the private sector, the projects financed are focused on agriculture, information technology, and financial support for the tourism industry.
Here are the amounts payable to the Economic Diversification Fund depending on the number of people in the application:
- If you apply alone, you will have to contribute 100,000 US dollars.
- A couple will have to make a contribution of 150,000 US dollars.
- An applicant plus two or three dependents is required to donate 175,000 US dollars.
- Finally, if you have more applicants than four, each additional one (except for siblings aged from 18 to 25 and spouse) comes at 25,000 US dollars.
All the additional fees mentioned above in the real estate investment section, such as a processing fee, a due diligence fee, and so on are also applicable, and the amounts are the same.
Timelines
Here are the main stages of acquiring the citizenship of Dominica and their approximate duration:
- The licensed agent carries out a preliminary review of the principal applicant with the help of international databases and customer surveys, which takes 2-3 days.
- You will need to prepare a package of documents for submission to the relevant state institution. It may take 4 to 5 weeks, and the speed depends on how quickly you will obtain the non-conviction certificate.
- The whole package is submitted to the relevant organization that will thoroughly check it. It will take 3 to 5 months.
- If the application is approved, you will have to make an investment and then get your naturalization certificate and passport.
Interested in the Dominican program? Read more details by following the above link and do not hesitate to discuss your situation with experts to make the right decision.
