DOMINICA CITIZENSHIP BY INVESTMENT
Introduced in 1993, the Dominica citizenship by investment (CBI) program is the most popular Caribbean program. It remains one of the most economical programthat gives investors the highest return on their investment.
Program requirements:
- Persons over 18 years of age
- Be of good character, without any criminal record
- Have a basic knowledge of the English language
- Be able and willing to make the required contribution
The following family members can be included in the citizenship application:
(i) Spouse and children under the age of 18 years
(ii) Children between the age of 18-30 years can be included provided they are unmarried, studying at an university and financially dependent on the main applicant
(iii) Parents or grandparents of the main applicant and spouse over the age of 55 years (only one parent/grandparent is required to be over the age of 55 years)
Applicants can apply for citizenship of Dominica through authorized representatives/licensed agents only.
Investors applying for citizenship under Dominica’s Citizenship by Investment program are not required to reside in Dominica before or after granting of citizenship.
The processing time, regardless of the option chosen by the investor, is generally between 60 to 90 days.
Under the current regulations, there are two options under which willing applicants can apply for citizenship of Dominica under its Citizenship by Investment Program.
They are:
(i) Contribution made into the Economic Diversification Fund (EDF)
OR
(ii) An investment in designated real estate with a value of at least US$200,000.
Option 1 – Economic Diversification Fund:
Under his option, applicants are required to make a minimum non-refundable contribution of US$100,000 for a single applicant. Depending on the number of dependents included in the application, the investment amount changes.
The summary of the different contribution amounts is as follows:
- Single Applicant: a non-refundable contribution of US$100,000
- Main Applicant and Spouse: a non-refundable contribution of US$150,000
- Sibling of the main applicant or of the spouse of the main applicant aged 18-25 years: US$ 50,000
- Any dependent other than the spouse of the main applicant or a sibling of the main applicant or of the spouse of the main applicant aged 18-25 years: US$ 25,000 each
- Family of four including the main applicant, the spouse of the main applicant, and two other dependents other than a dependent sibling: US$ 175,000
In addition to the non-refundable contribution, applicants are also required to pay certain government fees including due diligence fees.
Option 2 – Real Estate:
Under this option, applicants can obtain citizenship of Dominica by purchasing an authorized real estate of a minimum value of US$200,000.
Applicants applying under this program must hold the real estate for a minimum of 3 years. It can become eligible for re-sale only after 5 years from the granting of citizenship.
Additional payments for any dependents included in an application, due diligence fees, government fees and other fees are also payable.
Once an application is approved in principle, applicants are required to pay the following fees depending on the number of dependents included in the application:
- US$25,000 for the Main Applicant
- US$35,000 for a family of up to four persons, including the Main Applicant and up to three dependents
- US$50,000 for a family of up to six persons, including the Main Applicant and up to five dependents; or
- US$70,000 for a family of seven persons or more, including the Main Applicant and six or more dependents
The Government of Dominica permits two or more applicants to apply for citizenship of Dominica by investing together in an Approved Project. In such a case, each main applicant is required to make a minimum investment of US$200,000.
An Approved Project may be a real estate development or any other development project that has been approved by the Cabinet as a qualified project for Citizenship by Investment.
Benefits of Dominica Citizenship by Investment Program:
• This program has quick processing times and offers the most affordable route to full, legal citizenship of any of the Citizenship by Investment Programs in the world.
• Applicant and spouse can live, work and operate a business in Dominica at any time and enjoy the same rights and privileges accorded to a Dominican citizen i.e right to vote and right to purchase a property.
• As Dominica is a member of CARICOM, applicant can live and work in any other member nation.
• A Dominican passport ensures visa-free travel to over 120 countries, including the UK, Singapore, Hong Kong and Ireland.
• As a Common wealth citizen, applicants enjoy special rights and privileges in the United Kingdom. For example, their children can study in U.K. without a student visa and work in U.K. after completion of studies for up to 2 years.
• No language, education or minimum age requirement.
• No minimum stay requirements. Applicants are not required to stay in Dominica before or after granting of citizenship.
• Citizenship is for life and is irrevocable.
• Dual citizenship is permitted and applicants are not required to give up their primary citizenship.
• Applicants are not liable to taxation on any income earned outside of Dominica and hence applicants can enjoy tax-free status on foreign income, capital gains, gift, wealth and inheritance tax. Applicants’ income is liable to taxation only if they reside in Dominica.
• Off-shore bank accounts, investments, and Dominica-incorporated companies give unique opportunities for business and tax planning.
Additional benefits:
• Minimal taxation
• No wealth, gift, inheritance tax
• No foreign income tax
• No capital gains tax
The Common wealth of Dominica has launched the
Dominica entrepreneurship visa program
in September 2020. The program is an alternative to citizenship by investment program.
Benefits of the Dominica entrepreneurship visa program:
● This program reduces application processing and approval time frame.
● Gain residency with complete family (spouse and children) up to the age of 25.
● In the Caribbean, it simplifies business and tax planning.