Top Things to Know for an Investor About Dominica Citizenship by Investment

Stepping onto Dominica’s shores, what you witness is a wonder world; serene beaches, rainforest-clad mountains, jaw-dropping lakes, untouched black sand beaches and majestic volcanic hot springs. Truly the “Nature Island of the Caribbean.” But this heaven on Earth has much more to offer than its awe-inspiring landscape and Creole culture.

Yes, we are talking about the Dominica Citizenship-by-Investment (CBI) program or the Dominica Economic Citizenship Program. Launched through the Commonwealth of Dominica Citizenship Act in 1993, the CBI Program continues to attract investors, pursuing dual citizenship. Interested parties are to invest in either Dominica’s Economic Diversification Fund (EDF) or government-approved real estate in order to become eligible for the CBI program.

The following section will throw an ample light on Dominica citizenship-by-investment program and things to know for an investor about acquiring dual citizenship in Dominica.

Let’s commence with the routes investors can take to get a second passport in Dominica.

Two Paths for Obtaining Dominica Citizenship by Investment

Simply put, investors wishing to secure Dominica Citizenship by Investment must make investment there in two ways:

Non-Refundable Contribution to the Economic Diversification Fund

Making a non-refundable donation of US$100,000 to the EDF is the simplest and oldest option available for getting golden passport in Dominica. A project by the government to spend in socio-economic activities in both private and public sector development programs like agriculture, education, sports, healthcare, technology and tourism. However, additional amount is required to extend this citizenship to family members.

·         Cost for the spouse of the main Investor; US$50,000

·         Three Dependents: US$75,000

·         Cost of the Additional Dependent Aged 18+: US$50,000 each

·         Additional cost of each dependent below 18: US$25,000

Real-Estate Purchase of Government-Approved Properties

Binary to the easiest path is the complex and expensive route of earning Dominica citizenship; the real-estate purchase. Like other Caribbean citizenship programs, Dominica bestows economic citizenship to those investors who are willing to spend a minimum of US$200,000 in the real-estate sector. This option was launched in 2015, offering applicants an option to resell the property after three years. Since the money spent through purchase goes to developers, the government charges an additional processing fee. However, what makes this option more appealing is the freedom to sell the property and recoup the investment.

·         Government Fee

·         Single applicant fee: US$25,000

·         Main applicant and three dependants: US$35,000

·         Main applicant and five dependants: US$50,000

·         Any additional dependents: US$25,000

Generous Tax Considerations in Dominica

No residence in the country, no taxation on your global income. How tax generous of Dominica! In other words, your property won’t be taxed if you reside not more than 183 days in the country. Moreover, this Caribbean gem is also tax-free because there are no capital gains, wealth, income and inheritance taxes. Corporate tax breaks and incentives are also available, thanks to its tax information exchange treaties with several European countries, such as France, Sweden, Belgium, and UK. On top of that, what makes maximum tax optimization a reality in Dominica is its dual agreements with both the United States and CARICOM. 

Bring the Family

Bring your entire family with you to get citizenship. The CBI program covers your entire family; spouses, an unmarried dependent daughter under 25, dependent children under 30, and dependent parents and grandparents older than 65 years. The economic citizenship can also be extended to physically paralyzed and intellectually disabled children dependent on the principal applicant or spouse. Cherry on the top is you can pass on Dominica citizenship to your future generations as it is lifelong.

Requirements are Flexible

Although specific criteria have to be adhered to while applying for CBI program, the latter manifests great flexibility when it comes to requirements. Neither are language tests nor residency contingencies. Besides that, investment options are multiple to choose from. Dual citizenship is allowed and the whole process is remote and takes only 2-to-3 months. 

Travel Freedom

Those who aim to capitalize on a second passport will benefit from obtaining a golden passport from Dominica. There are more than 140 Dominica visa free countries. Be it China, Russia, Hong Kong, Singapore, the UK or Europe’s Schengen zone, explore the globe. Unlike any other Caribbean CBI program, the passport of Dominica ranks much higher on the global Passport Index.

Procedure for Acquiring Dominica Citizenship By Investment

Applying for the CBI program through a licensed agent is a must because Dominica law bars investors from applying on their own. Being consulting companies, licensed agents lend a helping hand at every step and provide thorough guidance of the whole process.

Desiring investors and dependent family members aged 16 and above are obligated to give compulsory virtual interviews. Furthermore, an oath of allegiance will be administered to them by a commissioner of oaths, justice of the peace or an authorized notary. In the next step, citizenship certificates are duly issued to interviewees. 

Although the host government does not impose residency conditions, the former encourages investors to indulge more in the economy through lucrative incentives.

The whole process is supervised by the Citizenship by Investment Unit (CBIU), a subsidiary body within the Ministry of Finance that presides over the whole program.

Who Can Get Citizenship By Investment in Dominica

Following persons are more than welcome by Dominica to acquire CBI:

1: Investors

·         Above 18 years of age

·         No criminal record

·         Physically sound

·         Maintain a detailed background check

2: Spouse

3: Kids below 18 Years of Age

4: Dependent Children Between 18 to 30 Years of Age

·         Financially dependent on the primary investor or spouse

·         University students

5: Parents and Grandparents

·         Financially dependent on the main applicant or spouse

·         Above 65 years of age

Wrapping up

Section 101 of the Dominica Constitution, and Sections 8 and 20 (1) of the Citizenship Act deal with the Citizenship by Investment that has attracted more than 4000 investors between 2017 and 2020. Under the CBI program, the Dominica government grants economic citizenship to those who meet investment thresholds of US$100,000 and US$200,000 under Economic Diversification Fund (EDF) and government-approved real estate respectively. Tax optimization, quick and hassle-free process, family inclusion and lifelong citizenship are some perks that come with the Dominica CBI program. Except that, knowing which countries are visa free for Dominica passport holders also surprises investors seeking economic citizenship. 

However, don’t restrict your search as multiple Caribbean countries like Saint Lucia, Grenada, Antigua and Barbuda, and Saint Kitts & Nevis that offer golden visas with appealing incentives and flexible requirements.