Everything You Need to Know About Dominica Economic Citizenship
Many jurisdictions around the world offer economic citizenship opportunities to investors and businesspeople. Amongst the countries that have implemented such programmes, The Commonwealth of Dominica stands as one of the prime examples of successful integration of investors as citizens.
Traditionally known for its scenic Caribbean landscape and untouched natural beauty, the island nation today is considered one of the most popular offshore jurisdictions in the world. As a Dominican citizen, a person is entitled to entry and residence into the country at any time, and can travel to 119 countries without requiring a visa. Here you can find a detailed breakdown of the Dominica economic citizenship programme and how our offshore corporate services help expedite the application.
What Is Dominica Economic Citizenship?
The government of Dominica introduced the economic citizenship programme in 1993 which allowed investors to gain second citizenship in the country by making an investment. Traditionally, a person is required to spend seven years as a legal resident of Dominica in order to attain citizenship. Under this programme however, a person can attain the citizenship by making cash investment.
In 2014, the government decided to update the programme (now known as Investment Programme), thereby offering citizenship to those who make USD200,000 worth of investment in real estate. This addition allows foreign investors to gain citizen status while also enabling them to gain financial returns on their investment. Needless to say, it has brought in healthy stream of investment to the country, and as of 2016, the programme is the main source of Foreign Direct Investment in the country.
Eligibility and Procedures
The requirements for the Dominica economic citizenship programme are straightforward. It takes up to 16 weeks (4 months) to process the documentation and get approval from the Citizenship by Investment Unit. It goes without saying that the applicant must have no criminal history and a clean record with veritable references.
As mentioned earlier, there are two primary ways to attain citizenship – by making a cash investment or investing in a government-approved real estate project. When applying for one of the programmes, here are the six application options you should know and the minimum investment required for each:
- Single Application – USD 100,000.
- Family Application Including Spouse – USD 175,000.
- Family Application Including 2 Children Under 18 Years – USD 175,000.
- Family Application Including Spouse and 2 Children Under 18 Years – USD 200,000.
- Family Application Including Spouse and More Than 2 Children Under 18 Years – USD 200,000 + USD 50,000 for every child below 18 years.
- Real Estate Investment – USD 200,000. In case more than one investor purchase real estate, each will be required to match the minimum investment amount.
Remember that for each additional applicant depending on the applicant or spouse, USD 50,000 will be charged. The process of applying for economic citizenship is quite simple:
- Choose Authorised Agent licensed by the Citizenship by Investment Unit (CIBU). The application cannot be submitted directly by the applicant.
- You will now be required to complete the documentation and attend medical exam. Applicants purchasing real estate must provide true copies of the sale and purchase agreement. Here you can find all the documents required for application.
- Once the documentation is complete, the registered agent will submit the application to CIBU, after which you may be required to attend an interview at the government’s discretion.
- If the application is approved, your registered agent will receive a letter asking to make the cash contribution or complete property purchase. Once the proof of payment has been received, CIBU will provide certificate of registration. Your agent can now use this for Dominica passport application.
All said and done, the Ministry of Finance will approve the citizenship, after which the applicant(s) must take (sign) the Oath of Allegiance before Commissioner of Oaths, Justice of Peace, or Notary Public. For dependents, the applicant or their spouse will be required to take the Oath of Allegiance. Once this is complete, the Certificate of Naturalization will be issued to the applicant(s).
Benefits of Dominica Economic Citizenship
By getting the Dominica economic citizenship, a person is entitled to a range of economic benefits such as:
- Dominica does not have wealth, inheritance, gift, capital gains, and foreign income tax. There is no personal income tax as well.
- Dominica is the signatory of the double tax treaties with Caribbean Community (CARICOM) and United States.
- There are no restrictions on repatriation of imported capital and profits.
- The government provides relief from corporate tax as well as exempting import duties and export allowance.
- The East Caribbean Dollar, the national currency of Dominica, is fixed with the US Dollar.
- Engage in duty free trading with CARICOM.
Other major benefits of Dominica economic citizenship are as follows:
- Maintain dual citizenship and enjoy full residence status in Dominica with right to live and work here.
- Travel to 119 countries and regions including the United Kingdom, Schengen area, Ireland, Hong Kong, and Singapore without visa.
- You are not required to live in the country before or after getting citizenship.
- The whole process is confidential, and you will only be interviewed if the government feels the need to do so.
Dominica is known as one of the best countries to live in the world. It has a high number of people over 100 years of age, and offers a peaceful, secure lifestyle with vibrant and friendly culture. Dominica also has a reputation as one of the most beautiful spots in the Caribbean, with its diverse geography featuring mountainous rainforests, picturesque waterfalls and rivers, and the second largest hot spring in the world, the Boiling Lake.
Overall, Dominica offers a unique opportunity to investors in terms of economic, social, and lifestyle benefits. The country has a strong international presence thanks to its business-friendly regulations and growing status as a tax haven.
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The Commonwealth of Dominica might just be the ideal offshore jurisdiction where you can enjoy a multitude of economic and lifestyle benefits. If you are not entirely sure whether Dominica is the right destination for your investment or real estate venture, you can always reach out to us for hands-on consultation. We provide offshore corporate services to help you become attain economic citizenship in Dominica and other popular jurisdictions in the world.