Citizenship By Investment – Dominica
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Citizenship By Investment - Dominica
Synopsis :
A volcanically active island located in the Lesser Antilles, Dominica is known as the “Nature Island of the Carribean”. This island is one of the most beautiful in the world and is largely covered by thick rainforests and dotted with hot sulphur springs. Averaging only 50,000 visitors a year, tourism is still in its infancy in Dominica, where the key economic generator continues to be in the agricultural sector. If you enjoy adventure and an active lifestyle, then Dominica may be for you.
In 1993, the Government of the Commonwealth of Dominica introduced the Citizenship by Investment Programme, one of the longest running economic citizenship programmes in the world. Throughout more than 20 years, the Government has remained firmly committed to the program and has made consistent and substantive improvements to the quality of its offerings.
Benefits of Dominica Citizenship Program
- Full residence status , with the right to live and work in Dominica if you choose to
- The ability to hold multiple citizenships
- Joining a global community that transcends Domica’s land borders
- Global mobility, including visa-free travel to over 120 territories from Singapore and Hong Kong to the European Union and the United Kingdom
- The programme recognises dependent children up to 30 years old, and depended parents from 55 years old
- Inclusion of siblings of the main applicant or of the spouse aged 18-25
- Minimal taxation- no wealth, gift, inheritance, foreign income or capital gains tax, and no personal income tax for residents
- Dominica is a signatory of duble taxation treaties with the USA and the CARICOM
- No restriction on repatriation of profits and imported capital
- There is no requirement to visit Dominica in order to qualify for citizendhip
- One of the most affordable legal programmes available to the global community
Investment Criteria’s
EDF is a Dominican Government program supporting socio-economic initiatives with the aim of driving national development. All money generated for the EDF fund goes towards improving projects in the public and private sectors which are in need of financial support. These include building schools, renovating hospitals, and the creation of a national sports stadium, as well as variety of other undertakings across numerous industries such as tourism, information technology and agriculture.
Applicants can acquire economic citizenship to Dominica by making a financial contribution to its EDF.
| Single applicant | USD 200,000 |
| Main Applicant + 3 qualifying dependants | USD 250,000 |
| Each additional dependant under the age of eighteen | USD 25,000 |
| Each additional dependants eighteen years or older | USD 40,000 |
Tourism is a fuel for the country’s economy. In a move to increase tourism-related development, the Citizenship by Investment programme allows for real estate purchase in approved developments. To qualify, the investor (or investors) must enter into a contract to purchase real estate worth US$ 200,000 or more. Real estate holding period would be 3 years.
Additionally, the following Government Fees apply:
| Single applicant | USD 75,000 |
| Main applicant and up to three dependants other than a dependant sibling | USD 100,000 |
| Each additional dependant under the age of eighteen | USD 25,000 |
| Each additional dependants eighteen years or older | USD 40,000 |
Required Documents for Application
- Birth certificate of all applicants
- Colour copies of all passports held
- Marriage Certificate
- Clear criminal records
- A bank financial statement with proof of a legal source of income
- Medical examination (health certificate that it is free of diseases)
- CV and recommendation letters
- Proof of Funds
Procedure
- Sign contract and make the necessary down payment with the approved agent
- Prepare the necessary forms and documents required from the investor, with the support of our office and legal teams. Investors need to attend medical examination and obtain certain supporting documents.
- Due diligence background check in order to verify the information that have been provided and make a recommendation of the application to the Government.
- The CBIU examines the application thoroughly and, if deemed necessary, may request the applicant to attend an interview.
- Once the application is approved, CBIU will issue a letter instructing for the payment contribution and thereafter issue the certificate of registration, which stands as evidence of your citizenship and can be used to apply for your Dominican passport.
Timeframe
The timeframe for the completion of the process is approximately 3 to 4 months from submission of the application to issuance of the passport, assuming there are no areas of concern with the application.
The following basic fees apply to both investment options and shall be quoted at the time of application:
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Due Diligence Fees
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Processing Fee
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Bank Due Diligence Fees
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Naturalisation Certificate Fees
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Passport Fees
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Professional Fees
Client words
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