16 April 2021
Guide to Citizenship by Investment in Dominica
Before we go into the details of the Citizenship by Investment (CBI) program in Dominica, let’s find out what it is all about. Citizenship is the status of a person recognized by custom or law as a member of the State, which creates rights and obligations for the citizen as well as for the State. Each State is free to determine the conditions under which it will regard persons as its nationals.
Under this law some jurisdictions have introduced the Citizenship by Investment program, which in simple terms means the purchase of a citizenship. There are many reasons why people decide to obtain a new passport; some wish to increase visa-free access to other countries, others want to optimize their taxes and/or secure their finances.
Dominica’s CBI program was established in 1993 and is the fastest, longest-running and most affordable CBI scheme in the world. The program aims to attract foreign investors and wealthy individuals in order to increase the foreign contribution to Dominica and develop its economy. Currently, funds from the CBI program are allocated (among others) for a housing project involving the construction of houses resistant to seismic activity and category 5 hurricanes, in line with Dominica’s innovative efforts to become a country resistant to climate change by 2030.
CBI in Dominica, requirements
To qualify for the program one must have a valid passport, a clean criminal record, be over 18 years of age and make the required investments. There are two possibilities; you can either: make a non-refundable donation or purchase government-approved real estate
The first option is much more economical, as the contribution to the government fund will only be USD 100,000 for a single applicant, USD 155,000 for married couples and USD 175,000 for a family of 4. This non-refundable donation can be used to fund anything from building hospitals and schools to specific projects in sectors like tourism, information technology and/or agriculture.
The second option involves real estate purchase with a value of at least USD 200,000. The property must be approved by the Government, which means that you cannot buy whatever property you like. The investment must be held for at least 3 years.
Two or more applicants can apply together with a single purchase, as long as each applicant contributes the minimum $200,000 towards the investment. Government fees apply to any real estate purchase, starting at $25,000 for a single applicant, and increasing to US $70,000 for a family of 7.
Application process and timeline
Dominica’s CBI program is deemed to be the fastest citizenship program in the world and allows applicants to obtain citizenship in just 3 months! In order to ensure a quick process before submitting the application, one has to obtain the required documents: passport, birth certificate and police record (all notarized). Our legal team will review these documents and prepare your application. At this time you must cover the agent’s professional service fees, application and registration fees, as well as government due diligence. Once these payments are confirmed you can make the selected investment and finalize your citizenship application.
Advantages of the Dominica citizenship
One of the main reasons why people decide to apply for citizenship is to free themselves from an absolute dependence on a single country. It is common advice to diversify financial investments across a variety of markets, asset categories and industries, yet many people do not spread their political risk beyond their current jurisdiction.
A second passport offers economic as well as political diversification and is the ultimate emergency backup plan. This most affordable passport will allow you to travel Visa-free to more than 120 countries!
Moreover, in Dominica there are no wealth, gift, inheritance, or capital gains taxes. This jurisdiction also has double taxation treaties with the US and CARICOM and no restrictions on the repatriation of profits or imported capital. Also, citizenship can be inherited.
If you’re interested in these program, send us a note to [email protected] Our team will be glad to guide you and assist you through the process.
Written by Magdalena Wczesna
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