Dominica: Nature Isle of the Caribbean
TheCommonwealth of Dominicais an island nation in the Eastern Caribbean archipelago of the Caribbean Sea. The French-speaking islands of Martinique and Guadeloupe lie to its south and north respectively. Dominica is famous for its unspoiled and pristine natural beauty.
Dominica became an independent nation in 1978. It is a parliamentary democracy within the Commonwealth of Nations and, since 1979, a member of La Francophonie. Dominica also belongs to the predominantly English-speaking Caribbean Community (CARICOM), the CARICOM Single Market and Economy (CSME), and theOrganization of Eastern Caribbean States (OECS).
Tourism and agriculture are the two economic pillars of this island nation. Dominica’s main exports are agricultural and include coffee, cocoa, bananas, citrus fruits, and tropical fruits. It’schief exported manufactured products include rum, timber, and soap.
Cruise ship stopovers have increased in recent years following the development of modern docking and waterfront facilities in Roseau, the capital. Along with other Caribbean islands, Dominica is fast becoming a popular tourist destination in the Caribbean.
Dominica offers tax-free status to companies locating from abroad. It also continues to serve as a major transit point for persons facing economic problems in their own countries, and wishing to migrate to the French Islands, St. Marten, and even the United StatesandCanada.
The Commonwealth of Dominica has been nominated as one of the happiest place to live on earth.
Residency & Citizenship by Investment Program:
In 1993, the Dominican government introduced the concept of Economic Citizenship (now referred to as Citizenship by Investment Program). An amendment was made to the Citizenship Act whereby for a stipulated investment, an individual could apply for Dominican citizenship without having to physically reside in Dominica.
Investors willing to invest in Dominica must:
- Be 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
Under current regulations, to qualify for citizenship of the Commonwealth of Dominica under its Citizenship by Investment Program, the Government requires either a contribution made into the Government Fund amounting to USD100,000 depending on the number of dependents included in the application or an investment in designated Real Estate with a value of at least USD 200,000. Additional payments for any dependents included in an application, due diligence fees, government fees and other fees are also payable.
Option 1- Government Fund:
The Government Fund was established through the Citizenship by Investment Program as one component of a national capital mobilization portfolio towards an ultimate goal of national development for Dominica.
Generated funds are utilized for public and private sector projects where a need is identified.
To qualify for citizenship under this investment option, there are four investment categories with different contribution amounts, based on the number of dependents included in the application, which are as follows:
- Single Applicant: a non-refundable contribution of USD 100,000 is required
- Main Applicant and Spouse: a non-refundable contribution of USD 175,000 is required
- Main Applicant with up to three qualifying dependents: a non-refundable contribution of USD 200,000 is required.
- For an additional qualifying dependent, other than a spouse, a non-refundable contribution of USD 25,000 per dependent is required.
In addition to the contribution made into the Government Fund, certain fees are also payable including, but not limited to, due diligence fees.
Option 2 – Real Estate:
To qualify for citizenship of Dominica under the Real Estate Option of the Citizenship by Investment Program, an applicant must purchase authorized real estate to the minimum value of USD 200,000.
On approval in principle of an application through a real estate investment or other approved project, the following fees also apply:
USD 25,000 for the Main Applicant;
USD 35,000 for the Main Applicant applying with his or her spouse;
USD 35,000 for a family of up to four persons, including the Main Applicant and up to three dependents
USD 50,000 for a family of up to six persons, including the Main Applicant and up to five dependents; or
USD 70,000 for a family of seven persons or more, including the Main Applicant and six or more dependents
The real estate must be held for 3 years and may be eligible for re-sale under the Citizenship by Investment Program after 5 years from the grant of citizenship.
Option 3 – Other investment opportunities:
The Government of the Commonwealth of Dominica invites investments of a minimum of USD 200,000 for each main applicant where two or more main applicants apply for citizenship together by investing in an Approved Project. An Approved Project may be a real estate development or any other development project that has been approved by Cabinet asa qualified project for Citizenship by Investment.
Note: Applications for citizenship may not be submitted directly to the Citizenship by Investment Unit (CBIU) and must only be handled by authorized representative/licensed agents.
Investors are not required to reside in Dominica before or after citizenship is granted under this Program.
Benefits of the Program:
This program has been running since 1993 and is established and experienced in processing applications. It 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.
- Applicants can live and work 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 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 Commonwealth 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 upto 2 years.
- No residency requirements.
- 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 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.
- Minimal taxation
- No wealth, gift, inheritance tax
- No foreign income tax
- No capital gains tax