In the Caribbean, citizenship by investment (CBI) programs serve as a way for high net worth individuals (HNWIs) and their families to acquire second passports. These programs offer a new level of international mobility and a peaceful island life many people crave.
In the mountainous island nation of Dominica, discerning HNWIs are encouraged to apply for their economic citizenship program with enticing benefits. The country’s CBI program is known for perfectly scoring in terms of affordability, speed and efficiency of application processing, undemanding residence and/or travel requirements, and vetting procedures.
If you are interested in settling or acquiring a second citizenship in Dominica, this article should be helpful in giving you quick facts about the citizenship by investment program in Dominica — from the perks to the necessary steps you need to take in order to qualify.
The Perks of Dominica Citizenship
The benefits of citizenship in Dominica do not focus on a single aspect of life. In fact, a businessperson can enjoy several entrepreneurial advantages while enjoying lifestyle perks in this Caribbean island nation.
Lifestyle Advantages
The Caribbean, as a whole, is considered a desirable destination for peaceful island living. It’s no wonder, then, that residing in Dominica offers the following lifestyle perks:
- Private and peaceful living – Dominica offers one specific benefit that the rich and famous in the entertainment and business industries crave — privacy. The country has also been lauded as one of the happiest places to live in around the world because of the peaceful environment and friendly community surrounded by unspoilt nature.
- Picturesque tourist spots – If enjoying natural scenery is your thing, Dominica is the place for you. It is widely considered a tropical paradise, complete with beautiful spots for relaxation and adventure, both on land and in water.
- Visa-free travel – Second passport holders in Dominica get to enjoy visa-free travel to dozens of countries all over the globe. This includes the United Kingdom, Singapore, Hong Kong, and many others.
Business Benefits
The advantages of having a second citizenship in Dominica won’t be complete without considering the financial rewards of living, working and/or operating a business there:
- Minimal taxation – Minimal taxes imposed means that should you decide to become resident there, you won’t have to pay for taxes for wealth, inheritance, gift, and foreign income as well as for capital gains. The government also holds no legal Dominican resident responsible for paying taxes for their personal income.
- Taxation treaties – Dominica signed treaties on double taxation with the CARICOM and the USA.
- No restriction on profit repatriation and imported capital.
- Generous tax incentive packages – Dominica also offers fiscal benefits ranging from corporate tax to full import duties exemption. Residents also enjoy tax relief benefits as well as export allowance.
- Fixed currency rate with USD – The country’s currency (East Caribbean dollar or XCD) is set at a fixed rate with the American dollar (USD), ensuring that the value of your money in the country won’t ever change.
- Duty-free access to key markets in the Caribbean.
How to Get a Second Passport in Dominica
If you’re ready to set the wheels in motion, below are the important steps you need to take in order to secure your second citizenship in Dominica:
Step #1: Choose Your Investment
CBI applicants can choose between:
- Contributing at least $100,000 to the Economic Diversification Fund (may increase based on the number of dependents); and
- Investing in an approved real estate property valued at $200,000 or more.
Step #2: Contact an Authorized Agent
In Dominica, CBI applications cannot be directly processed by the applicant. This means you need to contact a citizenship by investment unit-authorized agent who will serve as your liaison during the application process.
Step #3: Complete the Requirements
Aside from filing the application on your behalf, the agent should also assist you in preparing the requirements needed for the process. You will have to undergo a medical examination, fill up the necessary forms, and get all the documents needed for the application.
Documentary requirements include two notarized copies of the application form, color copies of passports, certificates of birth, marriage, and/or dissolution of marriage, and police records, among others. If you opt for real estate investment, you also need to submit a copy of the sale and purchase agreement of the property in question.
Step #4: Wait for the Result of a Due Diligence Background Check
After submitting the papers, you will go through a due diligence background check conducted by the CBIU to verify the veracity of your papers. After that, you will get a letter through your agent if the application is “approved in principle,” if it requires further processing, or if it has been declined.
Step #5: Make the Investment after Receiving Approval of the Application
Once your application is approved in principle, you can make your investment based on instructions provided in correspondences from the CBIU through your agent, and shortly thereafter, your certificate of naturalisation and passport will be issued.
Quick Roundup
When applying for permanent residency in Caribbean countries like Dominica, knowledge about the different facts and implications of what you’re getting into will help you avoid making costly mistakes. Hopefully, this article covers enough key information to help you decide whether a Dominican citizenship is for you.
AUTHOR BIO
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.
Hi there! I’m Sethu, your go-to guy for all things tech, travel, internet, movies, and business tips. I love sharing insights and stories that make life more interesting. Let’s explore the world together, one article at a time!
