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Everything you need to know about citizenship and residence programs around the globe.
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A real businessman will see both minuses and pluses in any crisis, irrespective of economic downfall, clashes between governments or a global pandemic. One of the pluses is a chance to apply for second citizenship in the Caribbean for the whole family when countries are competing for foreign investments in the Covid-19 pandemic.
Dominica citizenship by investment program remains one of the most affordable in the world. However, the government does not stop at that and in 2020, it extended the list of dependants that a main applicant can include in their citizenship application.
Dominica state is only over 40 years old. In the late 1978, the United Kingdom acknowledged independence of its colony. Dominica is part of Commonwealth, a voluntary union of former British colonies. Now, citizens of this independent state can stay in the UK for up to 180 days in a row and enjoy benefits when enrolling in UK colleges and universities.
Among other Caribbean countries offering citizenship by investment programs, Dominica is one of the best places to live: English is widely spoken there and the main budget contributor is a services sector including tourism. Unlike some restless neighbours, economic and political situation in Dominica can be easily characterised as stable.
This island state enjoys a warm tropical climate, but it’s not yellow and black volcanic sand beaches that attract tourists there – it is its pristine jungle, breathtaking waterfalls and small lakes in its numerous nature reserves.
Those who apply to get a Caribbean passport to live in Dominica, not for visa-free travel only, would normally choose to settle in two places: Roseau and Portsmouth. Roseau is the largest Dominican city and a harbour receiving around 200 cruise liners a year.
Government citizenship by investment program in Dominica was first launched back in 1993. However, it started operating as we know it now in 2015 after tropical storm Erika tore across the island causing a lot of damage and fatalities. Since then, the authorities have been relaxing conditions and requirements as they are competing against at least four other Caribbean citizenship by investment programs. Straight away, you might ask – then why choose Dominica? Let us walk you through all the advantage of investing in this country.
Visa-free access to 143 countries including Schengen Zone, the UK, Singapore and Hong Kong. Dominica citizens can spend up to 90 days in a row in the EU in any 6-month period. Besides, it is easier for Dominica nationals to get a 10-year business visa to the USA which is not available to many people.
Since its inception, Dominica citizenship by investment program has had one important benefit – a foreign investor is not required to visit the country at all in order to get second passport. Moreover, you don’t need to speak the language or know Dominica’s culture and traditions. All processes are streamlined through a licenced agent. Our company can help you obtain Dominica passport without leaving your home country.
The amount required to be invested in Dominica economy starts at $100,000 which is relatively cheap compared to other Caribbean passport programs.
Dominica government appreciates that its future citizens are not always happy to disclose information about their second nationality. Therefore, the whole application process for Dominica citizenship is fully confidential.
If you do not want to part with your money for good, you might want to invest in real estate in Dominica. By law, you must own a property on the island for at least three years after obtaining your Dominica passport instead of five in other jurisdictions.
It means that after 3 years you can sell your property, get your money back or even gain on the price difference.
Dominica is a tax haven where the government creates favourable environment for international companies registered there that do not pay corporation tax on foreign profits.
You can enjoy all the benefits of Dominica taxation system if you spend there at least half a year. There is no tax on foreign income, properties, inheritance, wealth and capital gains.
To answer this question, first you need to ask yourself:
We decided to give calculations for the most common case – a married couple without kids. However, the final amount will depend not only on an investment option and number of dependants, but also on the age of dependants and their relation to you. To learn how much money you must have for investment and additional fees in your particular case, get in touch with our experts.
You will not be able to get your money back, but at the same time you will have no headache of taking care of a property and the investment amount will be much less than the purchase price of real estate – Dominica citizenship will cost you as little as $100,000 for a single applicant, excluding additional charges.
The money received by the government through the EDF will be spent on the development of infrastructure, tourism and public sector.
The beauty of this investment option is that you need to invest at least $200,000 in a property or a share in a government approved project irrespective of the number of dependants applying for a Dominica passport.
If you want to invest in real estate with other investors to buy out the whole project, each one of you must invest at least $200,000.
The only thing that will increase depending on the number of family members in your application are additional fees and they are not refundable. The money you spend to purchase a property or a share in a hotel can be returned in 3 years after obtaining second citizenship.
To demonstrate the difference between two investment options of Dominica citizenship program, we have prepared a table of calculations for a married couple without kids.
To sum it up, a couple applying for Dominica citizenship by investment needs more money to invest in real estate than to donate in the Economic Diversification Fund. However, in 3 years, they can sell their property and return all or a big part of their money.
Due to the COVID-19 pandemic spreading across the globe in 2020, the government decided to expand a list of financial dependants that can be included in an application under the Dominica citizenship by investment program.
Apart from a spouse, children under 30 and parents/grandparents over 55, you can now add:
All these measures have one goal – to attract more money through charging additional due diligence and other fees for each added dependant.
Irrespective of how you choose to invest your money or how many dependants you want to include in your citizenship application, it is better to seek advice from a qualified legal firm – it will save you time and money. The process of obtaining a second passport has its pitfalls and nuances and Dominica authorities have high expectations of future citizens. Professional immigration advisers know how to present your case in the best light from a personal and financial point of view to make sure your application is approved.
Qualified specialists at Imperial & Legal will help you and your dependants over 16 to pass due diligence checks without any issues. They will recommend a reliable and profitable real estate project from a government approved developer if you decide to invest in a Dominica property.
Imperial & Legal team will ensure that your expenses and costs are optimised and you get your Dominica passports in 4 months without leaving your home. Our competent advisers will give you advice on all matters related to obtaining second citizenship by investment and help you find a tailor-made solution that meets the needs of your family.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
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