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.
Here are top five advantages of Dominica citizenship by investment program:
First of all, it offers political and economic stability which translates into comfortable and safe living for residents. It can serve as an excellent Plan B in case of economic and political instability in your home country.
Secondly, international companies registered in Dominica and tax residents will benefit from a flexible taxation regime. There is no property tax, capital gains tax, stamp duty or other four common taxes.
If your child is still under 18 and there is a valid reason why they were not included in your application, you can still apply for a Caribbean passport for them after you yourself have become a Dominica citizen. An application must be submitted through an agent and it will cost you $25,000 to get a Dominica passport for your child.
As a reference, we will take a couple with two minor children.
For your convenience, cost estimates for two investment options – a non-refundable fund contribution and real estate purchase – are given in a table:
Due diligence fees
Certificate of naturalisation
At a first glance, the fund option does look less costly, but bear in mind that the whole amount of $193,300 is not refundable. If, however, you choose to invest in a government approved project, you will be able to recover your money after three years by selling your property and getting at least $200,000 out of $253,300 back. Besides, you might be able to cover part of your application expenses with income from renting your property.
To sum it up, if you have money to spare and are ready to work with a property management company, go for the real estate option of investing in Dominica citizenship – in the best-case scenario you will end up paying only $53,300. If you worry about finding a reliable property manager, be sure that Imperial & Legal team will recommend you one.
As of early 2021, Dominica has signed visa waiver agreements with 143 countries and territories. It is ranked 34th in the annual passport index. But it is not all about the number of countries.
What also matters is which countries you can visit without a visa and how long you can stay there. Dominica national scan fly to any Schengen state and stay there for up to 90 days. They can also spend up to 180 days in the UK, the former metropole. Since Great Britain is no longer part of the EU, Caribbean citizens can spend the best part of the year in the UK and continental Europe.
We will work with you to find a customised solution for your immigration, second citizenship, business, tax and other needs.
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