Dominica – Citizenship by Investment

About Dominica

Discovery of the Commonwealth of Dominica is sure to yield a Caribbean experience unlike any
other. Its breathtaking landscape reveals rainforests, rivers and waterfalls. It comes as no surprise that
Dominica is affectionately known as “Nature’s Island”, as citizens of Dominica share their home with many rare species of plant, animal and bird. The rugged terrain offers adventurous visitors the chance to canyon, bike or swing from new heights. For those with a love of nature, Dominica is the perfect bird watching destination. Additionally, its botanical gardens house the Sisserou Parrot, which can only be found on the island and is the island’s national bird.

Dominica is known for its spectacular reefs which visitors can explore for themselves whilst diving or
snorkeling. Keen divers should certainly visit the signature Champagne Reef. For a less active visitor, there is the always the option to join a boating tour. From a catamaran, visitors with a keen eye for amphibians can enjoy dolphin watching. The sun is a permanent resident in Dominica, which boasts an extremely tropical climate and beautifully rugged terrain which will please all of the sun soakers looking for a place to soak up the rays. Looking out onto the Caribbean Sea, the mountainous green sides are dotted with exotic
tropical flowers, banana plantations and coconut trees. The Boiling Lake is the perfect place to soul search and discover yourself as its renowned healing properties are considered legendary. Dominica has the honour of being nominated as one of the happiest places to live on earth. Simplicity is key here, whether you want to walk barefoot through the pristine shore, wander down any number of green jungle trails or chill out on the beach looking onto the ocean, Dominica is a place where concerns are replaced by an overwhelming
sense of peace and oneness. With a unique melting pot of cultures including English, French, African and Carrib, there is no shortage of interesting natives to get to know and grow friendships with. The citizens know how to work hard, but also how to play hard, with a number of music and pageantry events to enjoy.
Benefits of Citizenship in Dominica

One of the main benefits of a Dominican citizenship for the potential applicant would be the access it
provides. Dominica itself is a safe and enjoyable place to live, with a high quality of life and English is the official language so business transactions should be without language complications. Dominica also has a progressive and stable macroeconomic environment and a Dominican citizen has unrestricted foreign ownership of businesses rights in an investor friendly environment. Citizenship also comes with free movement of capital, dividends and profits made outside of the island and no capital gains, estate or death taxes making it a prime location for those looking to protect their wealth. Dominica’s Government has frequent dealings with the private sector and other foreign investors in order to facilitate growth. There are a number of flexible and tailored projects available for the investor, as many international companies are targeting Dominica to develop agricultural opportunities, alternative energy projects, manufacturing concerns, hotel resort developments and even investment in the film industry. The soil is perfect for producing a variety of fruits, produce and plants due to its rich volcanic content. The landscape is also a prime candidate for real estate development and there are a number of opportunities to work together with joint venture investments and private landowners.

Citizenship by Investment Requirements

Dominica offers applicants the option of becoming citizens in return for a qualifying investment, which
includes either a donation to Dominica’s Economic Diversification Fund, or the purchase of pre-approved real estate.

Economic Diversification Fund

The Economic Diversification Fund was established through the Economic Citizenship Programme as
one component of a national capital mobilisation portfolio towards an ultimate goal of national development for Dominica. Generated funds are utilised for public and private sector projects where a need is identified. Public sector projects identified for financing under the Programme include (1) building of schools, (2) renovation of the hospital, (3) building of a national sports stadium and (4) towards the promotion of the offshore sector. With respect to private sector projects, Government emphasis is on the tourism, information technology and agricultural sectors and therefore public sector projects to be financed under the Programme will fall within one of these sectors. 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:

  1. Single Applicant: a non-refundable contribution of USD 100,000 is required
    2. Main Applicant and Spouse: a non-refundable contribution of USD 175,000 is required
    3. Main Applicant with up to three dependents (applicant plus spouse and two children below the age of 18): a non-refundable contribution of USD 200,000
    4. Main Applicant with up to four dependents or more (applicant plus spouse and more than two children below the age of 18): a non-refundable contribution of USD 200,000 plus USD 20,000 for each additional dependent under the age of 18 years and USD 50,000 for each additional dependent aged 18 or over.

Real Estate

To qualify for citizenship of Dominica under the Real Estate Option under the Citizenship by Investment Programme, an applicant must purchase authorised real estate to the minimum value of USD 200,000.
Following approval of a real estate investment application, the following Government Fees are payable:
• USD 50,000 for the Single Applicant
• USD 75,000 for family up to 4 persons, including the main applicant
• USD 100,000 for family up to 6 persons, including the main applicant
• USD 20,000 for each additional dependant aged under 18 years; USD 25,000 for each additional dependant aged over 18 years
Given that the application procedure under this option entails the purchase of real estate, this can prolong the processing time, which is subject to the chosen property.

 

 

 

Posted in Country Spotlights.

2 Comments

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