The Commonwealth of Dominica, a small island in the Caribbean, is offering citizenship by investment. Citizenship is offered to individuals and their families who invest in designated real estate properties or who donate into the Economic Diversification Fund. Those who become citizens through the Citizenship by Investment in Dominica program have the right to live, work, and study in Dominica and the right to travel without visas (or with a visa waiver in 2021 and after) to about 120 countries. Additionally, Dominica has only personal income taxes, but no wealth, gift, inheritance, foreign income, or capital gains taxes, making the investment more lucrative.
Dominica has a population of about 75,000, currently comprising those primarily of African, Indigenous Indian, Syrian, Lebanese and Asian descent. It is formerly a British colony and English is the primary language. Independent since 1978, it is a parliamentary democracy with three branches — legislative, executive and judiciary. The island has available land and a low crime rate. High speed Internet is also readily available. Its banking system is stable. The currency is the Eastern Caribbean dollar, which is pegged to the U.S. dollar. The Eastern Caribbean Central Bank oversees its monetary policy.
Caribbean citizenship by investment programs are most attractive to those in the Middle East and Asia who are frustrated by delays in obtaining visas to travel to Western countries. They also provide an alternative place for them and their families to live should their own countries become unstable, European CEO says. Dominica’s program requires a minimal investment and its tax laws also make its program a good way to preserve wealth. Naturalized Dominican citizens may also keep their citizenship in the country of their birth.
The Citizenship by Investment Program is set out in the regulations published pursuant to Section 101 of the Constitution and Sections 8 and 20 (1) of the Citizenship Act as they were updated in 2016. Those choosing the EDF program must make at least a $100,000 nonrefundable donation if they are single, $175,000 for a couple and $200,000 for family of four. Those choosing the real estate option must invest at least $200,000 in a specific approved project if they are single and must hold it for three years after citizenship is granted. Application to the program is made through the government’s authorized agents. For example, one approved project is the Sanctuary Rainforest Eco Resort and Spa. The process begins with payment of a 5 percent deposit, followed by submission of documents and payment of application and due diligence fees to the government. The remaining 95 percent of the investment is transferred after the government issues a letter of approval and grants citizenship. The authorized agents facilitate this process, providing advice and support to ensure the application is successful.