Caribbean passports are very popular nowadays. Applicants do not need to invest a lot, yet they will be welcomed almost worldwide. Visa-free or simplified entry to 140 countries and possibility to transfer a business into offshore with minimal taxation. Even visiting the island is not obligatory.
Program features:
The program exists for more than 20 years, since 1993. Early on, the conditions were not so attractive. For instance, the investor had to live on the island for at least 5 years and the list of relatives was much shorter.
Today the Commonwealth of Dominica is one of the cheapest and fastest programs in the world: the entry threshold is $100,000 and the registration period can take only 2-3 months, while the newly-made citizen has the right to return the investment in 3 years.
The citizenship via investment program offers two options to choose from:
In the first case, the entry threshold is at $100,000 (if there is only one applicant), in the second case it is $200,000. Investments in real estate can be returned in 3 years. Under similar Caribbean programs, the term of return of capital starts from five years).
Both children and the wife/husband of the main applicant, as well as parents and young childless siblings on both sides, apply for a passport. Each additional applicant significantly increases the cost of the procedure. But for large families, the program is profitable, because, for example, when investing in real estate (can be a hotel or a private villa), families of 7 or more people pay a fixed state fee, and not an additional fee for each relative, as other Caribbean programs offer.
The Dominica passport gives you the right to transfer your tax residence to an offshore zone and not pay taxes on wealth, dividends, world income, gifts, inheritance. You can live and work in this tax regime not only in Dominica, but also in one of the CARICOM member states.
Citizenship is valid for life and can be inherited. The registration procedure can only be completed through government authorized agents of Dominica.
Investment Options | |
---|---|
$ 100 000+ Non-refundable fee |
$ 200 000+ Real estate investments |
Donation to the Dominica economic diversification Fund (EDF). The investment is non-refundable. State fees are paid for including family members:
|
Invest to the approved list of projects. The investment is refundable: it can be resold 3 years after receiving the passport, or 5 years later, if the buyer also participates in the economic citizenship program. State fees are paid for including family members:
|
The government of Dominica offers an expanded immigration program. The investor has the right to include in the application not only the spouse and children, but also parents and siblings. The spouse needs a marriage certificate. Kids must depend financially and be under the age of 30, no requirements for children with special needs. Parents of the investor must be older than 55 and be financially dependent. Finally, brothers and sisters of the investor and/or their spouse must be under 25 years of age and not married.
There are no requirements for knowledge of the language, history or culture of the country. The most important thing is to successfully pass a security check and confirm the legal origin of the capital.
The application can declined, if you:
– violated the visa regime of the EU, the US, the UK and Canada;
– are under investigation or has committed criminal offences;
– cannot confirm the legal source of funds;
– pose a threat to the reputation and national security of Dominica.
Learn more about how to get second citizenship by investment in other countries:
Second Passport. Why You Need the Citizenship of Vanuatu
Second Passport. Saint Kitts & Nevis Citizenship by Investment
Second Passport. Grenada CBI Program
Second Passport. Antigua and Barbuda Citizenship by Investment
All documents must be translated into English by a licensed professional, notarized and have an apostille stamp.
Additional Expenses | ||
---|---|---|
Verification of trustworthiness | Administrative fee | Lawyer's fee |
|
|
The fee of an accredited agent for supporting the procedure of obtaining citizenship is $15,000-50,000, depending on the family composition and the prices of a particular company. |
Foreigners with investment citizenship have the same rights as any other resident of Dominica.
The whole process of obtaining a new passport takes up to 3 months.
Click here to check out the official website of the program
Photos: pixabay.com