Discover the allure of Caribbean islands for visionary individuals seeking banking opportunities, company registration, trusts, and citizenship by investment. Obtain a second passport through economic citizenship programs, gaining advantages like relocation security, visa-free travel, and access to the Caribbean Community.

Caribbean islands are an attractive region for far-sighted people who benefit from its banking opportunities, register companies and set up trusts here, and apply for citizenship by investment. The latter (also referred to as “economic citizenship”) means that you get a passport in addition to the one you currently have in return for investment in the Caribbean island’s economy. There are some general advantages (you have a place to relocate to if something happens in your home country) and those you can use straight away (like visa-free access to many countries or the possibility to live and work in the whole Caribbean Community as you get a CARICOM passport).

If this topic is new to you, we invite you to our portal where you will find a lot of articles on different citizenship by investment programs. In particular, read our post on the safest and cheapest Caribbean islands where we discuss all available options and help you arrive at some conclusion. We have qualified specialists who will help you with any aspect of offshore activities, be it citizenship, company, bank account, asset management, or investment.

Dominican Citizenship: Advantages

In this post, we will take a brief look at Dominica, a beautiful island that offers its passport to eligible candidates and their families. Here is what you get by investing in the Dominican economy:

• The Dominican passport gives the right of entering over 120 countries without a visa, including the UK, Hong Kong, Singapore, the Schengen states, and almost all countries of South America.
• Dominica is a party to many double taxation treaties that will reduce your tax burden. In addition, it does not impose taxes on capital gains, income from foreign sources, inheritance, gifts, or wealth.
• You will become a citizen of several states at once.
• You can obtain a Dominican passport and freely live in any country you want as there are no requirements for mandatory stay in the territory before or after you acquire your citizenship by investment.
• If you are interested in repatriation of profit or import of capital, you will face no restrictions whatsoever.
• Entrepreneurs that start their company here get really beneficial conditions, including corporate tax breaks and no import duties to be paid.
• The local currency is pegged to the US dollar, which is a prerequisite for the jurisdiction’s financial stability.
• The Caribbean region gives investors access to some duty-free markets.
• Finally, if you decide to relocate here (alone or with the whole family) to live, you will hardly find a more peaceful and hospitable destination than this one.

Does that sound impressive? Dominica really has a lot to offer, and you can contact us by following the above link for a smooth experience in obtaining a second passport on the beautiful island.

Dominica’s Economic Citizenship: Conditions

First of all, you are required to be at least 18 years of age to qualify as the main applicant. If you do, you can apply on your own or include your relatives in the collective application.

You will have to make an investment in the country’s economy in one of the following ways:

• Contribute 100,000 US dollars to the Economic Diversification Fund of Dominica (this is the amount for the sole applicant, and collective application comes at an additional fee).
• Buy real estate on the island that costs at least 200,000 US dollars. You will have to keep it for 3 years before you obtain the right to resell it (and retain your passport).

Let’s have a more detailed look at each option.

Donation to the Economic Diversification Fund

The amount you pay in this case is non-refundable, and it is used by the local government to develop the economy and public sector of the jurisdiction: build schools, hospitals and stadiums, and promote offshore sector activities.

The amount you will have to donate depends on the number of applicants:

• USD 100,000 is the amount required per applicant
• A couple will have to invest USD 150,000
• If you have 3 dependents, be prepared to pay USD 175,000
• And if you want to include any extra dependent who is not your sibling aged 18-25 (or their husband/wife), you will have to add USD 25,000 to the total amount per each such dependent
• Siblings aged 18-25 or their husband/wife come at a USD 50,000 fee each if you wish to add them to the collective application

This is the main amount you will be required to contribute, and there are several minor fees that are also applicable:

• Each application is processed at a USD 1,000 fee
• Each applicant who is at least 16 years of age will have to pass a security check that costs USD 7,500 for the main applicant and USD 4,000 for others
• Each person will have to get a Naturalization Certificate that requires a USD 250 fee per applicant
• Finally, if you want your passports to be executed in an accelerated procedure, you will have to pay USD 1,200 per each person

Purchasing Real Estate

You will be liable for a government fee if you acquire real estate:

• The main applicant will pay USD 25,000
• A couple (or a family with 3-4 members) will be liable for USD 35,000
• If you have a large family (5-6 members), be prepared to pay USD 50,000
• And if you are lucky to have 7 or more members, the amount will come to USD 70,000

If the main applicant has siblings and wants to include them (along with their spouses or without) in the application, each such applicant will come at USD 50,000.

Additional minor fees are identical to those mentioned in the previous section.

Important Final Details

How long will it take to become a second passport owner? Well, expect at least 6 months. It takes time, and you cannot reasonably become a citizen of another state overnight.

Dominican authorities do not work with applicants directly: you will need a licensed agent who will manage your application process. Fortunately, we have reliable agents on-site, and you can get one by contacting us using the link above. We are ready to answer any questions you may have about the Dominican citizenship-by-investment opportunity and help you with any issues that arise.

Today is a good day to make your first step to Caribbean citizenship!