There are many reasons for considering Dominica as a second home country:
Favorable business conditions.
Offering one of the strongest and most affordable citizenship by investment programmes in the world
Plus these items, there are a few citizenships by investment programmes as attractive as Dominica worldwide. The investment can be made through the Dominica Economic Citizenship Programme offered by the government. The advantages of applying for this program are as follows:
Easy application: The process of applying for Dominican citizenship is smooth and fast. The whole approval process takes less than three months, with the applicant not involved much in providing input.
Reasonable and simple requirements: There is no minimum of stay, age restriction, and language tests required for obtaining Dominican citizenship. A clean criminal record, being in a good health condition, and approved wealth status is all that needs to be approved by the Dominican government.
Permanent citizenship: under no change of rules or government decisions in the future, citizenship can be canceled.
Affordability: Either foreign investors decide to acquire citizenship by investing in real estate or donating to the government programme, the starting prices are USD 100,000 and USD 250,000, respectively.
Dual citizenship possibility: Citizenship applicants do not need to give up on their passport to acquire their new passport issued by the Dominican government. Also, since the whole application process is confidential, the applicant’s home country will not be aware of the citizenship application.
Global mobility: As a member of Commonwealth nations, Dominica’s citizens have visa-free or visa-on-arrival access to 120 countries, including all the European Union countries. Dominican passport is ranked 40 globally. Being a member of the Commonwealth nation facilitates obtaining a business visa in other Commonwealth nations.
Exceptional tax conditions: Applicants are not expected to pay foreign income or capital gains tax unless they start living on the island – and they will not be considered a tax resident until they live there for more than half a year. Tax residents are not subject to in-country taxes (such as wealth, personal income tax, or inheritance tax) and benefit from tax incentive packages (including holidays and tax waivers). Because of all these benefits, more foreign investors are becoming interested in starting their business in Dominica.
Peaceful environment for living: Dominica offers a very stable and secure lifestyle with exceptional natural sights, and the country is considered one of the top ecotourism destinations.
There are two options offered by the Dominican government for foreign investors to apply for citizenship:
Contributing to the Dominica Government Fund: This is a non-refundable donation in line with improving the island’s economy and the growth of its public and private sectors. A minimum of USD 100,000 is required for this investment option plus government fees. Spouses and children can be added to the citizenship programme by donating more funds. USD 175,000 is required for the applicant and their spouse, or a total of USD 200,000 is requested for the spouse and two children aged under 18. For more children added to this option, USD 50,000 should be considered for each child.
Investment in real estate: For this option, a minimum of USD 225,000 plus government fees should be invested in a piece of real estate, and this property should be held for at least three years. After five years, the same property can be resold to another citizenship by investment applicant.
For more details about Dominican residency and citizenship, talk to one of iKonnect Citizens‘ Citizenship and Residency Specialists today. Call +971 50 152 4200 or email info @ ikonnect.ae.