Dominica’s Citizenship by Investment Program was launched in 1993. Since then, the program has gained considerable popularity among foreign investors. First of all, they value the affordability, but that’s not all Dominica has to offer.
In the summer of 2017, Dominica’s CBI program ranked first in the index compiled by Financial Times’ sister project, Professional Wealth Management. Dominica has outshined 11 other EU and Caribbean countries that have their own CBI programs. The experts commended the accessibility of the program, the simplicity and speed of application processing and the high standards of due diligence checks.
Why is Dominica’s citizenship so attractive to foreign investors?
- The main leverage of the program is its affordability. If an investor chooses to make a one-time, non-refundable donation to Dominica’s government fund, they only contribute US$100,000 plus additional fees. For a family of up to 4 people, the contribution is US$200,000. In the case of real estate investment, the minimum participation threshold is US$200,000, plus some government fees, such as US$50,000 for a single applicant, or up to US$100,000 for a family of up to 6 people.
- Not only is Dominica’s CBI program affordable, it also gives hope to obtain a second passport to people from countries like Iran, Syria and Yemen, whereas other countries with CBI programs are not accepting applications from them.
- Dominica’s passport means visa-free regime with 119+ countries, including Great Britain, Singapore, and Hong Kong.
- Dominica’s beneficial taxation system is a solid bonus for wealthy businessmen. There is no tax on world income, inheritance, donation or dividends.
Dominica’s second passport – in numbers
Dominica’s passport program is an essential source of foreign direct investment in the local economy. Therefore, the government pay a great deal of attention to it and work to optimize all the procedures.
In December 2013, about 12,000 passports were issued to foreign investors. A year later, the government had a plan to issue passports to another 2,000 applicants. The government does not publish accurate statistics on the number of passports issued to foreigners who applied via the CBI program, nor does it divulge on the total amount of investment. However, the government is constantly reporting on the impressive amount of foreign investment in the economy. In May 2017, Senator Jahisiah Benoit announced that $50 million out of the $150 million budget were contributed through the CBI program.
Emmanuel Nanthan, Director of Dominica’s Citizenship by Investment Unit (CBI Unit), says the clearly defined conditions of the program allow to maintain application rejection rate at just 2%.
“At citizenship conferences around the world, we are often told that Dominica’s CIP is the most transparent program of its kind in the world.” – Emmanuel Nanthan
A Dominican second passport is a profitable investment
The citizenship of Dominica is a promising investment that offers significant opportunities for investors. The program runs like clockwork; Dominica’s citizenship by investment unit resumed their activities a mere few days after the hurricanes hit the Caribbean in the fall of 2017.
Even if we take into account the reduced cost of other Caribbean offers, the Dominican Citizenship by Investment Program still holds as beneficial. Recently, there had been some talk about raising the cost of the program, the Dominican government decided against such a step for now. But it’s not a given such talk won’t resume in the coming months. Isn’t it a valid reason to start considering applying for the citizenship of Dominica?
We can help you weigh your options and choose what’s right
We urge our clients to compare conditions of the various CBI programs. This helps them make up their minds and opt for what suits them best. Speaking of Caribbean nations, we can name at least three reasons to strongly consider one of the countries in the region as your second home:
- Antigua and Barbuda passport: visa-free entry to over 136 countries; passports are issued within 3-5 months.
- Saint Kitts and Nevis passport: visa-free entry to 132 countries; no residence requirements; passports are issued within 3-5 months. The program has been active since 1984!
- Dominican passport: visa-free entry to 91 country; passports are issued within 3-6 months; no residence requirements; no personal interview.
Have more questions? Want to know the total cost of obtaining the Antiguan citizenship through investment for the whole family? Don’t hesitate to reach out to us and get a free consultation.