Located in the Caribbean between North America and South America, Dominica is called the ‘Nature Island of the Caribbean.’ The island is home to dense rainforests, hills, and waterfalls in addition to the quintessential Caribbean beaches. The pristine beaches, crystal clear waters, and the dense rainforests attract thousands of tourists every year to the country.
Dominican Citizenship by Investment Program
Dominican Citizenship by Investment Program (CIP) is one of the fastest and most renowned across the world. The program was revamped in 2013 and then again in 2014 to make it applicant friendly and take care of national interests. At present, the Dominican Citizenship by Investment program is governed through the new Commonwealth of Dominica Citizenship by Investment Regulations, 2014. The regulations have been framed under Article 101 of the Dominican Constitution and Sections 8 and 20 (1) of the Citizenship Act of Dominica. The entire process is run by a special unit called Citizenship-by-Investment Unit (CBIU) established under the Ministry of Finance. Dominican Citizenship under the CIP is valid for the entire life and there are no requirements for any residence in the country.
Basic Eligibility for Dominica CIP
The Dominica CIP is open to all individuals who fulfill the requirements laid down by law. The basic eligibility for an applicant is:
a) the applicant is at least eighteen years of age;
b) submits all documents as required;
c) Makes the required investment.
Requirements for investment
There are two modes (anyone to be chosen) through which an applicant can choose to make an Investment in Dominica-
a) Making a Contribution to Economic Diversification Fund (Government Fund)
The Government Fund aims to use the fund generated under this program for the building of schools, hospitals, stadiums, and promotion of the offshore sector.
If the applicant chooses to select this option, he can make a non-refundable contribution as per the following table:
One Principal applicant USD 100,000
An applicant with spouse USD 175,000
An applicant with three dependents USD 200,000
An applicant with four or more dependents USD 200,000
For every additional dependent above Four USD 50,000
The second option is to invest in approved real estate and the investments to be made are provided below.
b) Investment amounts for Approved Real Estate
The investment in an approved real estate project has to be made after the application is preliminarily approved. The minimum investment value for the applicant choosing this option is USD 200,000. Additional fees need to be paid for individuals selecting this option and they are mentioned below. The real estate acquired for citizenship cannot be transferred for three years and the same property can be used for citizenship application purposes again only after five years.
Dependents eligible for application
Dependants are also eligible to apply for a residence along with the main applicant in the Dominica CIP. The following persons are applicable for such an application:
a) Spouse of the main applicant
b) Children below 18 years or if between 18 and 25 years they must be principally dependent upon the main applicant and must be in full-time education in a higher educational institution.
c) Unmarried daughter till the age of 25 years living and supported by the applicant.
d) In the case of parents or grandparents of the main applicant or spouse, they must be above 65 years must be economically dependent on the main applicant.
e) Mentally or physically differently-abled children above 18 years.
Cost of the program
The applicants for the Dominica CIP have to pay the following fees for their application:
a) Processing Fee:
USD 3000 per application
b) Due Diligence Fee:
Principal applicant USD 7,500
Spouse USD 7,000
Dependants aged 16 years and above USD 4,000
c) Special Fee for applicants who select the real estate option
Principal applicant USD 50,000
Spouse of main applicant USD 25,000
Each child below 18 years of main applicant USD 20,000
Each dependent above 18 years USD 50,000
d) Other Fee
- Certificate of naturalization: USD 750 per person
- Expedited Passport Fee: USD 1200 per person
The time duration for procedures under the program
Within three months of the submission of the application, the result of the application is communicated. If approved in principle, the applicant has to show the purchase of real estate or payment of the Government Fund Contribution within thirty days of the receipt of the information.
Advantages of the program
The CIP provides the best opportunity to acquire Dominican citizenship. Citizens of Dominica who acquire citizenship under this program enjoy tax breaks and other incentives to invest in the country. The passport is valid for a lifetime and Dominican citizenship also allows you to work and live in the country. The Dominican Passport enables hassle-free travel to more than 90 countries including the European Union, United Kingdom, and Hong Kong. The country also has an extremely friendly taxation policy with no wealth tax, gift tax, inheritance tax, capital gains tax or tax on foreign income. To top it all there are no personal income taxes for residents and the country has several Double Taxation Avoidance Agreements with major economies.
Choose the Right Partner for your CIP Application
Empire, a leading Professional Services & Advisory Firm focused on immigration and residency offers you a simplified path to apply for the CIP program and secure approvals within the shortest possible time. With our team of immigration experts, you are assured that your application is in informed hands. If you are interested in obtaining more information about this program, please complete this short online application. One of our representatives will be in contact with you. You can reach us by phone at +60350331665 or visit our websitewww.empireglobal.partners. We also look forward to your emails at firstname.lastname@example.org. We offer clear written contract agreements mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.