Dominica Citizenship By Investment 2020 – The Definitive Guide

GET IN TOUCH

Looking for an affordable investment passport as a Plan B or to boost your international mobility? Priced from only $100,000, the Dominica Citizenship By Investment Program is an excellent option for African investors seeking economic citizenship abroad. Discover why more Kenyans, Nigerians and Ghanaians are choosing the Dominican Passport Program in 2020.

About the Dominica CBI Program

 

The Commonwealth of Dominica is often mistaken for the Dominican Republic, which does not operate an Economic Citizenship Program.

Launched in 1993, the Dominican Economic Citizenship Program offers foreign investors the ability to legally obtain citizenship by investment from only $100,000 for a single applicant – without even needing to visit Dominica to apply. Under this Program, a foreign national can become a citizen of Dominica on the basis of a once-off, non-refundable contribution to the Dominica Economic Diversification Fund, or on the basis of an investment in government approved real estate in Dominica and the payment of an associated government fee.

The Program follows in the footsteps of the St Kitts and Nevis Economic Citizenship Program, which was launched in 1984, and was the second program of its kind to launch in the Caribbean. The Program is managed by the Citizenship By Investment Unit (Dominica CBIU), which processes all CBI applications and commissions due diligence on applicants.

The due diligence process is typically outsourced to one of more third party firms, hence a due diligence fee is payable upon application to the Program.

The current legal framework governing the Dominican Golden Passport Program includes the:

  • Commonwealth of Dominica Citizenship by Investment (Amendment) Regulations, 2017

  • The Commonwealth of Dominica Citizenship by Investment (Amendment) Regulations, 2016

  • The Commonwealth of Dominica Citizenship by Investment Regulations, 2014.

 

Program Investment Options: 2020

As of January 2020, the program offers applicants 2 primary paths to obtaining investment citizenship:

  • The Government Fund Donation Route: The donation based approached is fast, simple, and arguably the least onerous route to Dominican citizenship.

  • Single applicant $100,000

  • Married couple $175,000

  • Married couple and 2 children under 18 years: $200,000

  • Additional dependents: $25,000 per additional dependent.

The programme offers astounding value, and it is expected that the required donations may be increased significantly during 2020 given international demand. Another attractive feature of the program is that the required capital payment does not have to be made up until the point at which application approval is granted in principle.

Program contributions are used to fund significant private and public sector development projects on the island. Previous development projects included the Douglas Charles International Airport, the Roseau Enhancement Project, as well as extensive rehabilitation and rebuilding projects in the wake of Tropical Storm Erika, which struck the island nation in August 2015.

  • The Real Estate Investment Route: An investment of $200,000 in government approved real estate projects can also serve as the basis for applying for economic citizenship. Taking the property investment based route to citizenship has the key benefit of the expenditure not being a sunk cost. The property investment must be maintained for a minimum period of 3 years only, after which the asset can be sold; citizenship is still retained. The requisite investment amount also compares very favourable with other programs in the region, where you will be expected to invest a minimum of $400,000 or more.

It should, however, be noted that this approach may take longer than the donation based route. You may also find that you will get less bang for your buck with one of these approved pieces of real estate, compared with the value to be had on the open property market. Having said this, citizenship programs also tend to drive property value appreciation, so potential growth on a Dominica citizenship investment property may well out-perform your expectations in the medium term.

In addition, a government fee of $25,000 is applicable for single applicants, and $35k for couples and families of up to 4 persons applying for Dominican citizenship by property investment. For a family of 6, this fee rises to $60,000, and for a family of 7 or more, the fee is $70,000. Additional professional service and due diligence fees are also payable, in addition to the above costs.

So for the majority of applicants, and for individual applicants, in particular, the donation based route makes more sense.

Additional Program Requirements

As of December 2019, applicants to the program must meet the following requirements:

  • You must be 18 years or older.

  • You must have a clear police record, and must not be on any government watch or sanctions lists.

  • You must not have been banned from entering the EU, UK, USA or Canada.

  • You must be able to prove that the source of funds being used for the citizenship application was legally sourced.

  • You must be a person of good international standing

  • You must be in good health.

Why choose the Dominica Economic Citizenship Program?

GET IN TOUCH
  1. UNRIVALLED AFFORDABILITY: For single applicants, the Dominica program’s donation based option offers near unparalleled value for money. Families of 2 to 4 may wish to investigate the CIP programme of St Kitts and Nevis, as well as the Grenada Citizenship By Investment Programme, which also carries the benefit of E2 Visa Programme eligibility.

  2. PASSPORT POWER: Say good to Schengen and UK visa applications for good: As of January 2020, the visa-free and visa-upon-arrival countries on a Dominica passport include Andorra, Armenia, Austria, Bahrain Bangladesh, Belarus, Belgium, Bosnia and Herzegovina, Botswana Brazil, Bulgaria, Cambodia, Cape Verde, Colombia, Costa Rica, Croatia, Cuba, Cyprus, the Czech Republic, Denmark, Egypt, Estonia, Ethiopia, France, Germany, Greece, Grenada,  Hungary, Iceland, India, Indonesia, Iran, Ireland, Israel, Italy, Kenya, Kyrgyzstan, Laos, Latvia, Liechtenstein, Lithuania, Luxembourg, Malaysia, Malta, Moldova, Monaco, Montenegro, the Netherlands, Poland, Portugal, Qatar, Romania, Singapore, Slovakia, South Korea, Sweden Switzerland, Tanzania, Ukraine, the United as well as Zambia and Zimbabwe.

  1. FAST APPROVALS: As of January 2020, Citizenship By Investment applications are typically approved within 2 to 3 months for the primary applicant, and there’s no pre-requirement to obtain residency status before applying for citizenship. Your entire family can obtain second citizenship within 3 to 5 months.

  2. DUAL CITIZENSHIP RECOGNISED: Dominica recognises dual citizenship, which means that you don’t need to give up your current citizenship and the associated privileges to gain the benefits of Dominican citizenship.

  3. QUALITY OF LIFE: Dominica is one of the fDi’s wellness tourism destinations of the future and with good reason – offering spectacular natural scenery and a sunny tropical climate, the island is fast becoming a favoured travel destination for holistically minded tourists within the Caribbean region. Over 75,500 travellers visited the island during the first 10 months of 2019. This represents a 52% increase over the same period in 2018, boding well for the industry’s growth going into 2020.

  1. PROGRAM EXCLUSIVITY: Unlike with other competing CIP Programs, the whole world is not eligible to apply for Dominican citizenship. While the country imposes no outright bans on certain nationalities, applications from Afghanistan, Iraq, North Korea, Saudi Arabia Yemen and Somalia are treated on a “case by case basis”.

  2. NO MINIMUM STAY REQUIREMENTS: Dominica imposes no minimum stay requirements on its economic citizens; on the contrary, you don’t even need to visit Dominica to apply for investment based or donation based citizenship.

  3. LEAVE A GLOBAL LEGACY: Dominican citizenship can get passed on to your descendants, making a second passport an essential part of a lasting inheritance and global legacy. No additional investment is required, however there is a $2,000 government processing fee to add a newborn as a citizen of Dominica. The child must, however, be under the age of five to be added under this provision.

  1. THE BEST SECOND CITIZENSHIP FOR FAMILIES: Parents over the age of 55, and unmarried children up to the age of 30 years are eligible to apply for citizenship along with the primary investor.

  1. TAX FRIENDLY DESTINATION: While Dominica doesn’t charge zero taxes, you won’t be paying taxes on your globally derived income or dividends, and no wealth or inheritance taxes are applicable either.

  1. HIGH POTENTIAL INVESTMENT YIELD: American nationals are retiring in Dominica in unprecedented numbers, and investors from China, Russia and the Middle East are strategically investing in Dominica’s luxury hotel and resort developments.

  1. FULL DISCRETION: Unlike a number of other countries offering Citizenship By Investment Programmes, Dominica does not publish the names of economic citizens, and information on obtaining citizenship is not disclosed to third parties.

The Dominica CBI Program: Pros and Cons

 

ESTABLISHEDNESS OF THE PROGRAM: The Dominica CIP is one of the oldest programs in the world, and as such has developed a sound reputation for effective outcomes and the predictability of its processes. The application process typically takes between 3 and 6 months.

EU VISA FREE ACCESS: A Dominican passport gives you visa free access rights (or a visa upon arrival), for over 135 countries around the world, including Schengen area, the UK, Ireland (the latter two being a major plus), some South American countries, Malaysia, Singapore and Hong Hong. It does however, not give you access to Morocco, China and South Africa, and it’s not the ideal passport if your core focus is getting into the Americas.

TAXATION: Unlike St Kitts and Nevis, which is a tax haven in the true sense of the term, Dominica does have income taxes, especially if you’re going to be settling there as a tax resident. If tax optimisation is your key focus, you may therefore want to look at the St Kitts and Nevis program instead. 

PROGRAM COSTS: For single applicants looking for an affordable, fast and straight forward solution, the Dominica program may be well suited. If you’re married or have dependent children, however, you may wish to look at alternative Caribbean passport programs as well.

About Dominica

GET IN TOUCH

The island nation of Dominica is situated in the Lesser Antilles region of the Caribbean. Its population is somewhere in the region of 70,000, and its lingua franca is English. Roseau, the capital, is home to around 20,000 people, and serves as the country’s financial centre.

The country has diplomatic missions in New York, Washington DC, London, Brussels and Beijing. The country also has consulates in Zurich, New Delhi, Ottawa and Casablanca.

Agriculture has ever been one of the country’s economic mainstays, however wellness tourism has become a booming business on the island. Its Economic Citizenship Program has become a meaningful economic contributor as well.

The country is safe and politically stable, and given its natural splendour, the tourism outlook, in particular, looks largely positive going into 2020.

The country’s offshore banking sector is growing and maturing steadily, which should bolster both investor confidence and value appreciation in the medium term.

Required documentation to apply for Dominica Economic Citizenship in 2020

 

  • Certified copies of the Birth Certificates for all applicants

  • Certified copies of all applicants’ current passports

  • Police clearance certificates from your country of birth and country of residence (if different)

  • Two personal references for the primary applicant

  • A marriage certificate (if applicable)

  • One professional reference for the primary applicant

  • A bank reference letter

  • A letter of employment (if applicable)

  • Audited financial statements for your business (if applicable)

  • Proof of education qualification (notarized)

  • An affidavit or declaration of source of funds

  • Your most recent tax return

  • Your curriculum vitae

  • A detailed business background report

  • Eight passport photos per each applicant.

DISCLAIMER

Any and all liability that could or does arise as a consequence of relying on, or decision making based on the contents of this website and specific article is herewith excluded to the fullest extent permitted by law.

While every reasonable effort has been made to ensure its accuracy, this is by no means guaranteed.

The above content is intended to serve as general guidance on the topic only. No representation is made as to the completeness, correctness or accuracy of the information contained above, either at the time of publication or thereafter. None of the information supplied above constitutes legal, tax or investment or any other professional advice . Neither the publisher of this Golden Visas site, nor its supply chain, agents, affiliates, advisers or associated companies shall be liable for any direct, indirect or consequential losses suffered by any person as a result of relying on this information.

Always consult a suitably qualified independent legal or other independent professional advisor before any investment decision is taken. Any and all information contained in this website and page is subject to change without notice and subject to currently laws adhered to in South Africa. Furthermore, no information included in this website constitutes a solicitation to invest in, sell or buy any property or securities of any kind whatsoever.