The Dominica citizenship by investment program offers global citizens the opportunity to acquire a second passport for themselves and their families. Dominica’s government manages and adjudicates economic citizenship applications through the Citizenship by Investment Unit (CBIU).
Applicants can choose between two investment routes: making a non-refundable contribution to the country’s Economic Diversification Fund or purchasing approved real estate. The process typically takes a few months.
Real estate investment
When it comes to Dominica’s citizenship program, real estate is a highly valuable asset. The country allows applicants to fulfill their investment requirement by purchasing government-approved real estate, often luxury hotels, villas or resorts. This is a significant advantage for investors over other Caribbean countries that require a much larger minimum real estate purchase amount. The biggest benefit of investing in Dominica real estate for the purposes of obtaining economic citizenship is that the property can be sold after three years, and the sale proceeds are tax-free.
Dominica has a special government agency in charge of managing and adjudicating applications, as well as enforcing regulations under the program. This entity, the Dominica Citizenship by Investment Unit (CBIU), thoroughly checks all applications to ensure that they meet the necessary requirements. This includes checking that the money used for the application came from legal sources and that the applicant does not have any serious illnesses or criminal records.
Once an investor has passed the CBIU due diligence process, they will be issued a letter of approval in principle by the authority. They must then complete the purchase of approved real estate or make the required financial donation to the Economic Diversification Fund. Once this has been done, the CBIU will issue the citizenship certificates to the investor and their family members.
The best thing about the Dominica citizenship by investment program is that it is one of the cheapest programs in the world, and its participants can travel visa-free to more than 140 countries, including the UK, EU and Brazil. Additionally, unlike many other CIPs in the region, Dominica doesn’t impose any residency or visit requirements on its citizens.
Another great feature of the Dominica citizenship by investment program is that its residents are free to keep their second passports a secret. The government does not exchange information with foreign governments or publish the names of successful applicants. It even allows its residents to legally change their surnames using a Deed Poll procedure once they have obtained their second passports. This is something that makes the program particularly attractive to businessmen and women who want to keep their private affairs in check.
Investment in the Economic Diversification Fund (EDF)
If you want to acquire Dominica citizenship, there are a few options. The first is to make a non-refundable contribution to the Economic Diversification Fund (EDF), which is a government programme that was established through Dominica’s Citizenship-by-Investment (CBI) program. The EDF is a programme that supports socio-economic initiatives with the goal of driving national development. In the past, it has helped to renovate hospitals and build schools, among other projects. The EDF has also financed advances in Dominica’s tourism, agriculture, and information technology sectors.
Another option is to invest in government-approved real estate. This investment route requires a minimum investment of $200,000. In addition to the purchase price, there are government fees for each family member who is included in the application. These fees include a one-time donation to the national economy and processing and application costs.
The real estate investment route can be a more complicated process for applicants who are unfamiliar with local property laws and legislation. It’s important to work with a reputable agent who can assist you in finding quality properties and navigating the local property market. Wealthy Expat can assist you with the entire process, including preparing and submitting all required documents, conducting due diligence, and facilitating property purchases.
Both investment routes have their own advantages, and it’s a good idea to consider your personal goals before deciding which option is best for you. For example, the EDF route is less expensive than the real estate investment option, but it may not provide the same tax benefits. If you are considering a real estate investment, you should consult with an attorney and ensure that the property is properly titled and registered.
Regardless of the investment route you choose, it’s important to partner with an experienced immigration consultant who can guide you through the entire process. This will ensure that you and your family are safe and secure, and that you have a plan in place for any emergencies. A CBI expert can also help you decide which supporting documents are the most relevant to your situation, including professional references and medical reports. The final step is to submit your application to the CBIU, which will then review and approve it.
Investment in the Tourism Development Fund (TDF)
The Dominica Citizenship by Investment program allows investors to gain Caribbean citizenship for a minimal investment. Applicants can choose to either make a government fund contribution or purchase real estate within an approved project. The benefits of this program include visa-free travel to over 140 destinations, tax optimization, and an attractive lifestyle. The process is also fast, with the Investment Unit usually approving applications within three months.
The Tourism Development Fund is a state-owned company established to invest in the Dominican economy through tourism projects. It focuses on sustainable tourism practices and promotes eco-resorts. It also invests in conservation programs and supports community initiatives. Its goal is to enhance the country’s image as an international destination. The company has a long track record of success and is highly respected in the industry.
TDF’s recent partnership with the Al Rajhi Capital group is a major milestone in its efforts to drive the development of distinguished tourism projects. This partnership will help the Fund achieve its goal of boosting the tourism sector’s contributions to the national economy. In addition, the partnership will support the Fund’s initiative to develop a framework for supporting establishments nominated to benefit from financing and investment programmes.
Moreover, the agreement will foster an environment that encourages tourism franchising, helping local entrepreneurs and businesses to grow their operations. It will also facilitate commercial investments and provide the resources needed to meet the needs of targeted tourist destinations. The Tourism Development Fund also plans to launch a series of public-private partnerships in order to improve the quality of the tourism sector and increase its competitiveness.
In a world where economic and political turmoil is prevalent, the need for a safe haven for you and your family grows exponentially. With a Dominican passport, you can live abroad in peace and security while maintaining your existing citizenship. Dominica allows dual citizenship, so you can pass it down to future generations.
Investment in the Hospitality Industry
Investing in Dominica’s hospitality industry has many benefits. It creates jobs, promotes tourism, and contributes to the economy. In addition, this type of investment is tax-free. Dominica is one of the few countries that offers this tax-free benefit for foreign investors. The country is also renowned for its focus on eco-tourism and sustainability. Its investments include numerous eco-resorts, conservation programs, and sustainable practices.
To qualify for Dominica’s economic citizenship program, you must contribute to the country’s state fund or purchase real estate. These contributions are used for a variety of purposes, including medicine, infrastructure, education, and green energy. The government’s Citizenship by Investment Unit (CBIU) reviews applications and determines whether you meet the requirements for the program. The CBIU’s decisions are final and not subject to appeal.
The CBIU’s review process can take between three and six months. You must submit your application and documents to the CBIU along with a fee. The fee includes the cost of due diligence and information processing, the issuance of passports and naturalization certificates, and professional fees for immigration consultants. These fees vary depending on the number of family members included in your application.
Applicants for Dominica’s economic citizenship must provide supporting documents that prove their financial situation and health status. In addition, they must have a clean criminal record and be in good mental health. They must also prove that the funds for their investment came from legal sources. These documents can be in the form of statements, reports, and contracts. Applicants must also provide professional references and a letter from their bank.
The program also requires that you spend at least 90 days a year in the country for two years. While this isn’t the shortest residency requirement among CBI programs, it is still short enough to provide flexibility and convenience for families.
The cost of Dominica’s CBI program is one of the lowest in the Caribbean. It is even cheaper than the other Caribbean programs that offer citizenship through a contribution to a government fund or the purchase of property. In addition, you can enjoy a variety of benefits that come with a Dominica passport.