Citizenship by Investment in Dominica
Dominica’s Citizenship by Investment Programme
Dominica’s Citizenship by Investment (CBI) or Citizenship Investment Programme (CIP) is one of the longest-running and most trustworthy citizenship programmes currently available.
While citizenship investment programmes take the world by storm, how will it affect our small island nation?
Let’s first explore the details of the programme to gain a better understanding of the product and why it is so popular today.
Key Advantages to CBI in Dominica
Dominica’s CBI Programme has several key advantages over other countries’ programmes:
# Countries: Visa Free Travel
# Months to Process Application
Fast & ConfidentialTypical processing time is 8 to 12 weeks (2 to 3 months).
Forward ThinkingDominica’s CBI Programme adapts to current needs.
ResidencyThere is NO Residency Requirement, before or after citizenship is granted.
Learn about Dominica’s Citizenship by Investment Programme
DOMINICA’S CITIZENSHIP BY INVESTMENT PROGRAMME
THE BENEFITS OF CITIZENSHIP BY INVESTMENT IN DOMINICA
Dominica has been named as one of the world’s happiest places to live.
Boasting an amazing number of centenarians (people who have lived to be more than 100 years of age), it offers an easy lifestyle within a safe, peaceful and beautiful tropical environment with a culturally vibrant and friendly community.
Known as the Nature Island of the Caribbean, Dominica is a green tropical paradise and one of the most beautiful islands in the Caribbean.
In 1998, Dominica’s Morne Trois Pitons National Park was designated a World Heritage Site by UNESCO. Since 1997 Dominica has actively participated in the work of Green Globe to develop a model for ecotourism within Dominica.
BENEFITS OF DOMINICA CITIZENSHIP
As a citizen of Dominica, you can take advantage of a range of personal benefits which include:
- Becoming a citizen of this peaceful and welcoming country for life through one of the oldest and most trusted citizenship by investment programmes
- Visa-free travel to over 115 countries – includes the Schengen area, the United Kingdom, Singapore, Hong Kong and Ireland
- Minimal taxation – no wealth, gift, inheritance, foreign income or capital gains tax
- Full residence status – includes the right to live and work in Dominica
- Dual citizenship is allowed
- No Residency Requirement – there is no requirement to reside in Dominica before or after citizenship is granted
- Confidential and Fast Application process
BENEFITS OF BUSINESS INVESTMENTS IN DOMINICA
- Minimal Taxation – no wealth, gift, inheritance, foreign income or capital gains tax
- No personal income tax for residents – Dominica is signatory of double taxation treaties with the USA and Caricom
- No restriction on the repatriation of profits and imported capital
- Generous incentive packages including corporate tax incentives, full exemption from import duties, tax relief benefits and export allowance
- Currency pegged to US Dollar USD $1 = XCD $2.67)
To be eligible for citizenship of the Commonwealth of Dominica under its Citizenship by Investment Programme, the Government requires either:
- A contribution made into the Government Fund amounting to USD 100,000 depending on the number of dependents included in the application;
- An investment in designated Real Estate with a value of at least USD 200,000.
Additional payments for any dependents included in an application, due diligence fees, government fees and other fees are also payable. All applications for citizenship should be directed through an Authorised Agent.
The Authorised Agent will assist you with an application together with all the required legal and other documents. There are different types of Investment options to gain citizenship, and the Authorised Agent can help you understand the various options.
MORE ABOUT THE OPTIONS
The Government of the Commonwealth of Dominica invites investments that will generate sustained economic growth and prosperity and create jobs and business opportunities for their people.
The Citizenship by Investment Unit (CBIU) of Dominica, has been operating since 1993 and is part of the Government Authority which deals with all matters regarding Citizenship by Investment in the Commonwealth of Dominica. Recently, the Ministry of Finance was established to promote and administer this Programme.
The Unit ensures the highest professional standards and strict regulatory controls over the Programme and is dedicated to streamlining the process for applicants seeking to obtain the citizenship of Dominica. The Unit oversees effective management and processing of the applications that are received by the Government.
Dominica welcomes investors of good character to make an economic contribution to Dominica and in exchange, the applicant and their family are eligible to obtain full citizenship of the country, within the strict guidelines of the law.
The Government is committed to continually providing the legislative and administrative framework and maximum fiscal and technical support necessary to encourage investment and attain these goals.
Dominica is creating a framework of modern, diversified, sustainable and resilient economic structures to meet the demands of a highly competitive global trading environment. Recently, Caribbean CBI countries have collaborated for a stronger programme, known as the Citizenship by Investment Programme Association (CIPA).
REAL ESTATE OPTION
To qualify for citizenship of Dominica under the Real Estate Option under the Citizenship by Investment Program, an applicant must purchase authorized real estate to the minimum value of USD 200,000.
Following approval of a real estate investment application, the following Government Fees are payable:
- USD 50,000 for the Single Applicant USD 75,000 for family up to 4 persons, including the main applicant
- USD 100,000 for family up to 6 persons, including the main applicant
- USD 20,000 for each additional dependant aged under 18 years
- USD 25,000 for each additional dependant aged over 18 years.
The real estate must be held for 3 years and may be eligible for re-sale under the Citizenship by Investment Programme after 5 years from the original purchase date.
From the CBIU
Information is current as of 31-December-2016.
For further information on Dominica’s Citizenship by Investment programme, please visit http://cbiu.gov.dm/
GOVERNMENT FUND OPTION
Generated funds are utilised for public and private sector projects where a need is identified.
Public sector projects identified for financing under the programme include:
- Building of schools
- Hospital renovation
- Building of a national sports stadium and
- Promoting the Offshore Sector.
With respect to private sector projects, government emphasis is on the following:
- Tourism sector
- Information technology sector
- Agricultural sector
To qualify for citizenship under this investment option, there are four investment categories with different contribution amounts, based on the number of dependents included in the application, which are as follows:
- Single Applicant: a non-refundable contribution of USD 100,000 is required.
- Main Applicant and Spouse: a non-refundable contribution of USD 175,000 is required.
- Applicant with up to three dependents (applicant plus spouse and two children below the age of 18): a non-refundable contribution of USD 200,000 is required.
- Applicant with up to four dependents or more (applicant plus spouse and more than two children below the age of 18): a non-refundable contribution of USD 200,000 (plus USD 50,000 for each additional dependent) is required.
Above information current as of December 2016.
Dominica CIP In the News
Dominica’s CIP Programme gained international exposure on CBS’s 60 Minutes in an episode called Passports for Sale, based on an interview with Opposition Leader Lennox Linton.
Here are a few responses to information provided (or omitted) during the ^) Minutes Episode:
Whether you are FOR or AGAINST Citizenship by Investment (CBI), this gives us an opportunity to look at the facts of the CBI Programme to discuss the pros and cons rationally. A few key points in relation to the 60 Minutes Show:
- Dominica’s CBI is NOT a mail-order programme. Due diligence is conducted by four firms, regionally and internationally.
- Diplomatic Passports are NOT part of Dominica’s CBI.
DID YOU KNOW?
- The United States has a citizenship by investment programme called EB5. Canada, Cyprus and other countries also have CBI programmes.
- Investment from CBI Programmes provides funds that are critical to the development of Caribbean countries, in a large part due to trade regulations put in place by the US and other world powers.