Dominica - How To Get A Second Passport In The Nature Isle Of The Caribbean

Imagine your new life, having a second passport with access to one of the most beautiful islands in the world and being able to travel visa-free to possibly dozens of new countries around the globe and ensuring your Plan B is in place. 

Dominica’s nickname is ‘The Nature Isle of the Caribbean’ with unforgettable experiences due mainly to the fact that almost the entire country is forested, with its national park, Morne Trois Pitons rainforest being designated a UNESCO World Heritage site.

DOMINICA

Dominica is a small Caribbean island nation, nestled between Martinique and Guadeloupe and is one of the most beautiful islands in the Caribbean. Dominica's nickname is 'The Nature Island of the Caribbean' with unforgettable experiences, mainly because almost the entire country is forested, with its national park, the Morne Trois Pitons rainforest, designated a UNESCO World Heritage Site.

Dominica attracts hundreds of thousands of tourists a year with many who want to live on the island permanently. Imagine your new life, having a second passport with access to one of the most beautiful islands in the world and being able to travel visa-free to possibly dozens of new countries around the world and ensuring your Plan B is in place.

In 1993, Dominica legally established their Citizenship by Investment (CBI) Program, to allow individuals and families to work and set up a business in the country. They have one of the world’s longest-running CBI programs, and as a former British colony and a member of the Commonwealth of Nations, the UN, the Organization of American States, CARICOM, and other international organizations you can feel confident that the CBI program is of the highest standards set in the world, making the place a very interesting option for investors.

As English is the official language, you will not be required to learn a new language, an important detail that will make it easier facilitating the ease of obtaining a 2nd passport in Dominica.

Dominica has been named one of the world’s happiest places to live, with a high percentage of its population living to be over 100 years old.  With a population of just over 72,000 making it the 10th least populated country in the world, you can live a life of peace and  tranquillity, enjoying an incredible experience on beautiful white sand beaches and sunshine day after day.

Why Dominica CBI Program?

Dominica’s Citizenship by Investment Program has been ranked as the #1 CBI initiative for 5 consecutive years by the CBI Index. 

Due to the program’s extreme due diligence and details, only applicants of the highest quality and reputation are eligible to be granted citizenship, and this is applied to all applicants over the age of 16.

If you meet these requirements, this amazing island of Dominica will give you access to one of the best standards of living in the region.

What Happens In Dominica When You Buy Your Citizenship?

The government of Dominica realizes the role that private investment can play in helping them thrive as a country. The CBI program is an opportunity to encourage foreign direct investment that facilitates growth in the private sector. In time, this helps to create a framework of diversified, sustainable, and resilient economic structures that can respond to the realities of a highly competitive global environment. Since 1993, the government has maintained its commitment to this program, working to attract more and more people and investors, always looking for ways to improve the quality of its offers.

Dominica’s Citizenship by Investment Program has been ranked as the #1 CBI initiative

Applying For Citizenship by Investment of Dominica

We only work with the top authorized agents for Dominica CBI. Your first step is to contact our office to start the process. From there, we will assist you in all of the steps, with the details and information you need to ensure that you are approved and there are no delays with processing or that your application is rejected.

From submission of the application to approval in principle, you can expect to wait three months.

How To Get A 2nd Passport In Dominica

There are two routes for people to obtain a 2nd passport from Dominica.

ECONOMIC DIVERSIFICATION FUND (EDF)

To qualify for Dominican citizenship through the CBI program, applicants must make a non-refundable contribution to the EDF.

The cost of your contribution will be determined by the number of dependents included in the application. This refers to anyone who depends on you as their primary source of income, including children. Spouses, parents or other family members may also qualify.

• Single applicant: $100,000 USD
  

• Spouse of the main applicant: $50,000 USD

• Sibling of the main applicant or of the spouse of the main applicant aged 18-25: $50,000 USD
  

• Any dependant other than the spouse of the main applicant or a sibling of the main applicant or of the spouse of the main applicant aged 18-25: $25,000 USD each.

*Legal Fees and additional expenses are not included in these Investment Options

Related content: Top Countries For Birth Tourism

You must hold your real estate for a minimum of 3 years from when you receive your citizenship in Dominica

REAL ESTATE

To qualify for Dominican citizenship under the real estate option of its Citizenship by Investment program, you must purchase authorized property worth at least $200,000 USD. 

You must hold your real estate for a minimum of 3 years from when you receive your citizenship if selling to a non-citizenship by investment buyer. If you are selling to another individual going through the Dominica citizenship by investment, you must wait 5 years before selling your property.

There are several Dominica citizenship program authorized real estate projects currently under development in the country. They offer fractional ownership optimized specifically for CBI candidates. 

To officially secure an interest in a Dominican resort project in accordance with CBI regulations, economic citizenship candidates simply make a 10% deposit towards the property and execute a sale & purchase agreement.

Once approved in principle for Dominica citizenship, the investor then has 7 days to pay the remaining balance of the investment, at which time he or she will be issued an Ownership Certificate. This certificate is then presented to Dominica authorities to formally demonstrate that the approved real estate investment criteria have been met in full. 

Purchasing fractional ownership in a Dominica resort project accredited by the citizenship program is fast and easy experience, requires no maintenance or upkeep on behalf of the investor, and based on the developer's income and capital gain projections will typically be expected to return enough money after 5 years to cover both the capital invested as well as all fees originally paid.

There are also several fees associated with the real estate option that are non-recoverable including government fees and processing fees.

Requirements For Dominica Citizenship By Investment Program

There is no residency requirement whatsoever to obtain Dominica citizenship through investment, and applicants are not required to visit the country at all. Once a person has acquired Dominica nationality, there is also no obligation to ever visit the island in order to maintain citizenship, and Dominica passport renewals are unconditionally available to all citizens at all times. 

Dominica taxes its tax residents on their worldwide income

Tax Considerations

As in all cases, I do my very best to encourage my clients to look first and foremost at the tax considerations. There are other important aspects to obtaining a 2nd passport; however, replacing one high-tax country with another one is not in your best interest. Dominica has minimal taxation, with no wealth, gift, inheritance, foreign income, or capital gains tax. With this information, investors can strategically position themselves on the allocation of their capital.

Dominica taxes its tax residents on their worldwide income - from within Dominica and abroad. However, you will only become a tax resident of Dominica if you spend more than 183 days a year there. Spend less than that in the country, and you will have no taxes to worry about.

Your Passport For Life

A CBI Dominica passport is valid for 10 years at a time and can be renewed for life since citizenship in the country is never revocable under any circumstances. There is no need to have a Dominica address in order to renew your passport, you can use your primary residence elsewhere without a problem.

Related content: St. Lucia - How To Get A Second Passport

Dominica's CBI is a perfect plan B for you

Conclusion

Dominica has an amazing CBI program. With the state of affairs as it sits currently, having a Plan B is vitally important for everyone, no matter where you currently live. Email me today, and start the process to protect you and your family, not just for today, but forever. 

Within 90 days you can have a new passport in your hands to aid in your wealth protection plan, plus the lifestyle benefits of having dual citizenship there is well worth the small investment. 

With the turmoil that is in the world today, reach out to us here at Expat Money to ensure that in 90 days you have a 2nd passport to Dominica.