Guide to Dominica's Citizenship Through Investment Program
Dominica, famously known as the 'Nature Island of the Caribbean', offers a unique opportunity for investors to gain citizenship through its Citizenship by Investment (CBI) program. Established in 1993, this program has been a cornerstone of the country's economy for nearly three decades.
Authorized under Section 101 of the Constitution and Sections 8 and 20 of the Citizenship Act, the program allows investors to either make a contribution to the Economic Diversification Fund or invest in approved real estate. The Citizenship by Investment Unit, under the Ministry of Finance, manages these investments. Over the years, the program has evolved, with investment thresholds and application processes being updated.
The Real Estate Option
One such investment route is the real estate option, which requires a minimum purchase of US$200,000. This investment, along with additional government fees starting at US$75,000 for a single applicant, grants you the opportunity to own a piece of paradise in Dominica. The fees for the real estate option break down as follows:
- US$75,000 for a single applicant
- US$100,000 for the main applicant and up to three dependents
- US$25,000 for any additional dependents under 18
- US$40,000 for any additional dependents over 18
While the real estate option offers the potential for future returns, it's important to note that the property must be held for at least three years before reselling. Moreover, if you choose to sell to another CBI applicant, a five-year waiting period, effective from the original purchase date, applies.
The Donation Route
For those seeking a simpler and more straightforward route, the standard option is available. In exchange for a donation of US$200,000, you receive a Dominican passport. The processing time for citizenship applications averages three months, making this a relatively quick route to obtaining a new citizenship.
A Brief History of Dominica
Christopher Columbus christened Dominica 'Diēs Dominica' or 'the Lord's Day' in 1493. Today, the island attracts more than 200,000 travellers each year, drawn by its breathtaking landscapes and vibrant culture. With its lush tropical rainforests, rivers, and waterfalls, Dominica is a nature lover's paradise.
The Advantages of Dominica's CBI Program
The Dominica CBI program is one of the cheapest economic citizenships available worldwide and features in the list of the easiest passports to get. Unlike some other programs, Dominica's CBI program does not require applicants to reside in the country to obtain citizenship. This makes it an attractive option for those seeking a second passport without the need for relocation.
However, it's important to note that plans for regional harmonization and tightened legal frameworks set to introduce additional requirements like residency periods and orientation courses are scheduled for 2025. These changes may affect the ease and cost of obtaining Dominican citizenship in the future.
In conclusion, Dominica's Citizenship by Investment program offers a unique opportunity for investors to gain citizenship in a beautiful and welcoming Caribbean nation. Whether you choose the real estate option or the donation route, you'll be joining the ranks of those who call Dominica their home. Just remember to consider the logistical issues associated with the real estate option and stay informed about any changes to the program in the future.
