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The Dominican path to second citizenship

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December 04, 2016

The Dominican path to second citizenship

The Dominican path to second citizenship
Neil Petch

Author:

Neil Petch

Chairman of Virtugroup

Political stability. Economic security. Freedom to travel. Privacy. Favourable business conditions. Lifestyle benefits. A second passport. There’s a long list of reasons why you would choose to invest in second citizenship, and few programmes are as attractive as Dominica citizenship-by-investment.

One of the most reputable in the world, the Dominica Economic Citizenship Programme was established in 1993 as a means to aid island development. An uncontroversial and politically stable nation, the Dominica passport is trusted across the world and opens significant doors in terms of both business and leisure.

That alone doesn’t account for the massive popularity of Dominica citizenship-by-investment though. What does, is that the programme requires substantially less investment than other comparable schemes.

Dominica citizenship-by-investment is one of the strongest and most affordable programmes in the world – popular among investors who want to spread their political risk while opening the doors to stress-free global travel with a strong second passport.

So, let’s take a closer look at eight key benefits.

1. Streamlined application: Acquiring Dominican second citizenship is a simple and relatively speedy process. Although timelines depend on the individual, you can hope to attain full citizenship in less than three months. The application itself is straightforward and requires little input from your side, so you can concern yourself with more pressing matters until you receive your Dominica passport.

2. No stringent requirements: You can obtain Dominican second citizenship with minimal disturbance to your day-to-day life, because there’s no requirement to live on the island at any stage. There are no other requirements regarding language, age or education either, making the application process a straightforward one. As long as you have no criminal record, a clean bill of health, and your wealth has been acquired legally, the process towards Dominican citizenship is simple.

3. Permanent lifetime security: When you get Dominican citizenship, you have the security of a permanent lifetime guarantee. Changes in government, administration or circumstance cannot impede your right to hold a Dominica passport– for the rest of your life.

4. Cost-effective investment: Dominican citizenship is a popular choice because it’s such a cost-effective investment. Whether you choose a non-refundable government fund donation or an investment into approved real estate, your starting price is USD 100,000 and USD 200,000 respectively. More on that later.

5. No need to renounce your current citizenship: Dominica recognises dual citizenship which means you can obtain a second passport and become a Dominican citizen without having to renounce your home citizenship. This avoids any difficult transition, allowing you to continue to live and work within your home nation as usual. This means you leverage Dominican citizenship for its merits in travel and business without additional complications. Moreover, the process is kept highly confidential, so there’s no awkward disclosure to your home country.

Dominica recognises dual citizenship which means you can become a Dominican citizen without having to renounce your home citizenship.

6. Vast international mobility: Dominica is one of 52 Commonwealth nations, bestowing citizens with rights they might otherwise lack. One of the most significant of these is freedom of movement. Dominican citizenship allows you to travel easily not just within the Commonwealth but also to many other countries by virtue of your citizenship status. A Dominican second passport grants the bearer visa-free or visa-on-arrival access to 120 countries, including almost all of the EU. It generally ranks in the top 40 of all passports globally – with less than 35% of the world enjoying this level of international mobility. Holding a Commonwealth passport can also make it easier to obtain a business visa in other Commonwealth nations, unlocking favourable markets and trade.

7. Favourable tax conditions: Dominica offers global investors highly favourable tax conditions. You won’t pay foreign income or capital gains tax unless you reside on the island, and you’re not considered a tax resident unless you spend more than half the year there. You’re not liable for other in-country taxes such as wealth or inheritance tax either, and there’s no personal income tax for residents. You’ll also enjoy a number of additional tax incentive packages including generous holidays and waivers. Additionally, a growing number of investors choose to incorporate international business companies (IBCs) into Dominica because of the special tax regime offered.

8. Lifestyle benefits: Many investors choose Dominican second citizenship without intending to live on the island, but island life definitely deserves a mention. Mountains, rainforests, hot springs and waterfalls compete for space on Dominica, while the Morne Trois National Park is a proud UNESCO World Heritage Site. World-class diving and snorkelling abounds (Dominica is considered a top ecotourism destination), and if you add to that an established expat community – well, it might just be time for a trip.

Dominica Passport – the benefits

So those are eight notable benefits of a Dominica passport – and the bonus is that it is relatively straightforward to obtain, with your investment protected at every stage in the process. Most importantly, the required investment is incredibly low next to other comparable passports.

As mentioned, to apply for Dominica citizenship by investment you must hold a clean criminal record and your wealth must be legally obtained. You must also be in good health. As long as you meet those conditions, the final requirement is your financial investment.

So, let’s look at the two forms this investment can take:

Option 1: The first of these is a non-refundable donation into the Dominica Government Fund. This fund was created as a means of boosting the island economy, seeing finances invested into public and private sector projects in Dominica. Your investment here plays a part in evolving the economy of the island and improving the lives of residents.

If you choose this option, you’ll be required to donate a minimum of USD 100,000 if you’re a single applicant, plus government fees. You can add a spouse onto your application for a total donation of USD 175,000, or a spouse and two children aged under 18 for a total of USD 200,000. Additional children can be added for an additional donation of USD 50,000 each.

Option 2: The second option is an investment in approved real estate of at least USD 200,000 plus government fees. You must hold this property for at least three years. After five years you could be eligible to resell under the under the citizenship-by-investment programme – ensuring you can recuperate your investment.

Dominica citizenship-by-investment: Opening the door to the world

The Dominica citizenship-by-investment scheme is one of the most popular, and rightfully so. Citizens are afforded a level of global mobility that most of the world can’t enjoy, as well as the political security granted by your second passport.

Most notably, Dominica citizenship-by-investment is one of the most cost-effective schemes and aspiring citizens can apply with far less liquid wealth compared to other programmes. Add into the equation the natural beauty, safety and serenity of this Caribbean island, and it’s little surprise that the Dominica citizenship-by-investment scheme attracts such attention.

Next Generation Equity is a world-class provider of second citizenship and residency programmes tailored to the individual needs of discerning clients across the globe. To learn more about our programmes, please sign up for a free consultation via the form below.
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