Dominica Will Soon Implement New Laws on Citizenship by Investment
Dominica is a land of nature and clear blue beaches. The gift of quality of life in this country is the best part of living there for the citizens. Dominica’s citizenship by investment program is one of the cheapest and most popular second passport programs in the world. Living in a safe environment and having all the basic facilities, education and high-quality healthcare system is one of the biggest advantages of living in this paradise island.
It is for these reasons that Dominica has once again topped the CBI’s annual list for the sixth year in a row. This ranking system for measuring the performance and attractiveness of global citizenship investment programs (CBI), which is designed in a diverse range of indicators, is published annually by the Professional Wealth Management (PWM) magazine affiliated with the Financial Times.
Dominica’s citizenship program by investment defeated 11 other countries with active investment programs and obtained full marks in the indicators of Freedom of Movement, Standard of Living, Minimum Investment Outlay, Mandatory Travel or Residence, Citizenship Timeline, Ease of Processing, Due Diligence, Family and Certainty of Product.
These countries include Antigua and Barbuda, Austria, Cambodia, Egypt, Grenada, Jordan, Malta, Montenegro, Saint Lucia, Turkey and Vanuatu.
The government recently has also announced some changes to the Citizenship by Investment (CBI) program that will come into force in September 2022. Therefore, if you are planning to apply for a second Dominica passport for your family, we strongly advise you to consult with experienced advisors and apply before September. In this article, we will take a quick look at these recent developments.
Changes in Adding Dependents
1- Major changes to Dominica citizenship regarding application requirements and adding dependent members:
- Spouse of the main Applicant,
- Children of Main Applicant & spouse below the age of 18,
- Children of Main Applicant & spouse between the age of 18-30( students substantially supported by the Applicant and/or his/her spouse),
- Children of Main Applicant & spouse above the age of 18 physically or mentally challenged(substantially supported by the Applicant and/or his/her spouse),
- Unmarried Daughter of Main Applicant & spouse under the age of 25(substantially supported by the Applicant and/or his/her spouse),
- Parents or Grandparents of the Main Applicant and/or his/her spouse above the age of 65(substantially supported by the Applicant and/or his/her spouse),
2- Major changes regarding government funds through investment in its two options:
- Non- Refundable Donation to the Economic Diversification Fund (EDF)
- 100,000$ USD Main Applicant,
- 150,000$ USD Main Applicant & Spouse,
- 175,000$ USD Main Applicant and up to 3 Dependents,
- 25,000$ USD for ANY additional Dependent below 18 years,
- 50,000$ USD for ANY additional Dependent above 18 years.
- Amendments to the Real Estate/Government approved Projects Government fees Payable upon the Approval in principle of an Application:
- 25,000$ USD Main Applicant,
- 35,000$ USD Main Applicant and up to 3 Dependents,
- 50,000$ USD Main Applicant and up to 5 Dependents,
- 25,000$ USD for ANY additional Dependent.
Benefits of Having a Second Dominica Passport
Having a second Dominica passport has several advantages as it is not only affordable but also flexible enough. The program does not require citizens to be residents of the country, but allows people to enjoy the benefits of dual citizenship. Dominica citizenship is guaranteed for life and is easily passed down to the next generation. Dominica has the lowest crime rate in the region and also ensures a quality lifestyle for its citizens in terms of education, health and security.
Dominica remains in a concerted effort to serve investors – through its Economic Development Fund and government-approved real estate options – a safe and reliable haven amid constant global upheaval. Along with a robust due diligence process, Dominica uses a multi-layered process involving US and UK third-party companies to vet applicant backgrounds, and investors can be confident they are buying a product that enhances their investment portfolio.
CBI’s index findings show that in 2023, more than 125,000 investors are expected to seek to relocate to safer and more attractive destinations around the world, and this trend is expected to continue and increase through 2030. Political disintegration, economic instability in some countries and social polarization are among the reasons that make investors look for the option of second citizenship.
For more detailed information on the requirements for obtaining Dominica Citizenship by Investment, please contact one of our advisers in the UAE, Denmark, or Canada, we will accompany you and your family until you obtain your Second Passport.
If you have any questions or comments about Dominica Citizenship by Investment, you can share them with us in the comments section.