Ireland’s Immigrant Investor Program (IIP) targets entrepreneurial investors. The programme offers four investment options in exchange for residency, which can lead to citizenship after five years.
DOMINICA CITIZENSHIP BY INVESTMENT
Overview A small Caribbean island country that is nestled between Martinique and Guadeloupe, Dominica is the 10th least-populated nation on Earth. Dominica’s largest city and its capital, Roseau, which sits on the southwest coast of the country is home to a fifth of the island’s inhabitants and is renowned for its 18th-century French architecture and bustling markets.
Health and education School in Dominica is mandatory and free from ages 5 to 16. The total number of schools operating is 63, with five of them private and one a a grammar school which is the oldest educational facility on the island. The island has its own Dominica State College and there’s a teacher training college and a business training centre, as well as the All Saints University School of Medicine, The Marine Biology School and the Institute for Tropical Marine Ecology. Primary healthcare services are provided at no cost at seven health centres and 44 clinics with Princess Margaret Hospital the main one. There are some private clinics too.
Transport There are two regional airports flying domestically, but no international airport so flying in and out of Dominica requires travelling via San Juan, Puerto Rico or other Caribbean islands, such as Martinique and Barbados. Dominica has a well-developed transportation system, including a two-lane coastal highway, affordable taxis and a reliable bus service.
Lifestyle Known as the Nature Isle of the Caribbean, the entire country is forested and boasts an extensive national park system, including a rainforest that is a UNESCO World Heritage site. The island is packed full of waterfalls, hiking trails, mud ponds and mountains with rare butterflies, parrots and iguanas dominating. Natural hotspots include Dominica’s Boiling Lake, the world’s second-largest hot lake, and its Champagne Reef, home to octopuses and seahorses. It’s no surprise therefore that scuba diving is a popular activity. Fishing is also popular with fishing professionals coming to the country to participate in fishing competitions. Other popular activities include hiking, biking and golfing as Dominica boasts 26 golf courses.
Climate With a tropical climate that is hot and humid all year round, Dominic’s temperatures range from 22C to 31C. While its relatively cool and dry season lasts from January to mid-April, its hot, humid and rainy season stretches from mid-June to mid-November.
Languages English is the official language and is universally understood and spoken, while Dominican Creole, derived from French, is also spoken.
Religion Dominica is predominantly Christian (90%) with 61% Catholic.
Capital City Roseau
Currency East Caribbean Dollar (ECD), but the Euro and US$ are also accepted.
GDP per capita $7,691.35
Economy Dominica holds second place in the Caribbean when it comes to the strength of its economy, with the Doing Business Report by the World Bank 2019 positioning the Caribbean island as 111th out of 190 economies. Dominica’s three main sectors are agriculture, tourism and manufacturing and while bananas were traditionally its biggest export, in recent years the country has diversified with the production of vegetables and coffee with more than 20 per cent of its land under cultivation. Dominica plays a major role in promoting social and environmental causes, particularly sustainable development. In recent years, Dominica has successfully focused on becoming a major international financial centre.
Did you know…? The novelist Jean Rhys was born and raised in Dominica with the island obliquely depicted in her best-known book, Wide Sargasso Sea.
DOMINICA CBI PROGRAMME
- Established 27 years
- Minimum outlay $100,000
- Processing time 45-60 days
- Residency or travel requirements None
- Freedom of movement 140 countries
- Investment Options 2
Overview Unveiled in 1993, the Economic Dominica Citizenship programme is not only one of the most established in the industry, but in recent years has been considered to be one of the best citizenship by investment programs across all criteria, from price through to processing and freedom of movement. It is also known for being one of the world’s most efficient and transparent options for economic citizenship and plays a major role in promoting social and environmental causes, and especially that of sustainable development. According to the CBI Index 2019 (Financial Times), “Dominica emerged once more as the country with the world’s best citizenship by investment programme, combining extensive due diligence with efficiency, speed, affordability and reliability”.
Best for Nearly everything, except freedom of movement. Plus, living an eco-friendly and healthy life.
Pros Renowned for being one of the world’s most efficient, transparent and affordable citizenship by investment programmes with strict due diligence and offering one of the fastest processing times in citizenship, typically under two months. Dominica offers the most affordable citizenship with its Donation option and applicants do not need to travel to or reside in the country. Dominica’s lush vegetation and investment in clean energy positions it as the best Caribbean nation for life expectancy and quality of life.
Cons Dominica has access to the least number, albeit only just, of destinations visa-free than other Caribbean islands. The effects of Hurricane Maria in 2018, which caused 226% losses of GDP, still impacts the economy and the island is susceptible to hurricanes.
USP Dominica set the record for the highest percentage score ever achieved on the CBI Index 2019, published by the Financial Times.
Ease of processing Takes between 45-60 days and often less than two months to gain citizenship, which is the fastest processing times of all economic citizenship by investment programs. There are no interview, travel or residence requirements, either before or after attaining citizenship and applicants do not need to learn English, nor show a minimum level of education or business experience.
Freedom of movement Visa-free travel to 141 countries, slightly less than the other Caribbean countries.
Investment options 2
DOMINICA CBI INVESTMENTS
Option 1 To obtain instant citizenship, applicants can make a non-refundable donation to the Economic Diversification Fund (EDF), which supports public and private projects covering industries such as education, healthcare, sport and tourism. This donation comprises a non-refundable $100,000 for a single applicant, $175,000 for a couple and $200,000 for a family of four with fees of $8,950, $12,950 and between $12,950 (if kids are 16 and under), respectively. And a fee of $25,000 needs to be made for any additional dependents.
Option 2 Another option is to make a real estate investment, which involves purchasing a government-authorised $200,000 property. Further fees include government fees of $25,000 for a single applicant; $35,000 for a couple and family of four, $50,000 for family of six and $70,000 for a family of seven, plus due diligence and processing fees (ranging from $7,450-$9,950. The applicant must hold the authorised property for at least three years from the granting of the citizenship and can only resell under the CIP after five years of receiving citizenship. There are currently seven approved real estate projects to choose from, including eco villas, resorts and residences, and featuring brands such as Marriott, Kempinski and Hilton.
Passport Ranking (Henley Passport Index Q4 2020) 35 / 109
CBI Programme Ranking (CBI Index 2020, Financial Times) 90% / 1st out of 14 countries
Ease of doing business Ranking (Doing Business 2019, The World Bank) 111 / 190
Economic Freedom (2020 Index of Economic Freedom) 97 / 186
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