The government of Dominica has expanded its citizenship by investment opportunities, which includes its successful CBI programme, with the launch of a brand-new initiative. The Entrepreneur Visa Program lets foreigners acquire a residency permit to Dominica, from which they can then obtain citizenship, in exchange for investment in the country.
Designed to recognise the government’s interest in providing a unique status to applicants who make a significant financial investment in the country, this new visa initiative offers an alternative pathway to citizenship other than its current Citizenship by Investment programme, which, for the fourth consecutive year, has been ranked as the world’s best, according to the latest CBI Index 2020.
Dominica has become renowned for frequently amending and progressing its flexible citizen by investment opportunities in order to accommodate a global audience looking to invest in a second passport and new business prospects.
The Prime Minister has stated that the government is moving forward with the initiative to “source new and creative ways to generate revenue and boost economic activity owing to the adverse impact on economies worldwide”.
This new programme will not only source foreign-direct investment, but also allow skilled and educated foreign business owners to invest in the local economy and create jobs.
Entrepreneurship Visa Program
As an alternative route to eventual citizenship, the Entrepreneurship Visa Program offers a two-year residency permit, which will be issued within 45 days of approval, after which applicants can apply for naturalisation as long as they meet the criteria.
There are three routes to acquiring the Entrepreneurship Visa Program: investing US$50,000 in an existing government-approved company; investing a minimum of US$100,000 in a new start-up business locally registered in Dominica employing at least three full-time employees; or investing in a government-approved public sector or private sector venture as an equity investor.
In order to meet the requirements of the programme, applicants will need to spend a minimum of 90 days per annum within the country.
The Entrepreneurship Visa offers permanent residence to the applicant’s entire family, including children under 21, and gives investors a favourable tax regime, a great quality of life within a tropical climate, political stability and a clean and fairly Covid-free environment. It also offers a pathway to Dominica naturalisation.
Upon naturalisation, as with citizens who acquire citizenship via the country’s established CBI Programme, investors will be able to utilise visa-free travel to more than 140 countries including European member states and can get permanent citizenship for the entire family.
Dominica’s Citizenship by Investment Programme
The second longest running CBI Programme in the industry (after Saint Kitts), at 27 years old, Dominica’s CBI Programme has, in recent years, become known as one of the world’s most efficient and transparent CIPs, combining extensive due diligence with efficiency, speed, affordability and reliability.
Offering rapid relocation, with just 45-60 days application processing times, and the cheapest CBI cost at US$100,000 (along with Saint Lucia and Antigua & Barbuda), Dominica’s CBI programme is not just competitive, it’s winning.
As the latest CBI Index 2020 (issued by a Financial Times publication and released on September 7), declares, with Dominica once more emerged with the top score (90%), making it the world’s best programme, combining as it does the balance of “an excellent reputation for meeting the needs of investors with strong due diligence, minimum investment outlay, efficient processing, and a renewed focus on family reunification”.
From its affordability (it is currently the cheapest option) to its speed of processing (two months) and family friendliness (Dominica recently expanded the scope for eligible dependents), not to mention that Dominica has increased the power of its passport (with China set to join) giving citizens even more freedom of movement.
Recently, Dominica extended its ‘dependent’ clause in its CBI Programme to include a wider range of family members, including grandparents and adopted siblings.
In terms of citizenship by investment options, investors can either make a non-refundable donation of US$100,000 if single and US$200,000 for a family of four to Dominica’s Economic Diversification Fund (EDF), or make a real estate investment in a government-approved property, like Secret Resort, of minimum US$200,000 and can re-sell after three to five years of receiving citizenship, dependent upon purchase and re-sell.
Find out more about Dominica’s Citizenship by Investment Programme with our country profile by clicking here