Many entrepreneurs consider obtaining a passport in a territory with a favorable climate to facilitate their business or as a “reserve option”. The choice of getting Dominica second citizenship is not uncommon. This island observes complete confidentiality about its subjects. Zlata Erlach, a leading expert of the Immigrant Invest company, shared the main points about this procedure.
Eligibility Criteria for Dominica citizenship by investment
A government scheme in such a country will allow naturalization for funding specific projects. However, the scheme also provides relevant requirements to prove the trustworthiness of people of any nationality. Dominica investment citizenship is available upon meeting the following criteria:
- reaching the age of majority;
- honesty before the law;
- good health;
- fulfillment of financial obligations.
The applicant’s close relatives may also be involved in the process to obtain Dominica citizenship.
Investment Options
There are certain things you must do to become a citizen of a Caribbean country:
- Make a payment of $100,000 to the Economic Diversification Fund. The donation is paid once and will be used for socio-economic projects to support well-being.
- Purchase of approved properties. Foreigners must own a residential or office space worth $200,000 or more. These can be either residential spaces or commercial buildings, the leasing of which can generate income or can be paid off in the short term.
With the help of this financing, you can get tropical island citizenship and start a new life enjoying the favorable climate and beautiful scenery.
Documents and processing time
This procedure involves submitting the following documents to the authorities:
- I.D. cards, and birth certificates;
- diploma of higher education;
- a well-written resume;
- divorce or marriage certificates, if available;
- letters of recommendation;
- law enforcement background check reports;
- certificate of employment and source of capital;
- proof of business registration;
- completed application forms.
All color duplicates must be notarized. These documents must also be translated and presented to the notaries to be certified and legalized. Processing time will be three months from handing over the completed application form to get Dominica passport. However, it will provide certain advantages to the holders of such ID cards.
Costs and Fees of Dominica passport by investment
Applicants need to formalize the purchase of residential or commercial space for the sum specified in the legislation. The funds invested in real estate can be paid back in 36 months. It is also possible to finance government projects. There are no additional government taxes.
However, the following fees must be paid when purchasing real estate:
- principal applicant – $25,000;
- spouses – $10,000;
- families of 4 or more than 7 people – from $35,000 and up to $70,000.
You must also pay $25,000 for each dependent and $50,000 for siblings. Once these fees are paid, foreigners receive a naturalization certificate and passports. Descendants can inherit naturalized wealth.
Rights and Benefits of Dominica Citizenship
People who obtain a passport from such a tropical country gain the following benefits:
- Security. Naturalization provides a comfortable and peaceful life in a country with a stable environment, economy, and good social programs.
- Financial flexibility. Business people can quickly enter the international market with favorable rates and a flexible tax system.
- Unimpeded movement. Dominica passport visa-free passports will provide visa-free travel to more than 140 countries worldwide.
- Membership of the country in the CARICOM organization. A citizen of a tropical country can participate in the economic life and cultural ties between the states that are members of the bloc.
As you can see, the investment for obtaining citizenship in a southern country is a profitable use of accessible capital.
Conclusion
Dominica is a Caribbean country that provides several ways to obtain a second passport for foreigners. A favorable climate, beautiful nature, reasonable tax rates, a high quality of life, and other features make this country attractive to foreign investors. If you need a backup place to do business, acquiring Dominica citizenship is the best way out. You must decide whether to put your money into a government fund or purchase real estate that will pay off after three years.
Naturalization in the Dominica is a chance to improve the international standing of your business and enjoy the pleasures of life in a prosperous island country in the Caribbean. You will not have to follow complicated procedures, know languages, or leave your existing citizenship. If the conditions are right for you, it is possible to consider obtaining a passport in this country immediately. Contact professionals to make the process fast, comfortable and easy.
