The Benefits of Obtaining a Dominican Passport
The Commonwealth of Dominica (not to be confused with the Dominican Republic) is a quaint island country that is situated near Guadeloupe and Martinique in the beautiful Caribbean Sea. The nation has a population of about 73,000 people, which allows for travelers to experience all that the country has to offer in a safe and private setting without the hassles of traffic and crowds. Dominica is nicknamed the “Nature Isle of the Caribbean” due to its large areas of unspoiled natural beauty. Its nature highlights include lush rainforests teeming with rare plan, animal, and bird species as well as the world’s second largest hot spring.
Although the country is not large in terms of size or recognition, foreign investors should absolutely consider the nation’s opportunities for investment-based citizenship. Dominica has already granted citizenship to more than 2,000 investors and their families through its program.
One of the most beneficial aspects of Dominica’s program is how fast the citizenship applications are approved. It typically takes only about three months for an investor to obtain the Dominica passport because Dominica does not require investors to spend a certain period of years in the country as permanent residents as a prerequisite to citizenship.
Additionally, acquiring Dominica citizenship carries with it immense personal and financial benefits. For instance, immediately after obtaining citizenship foreign investors will enjoy the rights to work, live, study, vote, and travel in the country. They can also quickly open and run a business. There is no residency requirement even after citizenship so the investor and family can keep their homes in their country of origin if they so choose.
Moreover, English is the official language of the country which may be attractive to some foreign investors. Dominica also recognizes dual nationality so investors will not be required to renounce their former nationality, nor will Dominica inform other countries when their citizens attain Dominican citizenship, allowing for a greater level of security and privacy. Additionally, there is no compulsory military service.
The financial benefits of Dominican citizenship are very attractive as well. The country collects no taxes on capital gains, gifts, wealth or inheritance. Also, from a practical standpoint, Dominica’s time zone is equal to New York’s time zone and the currency is the U.S. dollar, making doing business with American companies relatively easy, if that is a concern for foreign investors.
Finally, Dominican citizens are eligible for visa-free travel to nearly 100 countries including the United Kingdom, Korea, Ireland, Bermuda, Singapore, St. Lucia, and Nepal.
Dominica’s Investment Program
In order to take advantage of these benefits, the foreign national must make one of four investments. The size of the required investment depends upon the size of the foreign national’s family. If just the investor is applying for citizenship, the required amount is $100,000USD. For an investor and spouse, the amount is $175,000USD. For a family of four (the applicant, spouse, and two children under the age of 18) the amount is $200,000USD. Finally, for an applicant, spouse, and more than two children (under the age of 18), the investment must $20,000USD and an additional $50,000USD for each child.
Another benefit to the Dominican investment program is the relatively simple and easy to complete application. Among other materials, the investor must submit proof of a clean criminal record, proof that the investor has not committed any professional or immigration violations, and proof that the investor possesses basic English language proficiency. The application must also include a letter from the investor to the Minister Responsible for Citizenship that explains why the investor is applying for the citizenship program.
Along with these materials, the investor must also submit two personal references from a person – not a family member – who has known the investor for at least five years. Another recommendation from a business colleague who has worked with the investor for at least three years must also be included with the application. Finally, the investor must provide a recommendation from a bank that the investor has held an account with for at least two years.
Another benefit of the Dominican program is that although the application process requires the investor to appear for an interview, the interview can be conducted at the investor’s home as long as the investor pays for the interviewing panels’ trip to the investor’s home country.