Are you considering the benefits of a second citizenship? Dominica’s Citizenship by Investment Program offers a catchy opportunity to get Dominican citizenship by investment. In this article, we’ll explore the Dominica citizenship requirements, costs, and steps of how you can apply for a Dominican passport in 2024.
Key Takeaways
- Dominica’s Citizenship by Investment Program offers an accessible and affordable pathway to obtaining second citizenship, with options for both non-refundable contributions and real estate investments.
- Investment Costs start at $200,000 for a single applicant through the Economic Diversification Fund or $200,000 for a real estate investment, with additional fees for dependents.
- Eligibility requirements include being over 18, passing due diligence checks, and fulfilling health and financial stability criteria, with no residency requirements.
- Processing Time is relatively quick, typically taking three to six months from submission of the application to receiving citizenship and a passport.
What is a Citizenship by Investment Program in Dominica and How Does It Work?
A Citizenship by Investment Program (CBI) is a legal process by which one can obtain citizenship in a foreign country through financial contributions to Dominica’s economy in this case. Dominica’s CBI program dates back to 1993 and is one of the oldest and most reputable investment programs.
Dominica's CBI program offers two primary investment options:
- Economic Diversification Fund (EDF) Contribution: This involves making a non-refundable donation to the Economic Diversification Fund, which supports various development projects in Dominica, including education, healthcare, and infrastructure.
- Real estate investment: This option requires investing in an approved real estate project, such as luxury resorts or residential properties. Unlike the EDF contribution, real estate investment is not a donation, and investors can sell their property after a specified holding period, usually five years.
Once an applicant makes the required investment and passes the due diligence checks, they and their qualifying dependents can receive Dominica citizenship.
How Much Does Dominica Citizenship Cost?
Dominica citizenship by investment cost can vary depending on the investment option chosen and the number of dependents included in the application. Below is a breakdown of the costs associated with each investment option in 2024.
1. Economic Diversification Fund (EDF) contribution fees
The EDF contribution is the most straightforward and cost-effective route to Dominica citizenship. The following costs apply:
- Single applicant: A non-refundable contribution of $200,000.
- Main applicant and up to 3 dependants: A non-refundable contribution of $250,000.
- Additional dependents: An additional $25,000 is required for each additional dependent under 18 and $40,000 for each dependent over 18.
- Processing fees: $1,000 per person
- Due diligence fees: $7,500 for the main applicant and an additional $4000 per each dependent over 16.
- Certificate of naturalization: $500 per person
- Interview fee: $1,000 per person
2. Real estate investment fees
The real estate investment has a minimum investment threshold of $200,000 in an approved real estate project. This investment must be maintained for at least five years. The costs for this option include:
- Minimum real estate investment: $200,000 (refundable after five years).
- Government fees: $75,000 for the main applicant, $100,000 for the main applicant and 3 dependents, $25,000 for each additional dependent under 18 and $40,000 for each dependent over 18.
- Processing fees: $1,000 per person
- Due diligence fees*: $7,500 for the main applicant and an additional $4000 per each dependent over 16.
- Certificate of naturalization: $500 per person
- Interview fee: $1,000 per person
*All Iranian applicants are charged some extra fees associated with enhanced due diligence.
The real estate option also includes additional costs such as property registration, notary fees, and insurance, which can add up to approximately 10-15% of the property value.
Dominica Citizenship Requirements for Investment Program
Applicants must meet several key requirements to be eligible for Dominica's Citizenship by Investment Program. Dominica citizenship by investment requirements ensures that only reputable and financially capable individuals are granted citizenship. The main requirements in 2024 are as follows:
1. Age requirement
The main applicant must be at least 18 to apply for citizenship through the CBI program.
2. Investment requirement
Applicants need to stick to one of the following investment requirements:
- EDF Contribution: Make a non-refundable $200,000. contribution to the Economic Diversification Fund (EDF).
- Real estate investment: Purchase approved real estate valued at a minimum of $200,000.
3. Due diligence and background checks
All applicants, including dependents over the age of 16, must undergo a thorough due diligence process. This process involves background checks conducted by international firms to ensure that applicants have no criminal record, are not involved in any financial crimes.
4. Good health
Applicants must be in good health and free from contagious diseases. A medical examination may be required as part of the application process.
5. Financial stability
You must demonstrate that they have the financial resources to make the required investment and support themselves and their dependents without becoming a burden on the state.
6. Clean criminal record
You as an applicant must provide a clean criminal record from their country of origin and any country where they have resided for more than six months in the past 10 years. This record must be verified by the authorities in those countries.
7. Dependents
Applicants can include the following dependents in their application:
- Spouse: The applicant's legal spouse.
- Children: Unmarried children under the age of 30 who are financially dependent on the main applicant.
- Parents/Grandparents: Parents or grandparents of the main applicant or spouse who are above 55 years of age and financially dependent on the main applicant.
- Siblings: Unmarried siblings of the main applicant or spouse, provided they do not have any children.
8. Residency requirement
Unlike some other CBI programs, Dominica does not require applicants to reside in the country before or after obtaining citizenship. This makes the program particularly attractive to individuals who wish to maintain their current lifestyle while enjoying the benefits of Dominica citizenship.
How to Get Citizenship by Investment in Dominica?
The process of obtaining citizenship by investment in Dominica is straightforward but involves several key steps. Below is a step-by-step guide to help prospective applicants navigate the process:
Step 1. Get in touch with Mirabello Consultancy
Working with investment consulting experts like Mirabello Consultancy will help you quickly gather all the required documents and smoothly apply for a Dominica passport and citizenship.
Step 2. Select your investment option
You have two options to pursue: EDF contribution or real estate investment. You can base your choice on your financial situation, investment goals, and whether they prefer a non-refundable donation or a potentially profitable real estate investment.
Step 3. Prepare and submit the application
Once an investment option is selected, the Mirabello Consultancy team will help you gather all the required documents. Then they will submit the complete application to the Dominica Citizenship by Investment Unit (CBIU).
Step 4. Due diligence Process
After submission, the CBIU will conduct a thorough due diligence process. This involves background checks on the main applicant and dependents to verify the information provided in the application.
Step 5. Wait for your Approval in Principle
If the application passes the due diligence checks, the applicant will receive an "Approval in Principle" letter from the CBIU. This letter confirms that the application has been approved, pending the completion of the required investment.
Step 6. Make the required investment
Upon receiving the Approval in Principle, the applicant must make the required investment within a specified timeframe. For the EDF option, this means making the non-refundable contribution, while for the real estate option, it involves completing the purchase of the approved property.
Step 7. Receive citizenship and your Dominican passport
Once the investment is confirmed, the applicant and their dependents will be issued Certificates of Naturalization. These certificates are proof of Dominica citizenship and can be used to apply for a Dominica passport, which will then be couriered to your home, worldwide.
Step 8. Maintain investment (real estate option)
For those who chose the real estate investment option, it is essential to maintain the property for at least five years. After this period, the property can be sold without affecting the citizenship status. However, citizenship may be revoked if the property is sold before the five-year holding period.
Step 9. Enjoy the benefits of Dominica citizenship
With Dominica citizenship, new citizens can enjoy such benefits as visa-free travel to over 140 countries, favorable tax policies, and the security of holding a second passport from a stable and welcoming nation.
Conclusion
Dominica's Citizenship by Investment Program stands out as a practical and efficient option for those seeking the benefits of a second citizenship. With its affordable investment requirements, straightforward application process, and attractive benefits like visa-free travel and tax advantages, Dominica offers a compelling choice for global citizens.
Whether you choose the Economic Diversification Fund or real estate investment, the program provides a reliable pathway to securing a new passport in just a few months. As you consider your options, Dominica's program is worth serious consideration for its accessibility and long-term value.
FAQ
Is it easy to get citizenship in Dominica?
Yes, Dominica's Citizenship by Investment Program is considered one of the most accessible in the world. The process is straightforward, requiring a financial investment in the country and passing due diligence checks. The application process is efficient, often taking just a few months.
What is the easiest citizenship in the Caribbean?
Dominica is often cited as having one of the easiest and most affordable citizenship programs in the Caribbean. Its streamlined process, relatively low investment requirements, and the absence of residency obligations make it an attractive option for those seeking Caribbean citizenship.
How long does it take to get Dominica citizenship?
The process of obtaining Dominica citizenship typically takes between three to six months from the time of application submission. This timeline includes the due diligence checks, approval in principle, and completion of the required investment.
Do Dominicans need a visa for Europe?
Dominican citizens enjoy visa-free or visa-on-arrival access to over 140 countries, including the Schengen Area in Europe. This allows Dominicans to travel to most European countries without a visa for short stays, usually up to 90 days within 180 days.
