The Commonwealth of Dominica announced a new citizenship by investment program, the so-called “Entrepreneur Visa”, which leads to citizenship after two years.
The introduction of the citizenship by investment programme has made the jurisdiction be one of the most affordable and flexible second passport programmes available. Until 1993, it was never possible to gain Dominican citizenship without residing in the country.
The Dominican government changed that with the Economic Dominica Citizenship by Investment programme whereby the need for residency to gain citizenship was waived.
The citizenship by investment – Entrepreneur Visa is thus designed to recognize the government’s interest in providing a unique status to applicants who make a significant financial investment in the country.
The visa platform will add valuable foreign direct investment into the private sector since it clearly defines the requirements for the grant of a residency permit through investments
Citizenship by Investment Programme Requirements
Any person applying for the Entrepreneur Visa will receive a 2-year residency permit, which will be issued within 45 days of approval, and thereafter can apply for naturalization after the 2 years, provided he meets all the criteria as explained:-
- Invest a minimum of 50,000 USD in an existing government-approved company through the Investment Fund.
- Invest a minimum of 100,000 USD in a new start-up business locally registered in the Commonwealth of Dominica employing at least 3 full-time employees.
- Invest in a government-approved public sector or private sector venture as an equity investor.
The requirements are straight forward:
- Make of a deposit of a minimum amount of USD 100,000 in a local financial institution (please note that the funds may be used from Dominica and depleted during the residency period);
- Spend a minimum of 90 days out of 365 days per year in the country.
Key Benefits of the Dominica Citizenship by Investment Programme
- Pathway to Dominica naturalization (visa-free travel to 140 countries including Schengen)
- Permanent residence for the whole family, including children under 21 years old
- Fast processing time
- Favourable tax regime
- Peaceful and clean environment, low pollution
- Great quality of life set amidst a tropical climate
- Political stability
- Great program for those who continue to live abroad but desire an alternate country of residence for themselves and their family members, for tax planning and other purposes
- Visa-free travel to CARICOM countries
- Ease of doing business in the Caribbean and beyond
- Investors will have real KYC value add from being real contributing members of a society in which they are intending to become citizens and are residents.