Last week, the prime minister of Dominica, Roosevelt Skerrit, announced during his budget speech that contrary to previous discussions, the current pricing for the Dominica’s citizenship by investment program will no longer increase this year (2016) and will remain unchanged. This program thus remains the cheapest second passport program in the world, starting at only US$100,000 for a single applicant.
More than US$200 million has been raised by Dominica’s citizenship by investment program, announced Skerrit during his speech. This amount was above and beyond all expectations. The funds raised have significantly helped with recovery efforts of both infrastructure and economy after 2015’s tropical storm Erika.
The cost of Dominica citizenship through the non-refundable Government Fund Contribution option can be outlined as follows:
US$100,000 for a single applicant;
US$175,000 for applicant and spouse;
US$200,000 for applicant, spouse, and up to two children under 18 years of age;
US$50,000 for any additional dependents.
Dominica also offers a real estate option, whereby investors can choose to invest in government approved real estate projects in order to be granted citizenship. The minimum real estate investment is US$200,000 with additional fees per applicant as follows:
US$50,000 for the principal applicant;
US$25,000 for the spouse;
US$20,000 for each dependent under 18 years old;
US$50,000 for each dependent between the ages of 18 and 25 years old.
As the difference between the government contribution and real estate options is minimal, many investors choose real estate as it is an investment with potential future returns. After five years, the property may be sold at a profit and citizenship maintained.
Dominica’s citizenship by investment program is one of the oldest of its kind, having been founded in 1993. Due to its many years running, it is also one of the most established and trusted programs. Application processing is quick at 3-4 months, however, rigorous investigations and due diligence are performed.
Citizenship to Dominica grants passport holders visa-free travel to 127 countries, including the Schengen countries. As a member of the Commonwealth, citizens of Dominica can stay in the UK for up to six months.
The news that the price of Dominica’s citizenship by investment program remains unchanged was welcomed by those who feared they would not get their applications submitted before the price increase. This is also good news as it allows the opportunity for a second passport to be more accessible and affordable to a larger portion of the population.
For more information on Dominica’s Citizenship by Investment program, please click here.
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