Rasheed Alkhanji QICMS
Published 10:02 AM 14 December 2016
Updated 11:10 AM 16 December 2021
The Commonwealth of Dominica has so much more to offer than its picturesque landscapes. In recent years, the Caribbean island has established itself as a business and investment center with a thriving construction sector, and continues to attract investors from all around the world.
The best investment opportunity in Dominica, that has had the biggest economic impact on the nation, is its Citizenship by Investment Program. Several Caribbean nations now offer such programs whereby foreign nationals can obtain citizenship by investing in the country’s economy. Dominica was early to the scene, introducing its program in 1993.
There are currently two different investment options available for Dominica’s Citizenship by Investment Program. The first option is a government contribution to the Economic Diversification Fund; the second option is an investment into approved real estate.
The Economic Diversification Fund (EDF) is an organization that helps Dominica’s economy flourish through increased diversification. Contributions to the EDF through the Citizenship by Investment Program are reserved for both public and private sector projects, including, but not limited to, the development and improvement of infrastructure, as well as much needed funds to provide aid in the event of natural disasters. The government also places high importance on renewable energy such as geothermal energy.
With the minimum contribution amount set at only US$100,000 for a single applicant, investing through Dominica’s EDF option is the world’s cheapest route to a second citizenship. In addition, passports can be obtained in as little as four months, making this program one of the fastest available.
Dominica announced that it would in the Caribbean to move forward with the increased investment amount. As a consequence, there have been discussions that the minimum will increase in 2017. As there is no predetermined date at this point, interested investors are cautioned to proceed with their applications as soon as possible to secure the low US$100,000 minimum investment.
In order to remain competitive with other existing programs, Dominica introduced the option to obtain citizenship through real estate in 2014. Developments are thoroughly analyzed prior to being pre-approved by the government for investment toward citizenship. All real estate projects must demonstrate a high respect for the natural environment and sustainability. As the Caribbean nation is committed to high-end eco-tourism, the pre-approved projects are, for the most part, exclusive resorts. The minimum investment into real estate for the Citizenship by Investment Program is US$200,000. The property purchased must be held for a minimum of three years prior to resale or, if the property is to be sold to another Citizenship by Investment applicant, the property must be held for five years.
Dominica has a population of just 74,000, with an astounding 94% literacy rate. The island has historical ties to the UK and France, that is apparent by the nation’s enrichment in European culture. Dominica focuses on protecting its environment through renewable energy solutions all the while growing its business, tourism, and construction sectors. It is this progressive approach that makes this island nation a much sought-after destination for investment and second citizenship.
For more information on Dominica’s Citizenship by Investment Program, please click here.
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