Dominica
Located in the Caribbean Sea and positioned amidst Guadeloupe and Martinique, Dominica is a petite nation renowned for its tropical rainforests, distinctively volcanic terrain, and natural hot springs. With an estimated population of roughly 74,000 residents and Roseau as its capital city, it houses various plant and animal species that are rare and endemic to the island, including Dominica’s national bird, the Sisserou parrot. Dominica’s economy relies on agricultural products, tourism, and offshore financial services.
In exchange for an investment in its economy, Dominica’s Citizenship by Investment program provides qualified individuals and their families with citizenship privileges. Among the available alternatives are making a capital investment in predetermined property schemes or a non-reimbursable payment to support economic diversification activities undertaken by the government. Those who are successful will obtain Dominican passports, enabling visa-free entry into over 140 countries worldwide. This scheme remains subject to amendment according to regulations stipulated in the Citizenship by Investment Act.
Steps and Timeline for Acquiring Dominican Citizenship Through Investment:
- Choose an authorized dealer:
- Determine eligibility:
- Choose an investment option:
- Submit application:
- Due diligence and approval:
- Investment payment:
- Citizenship certificate:
- Choose an authorized dealer: To initiate the process, you must select an authorized dealer who can assist you throughout the application procedure. You may refer to the official website of the Citizenship by Investment Unit of Dominica to access a catalog of verified and licensed dealers.
- Determine eligibility: Eligibility for the program necessitates adherence to specific criteria comprising thorough scrutiny of records, medical evaluation, and a concrete manifestation of funds. The authorized dealer will abet in facilitating compliance with these requirements.Choose an investment option: You can either contribute a non-refundable amount of at least $100,000 to the government-administered Economic Diversification Fund or proceed to invest in pre-approved property projects.
- Apply: Once you have chosen your investment option and have met the eligibility criteria, your authorized dealer will submit your application to the Dominican government.
- Due diligence and approval: The authorities perform an extensive due diligence assessment on your submitted application to ensure compliance with regulatory standards at both national and local levels. They check and verify your financial history and background. The process can span several weeks for completion, at which point they convey a formal notification of approval or denial via official correspondence.
- Invest: Pay the required investment to the government or the approved real estate developer.
- Obtain Citizenship certificate: Upon receipt and processing of your investment payment, the Dominica government will grant you a certificate of citizenship.
Performance Guarantee:
Although Dominica’s Citizenship by Investment program lacks a uniform performance guarantee framework for real estate investments, it requires investors to choose from various government-vetted, pre-approved projects. Developers of these approved projects must supply written agreements outlining all aspects of the investment, including but not limited to construction timelines, qualitative standards, and other performance criteria deemed critical by the government.
Moreover, prospective investors are encouraged to conduct their due diligence and seek an expert’s opinion before making any such investment. It is crucial to note that all recognized real estate ventures meet legitimacy and investor protection criteria despite the lack of a uniform performance guarantee.
As such, if a developer violates the terms of their agreed-upon conditions, the government can project approval and take appropriate steps to safeguard investors.