Acquisition of Dominica citizenship by purchase of real estate
|Real estate project invesment||200 000 USD|
|Application state fees||50 000 USD|
|Due diligence fee||7 500 USD|
|Length of the process||3 - 4 months|
|Visa-free travel||119 countries|
Since January 2015, Investors willing to become the citizens of Dominica have two options they can choose from. Under the “Economic citizenship by investment” program, investors are able to invest in previously approved real estate project. Investors were not able to gain Dominica citizenship without actually residing in the country until 1993. But since Economic Dominica Citizenship program was established by the government, this Caribbean state has become one of the most flexible and affordable double citizenship and second passport programs in the world. In fact, Dominica just won award ’Best Caribbean Citizenship program 2016’ due to the cheapest real estate investment program in Caribbean region.
If you have any questions regarding Caribbean citizenship or you want to apply – contact our agents now!
In order to become a Dominica citizen, an investor needs to make a 200 000 USD investment in a previously approved real estate project. This investment can be recovered when the real estate is sold not earlier than 3 years after purchase. After 5 years it can be resold under Citizenship by investment program to another investor willing to gain double citizenship from Dominica.
Other requirements and fees
In addition to the main investment, the investor and its family will need to pay additional fees:
- Government processing fee – 50 000 USD for principal applicant and 25 000 USD for the spouse and other dependents;
- Due diligence fee – 7 500 USD for principal applicant and the spouse each; 4 000 USD for dependent children;
- Application processing fee – 300 USD and Certificate of Naturalization 750 USD.
In addition to monetary contributions, the investor needs to conform to several other requirements:
- Clean background and no criminal record;
- Passing health check;
- Investors from Saudi Arabia, Pakistan, Yemen, North Korea, Sudan, Afghanistan and Somalia are not allowed to apply for Dominica citizenship program.
Citizenship application procedure
Investors willing to apply for double citizenship and second passport in Dominica need to find an Authorized Agent who is eligible to deal with Caribbean economic citizenship program as it is not allowed to apply directly to CBIU (Dominica Citizenship by Investment Unit). The Authorized Agent will perform a basic due diligence on the investor and guide him or her through the entire process of acquiring double citizenship.
In order to submit an application the following documents must be provided:
- Certified copy of a current passport and birth certificate;
- Medical questionnaire filled by a registered medical practitioner;
- Certificate from country of birth and residence stating no criminal record;
- References – one professional and two personal;
- Marriage certificate (if applicable);
- Reference letter from a bank;
- Letter of employment;
- Audited financial statements of a company (if applicable);
- University or college diploma (notarized);
- Declaration of source of funds;
- Real estate purchase agreement;
- Recent tax return;
- Business background report;
- 8 passport size photos.
It takes 3 to 4 months to acquire a second passport and double citizenship in Dominica, from which a comprehensive due diligence by the Government usually takes 60 to 90 days depending on each individual.
In order to acquire second passport, the following general steps are to be taken:
- First step is to find a real estate project that agrees with your expectations and needs. Be sure to check if this property is officially approved for the Citizenship by investment program. You will need to sign an initial reservation form with the real estate owner or developer and pay a deposit – usually 10% of the real estate price;
- Together with your licensed agent, you are required to fill all the application forms and prepare other documents for the agent to start the application process with CBIU. At this point, the investor is required to pay due diligence fee and agent’s fee;
- After receiving all necessary documents and service fees, the Government will initiate a comprehensive due diligence process which can take up to 3 months. During this process, all communication with the Government is handled by the Authorized Agent on behalf of the investor;
- If the investor has successfully passed the due diligence procedure, he or she will receive a Letter of Approval in Principle from CBIU and can now close the real estate purchase deal, pay the rest of the purchase price of the property and government fees;
- Once the purchase of the real estate has been verified by CBIU, the client receives a Certificate of Naturalization and will receive the passport of Dominica within a week.
Advantages of holding a Dominica second passport
There are various advantages of becoming a Dominica citizen and receiving a second passport. Dominica can be proud of exceptionally strict due diligence and quality control measures which ensures high reputation not only of the country itself, but the investor’s new passport. In addition to this major advantage, Dominica double citizenship program offers:
- Relatively quick processing;
- Low cost;
- Visa-free travel to more than 135 countries;
- High confidentiality and privacy;
- No interview requirement;
- Zero tax – no income, inheritance or wealth tax.
If you still have questions regarding this program – check our F.A.Q. section or contact us directly.