Dominica, known as the Nature Island of the Caribbean, boasts lush rainforests, pristine beaches, and a warm, welcoming culture. The country’s Citizenship by Investment (CBI) Program offers a unique opportunity for investors and their families to obtain a second citizenship, providing a wealth of benefits, such as visa-free travel, tax advantages, and an exceptional quality of life. This article will provide an overview of Dominica’s CBI Program, its eligibility criteria, investment options, and the application process.
Dominica’s Citizenship by Investment Program
Established in 1993, Dominica’s CBI Program is one of the oldest and most reputable citizenship by investment programs in the world. The program aims to attract foreign investment to support the country’s economic development, infrastructure, and social programs. In exchange for their investment, successful applicants and their families receive Dominican citizenship and a passport, which grants visa-free or visa-on-arrival access to over 140 countries and territories worldwide.
To be eligible for Dominica’s CBI Program, applicants must meet the following criteria:
- Age: The main applicant must be at least 18 years old.
- Financial Means: Applicants must have sufficient financial resources to make the required investment and cover any associated fees.
- Good Character: Applicants must have a clean criminal record and provide a police clearance certificate from their country of residence.
- Health: Applicants and their dependents must be in good health and provide a medical certificate confirming their good health status.
- Investment: Applicants must make a qualifying investment in either the Economic Diversification Fund (EDF) or an approved real estate project.
Dominica’s CBI Program offers two investment options for applicants:
- Economic Diversification Fund (EDF): The EDF is a government-managed fund that supports public and private sector projects in areas such as education, healthcare, infrastructure, and climate resilience. Applicants can make a non-refundable contribution to the EDF, with the minimum investment amount starting at USD 100,000 for a single applicant and increasing for larger families.
- Approved Real Estate: Applicants can invest in government-approved real estate projects, such as luxury hotels, resorts, or villas. The minimum investment amount for real estate is USD 200,000, and the property must be held for at least three years (or five years if purchasing from a previous CBI investor) before it can be sold.
Applying for Dominica’s CBI Program involves several steps:
- Choose an Investment Option: Determine whether you wish to invest in the EDF or an approved real estate project.
- Engage an Authorized Agent: All applications for Dominica’s CBI Program must be submitted through an authorized agent, who will guide you through the application process and ensure that your application is complete and compliant with the program’s requirements.
- Gather Required Documents: Collect the necessary documents, such as passport, birth certificate, marriage certificate (if applicable), police clearance certificate, medical certificate, and proof of investment.
- Complete the Application Forms: Fill out the CBI application forms, providing the required information and supporting documents.
- Pay the Application Fees: Submit the non-refundable application fees, which vary depending on the chosen investment option and the number of applicants included in the application.
- Application Review and Decision: The processing time for Dominica’s CBI Program is typically between 3 to 4 months. If your application is approved, you will receive a Certificate of Naturalization, which can be used to apply for a Dominican passport.