Dominica expands citizenship by investment program

Dominica offers a citizenship by investment program which invites investors and their family members to obtain full, legal citizenship through a recognised investment.

According to the program, investors who have made a minimum investment of $200,000 in an approved real estate project, may now qualify for citizenship. The Government Fund option, which supports the national development of the country, continues to be available to applicants, starting with a contribution amount of $100,000 for a single applicant.

The Dominica Citizenship by Investment Program was established in 1993 (as the Economic Citizenship Program). After many years of success, the Government took steps earlier this year to expand the Program to facilitate investments particularly in real estate.

In line with the Government's desire to enhance and promote the Citizenship by Investment Program globally, the Prime Minister announced on 21 October 2014, significant changes to the, which will see the Program revised and improved.

The legislative and administrative changes have resulted in a more streamlined Citizenship by Investment Unit (CBIU), the Government authority which deals with all matters regarding Citizenship by Investment in Dominica. Importantly too, the Government have strengthened the due diligence process, and effective November 2014, the mandatory requirement for an interview will be removed from the process, reserving it only for special circumstances where deemed necessary.

The introduction of a streamlined CBIU will enhance the credibility of the Program and provide more structure and reliability, particularly with the introduction of the Real Estate option to investment "while the fast processing times will only make the Program more attractive to potential applicants," Government is determined that the integrity of the Program is protected and that maintaining the solid reputation of the country will be paramount in all of their efforts.

Roosevelt Skerrit, Prime Minister and Minister for Finance said: "We are committed to ensuring that our Program continues to be trusted and well respected by maintaining its integrity, while at the same time being responsive to the needs of our stakeholders."

The benefits of Dominican citizenship are numerous and provide investors with advantages, including lifelong citizenship of a country that is peaceful and recognises the rule of law. There is no Capital Gains, Estate, or Death Taxes in Dominica and there are no restrictions on the repatriation of profits, or restrictions on foreign exchange.

The country which is widely known as the "Nature Island", is situated midway along the Eastern Caribbean archipelago, stands apart as one such story. With its untouched natural beauty, it is accepted as one of the best places to live.

Zhang Chunyan contributed to this story.