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Cost of Dominica citizenship by investment to remain unchanged
Published on July 28, 2016 Email To Friend    Print Version

By Caribbean News Now contributor

ROSEAU, Dominica -- The prime minister of Dominica, Roosevelt Skerrit, announced during his budget presentation on Tuesday that, contrary to earlier reports, the current pricing thresholds for the country’s citizenship-by-investment program will remain unchanged for 2016

With this announcement, Dominica citizenship will continue to start from $100,000 and therefore remain as the least expensive of all the Caribbean citizenship programs, in most instances as much as half the cost of its peers.

roosevelt_skerrit10.jpg
Prime Minister Roosevelt Skerrit
During his Budget speech, Skerrit outlined that the economic citizenship program has raised more than US$200 million, surpassing all expectations. The funds raised from the program have been a major source of funding in the recovery efforts after tropical storm Erika.

The cost of Dominica citizenship starts at $100,000 for a single person and $200,000 for a family of four persons.

• $100,000 for a single applicant;

• $175,000 for applicant and spouse ;

• $200,000 for applicant, spouse and up to 2 children below the ages of 18 years old;

• $50,000 for any additional dependents of the main applicants other than spouse (unchanged)

In addition, Dominica offers selected real estate investments to qualify for its passport. The minimum investment required for real estate is $200,000, covering a family of four. With a minimal difference between the real estate and donation option, this encourages applicants to invest in government approved projects in the country of their second citizenship. Already more than one 5-star hotel brand has committed to build resorts on the island with other residential and hotel resorts for investors to choose from. Some are in the form of shares, other offer freehold title deed and after a period of five years the real estate may be sold and the applicant retains their citizenship.

According to the prime minister, reliance on the program to fund capital projects reduces the burden on taxpayers.

“In an age where development financing is dwindling, and the force to gain access to available financing is becoming more onerous, governments, the world over, must find more credible ways and means of raising financing, for development programs,” Skerrit said. “The alternative will be to increase domestic taxes, and /or contract additional loans.”

Jeremy Savory, CEO and founder of the citizenship by investment advisory firm Savory & Partners, observed, "This announcement is extremely positive as it keeps second citizenship accessible for a greater share of the region's population seeking a second passport. In particular single applicants, or families with children over 25 who would be double, triple or multiple applications it is a cost effective alternative to other citizenship by investment jurisdictions. Over the last 12 months we have successfully processed almost 100 high quality applications in anticipation of a price increase, so this extension will come as welcome relief to those who were concerned they could not submit their application before 1st August 2016."

The Dominica citizenship by investment program has been in effect since 1993, making it one of the oldest and most established second passport programs in the world. After a rigorous investigation that takes up to three months, successful applicants are granted Dominica citizenship. The passport allows visa free travel to over 127 countries including the United Kingdom and the Schengen area. As a member of the Commonwealth, Dominica passport holders may stay for up to six months in the UK and three months in European countries.

The passport also provides investors with increased business and banking opportunities, significant tax advantages and family security and safety. The government of Dominica accepts applications only from government approved agents.
 
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