Getting Residency In Dominica
The Caribbean has many government programs to promote foreign investment. Several countries offer attractive tax incentives to companies willing to choose the Caribbean as the home base for their company.
Some government programs include obtaining a second passport if you invest a certain amount of money. One of the countries in the Caribbean with a highly desired and easy to get a second passport program in Dominica.
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A Cheaper Investment
Dominica has been welcoming many American investors as of late thanks to its cheap investment programs which guarantees a second passport to anybody who makes a significant investment in the country’s economy.
The citizenship by investment program in Dominica is definitely less expensive than those of Europe and the requirements are much smaller. American retirees are beginning to take note of this and are flooding the island in packs.
The immigration process does not get easier than what Dominica has to offer, and becoming a permanent residency is fast if you compare them to other countries. There are a number of ways in which you can become a resident or citizen of Dominica.
Even though Dominica is a gorgeous tropical paradise, the great thing about citizenship by investment is that you don’t have to be in Dominica to qualify, you just need to pay the fee or make the investment. This can be done by a third party, as long as it is under your name.
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Obtaining A Second Passport
Dominica has the cheapest second passport program in the Caribbean. In order to obtain a second passport, you just have to make an investment of $100,000 dollars. Much cheaper than any other island in the Caribbean or any country in Europe.
The two investment options that you have when investing in Dominica are making a donation to the government or buying real estate in the country. If you buy real estate you must prove that you have the income to maintain it.
The real estate investment needs to be approved by the government and the minimum investment is of $200,000. The application fee is $50,000 plus $25,000 for your wife and each dependant under 18 years of age.
If your investment is approved then you get a second passport and can maintain your American one.
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Becoming A Permanent Resident
If you don’t wish for a second passport and much rather be a permanent resident then you what you have to do request a form of application and include the following documents:
- Application Form
- Medical Certificate showing a good health status
- Two letters of recommendation, one must be from the applicant’s last employer
- Statement of good financial standing from your bank or financial institution
- Clean Police Record
- Proof of return ticket to the place of residence
- Two passport-sized photographs
- Valid Passport
- Application fee
- Marriage certificate
- Extension of Stay from Immigration Department
Before you turn in your application packet you must have a valid reason as to how you are going to become a permanent resident. Retaining a temporary residency on the island for a period of five years is enough to make this happen.
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Becoming A Temporary Resident
You can become a temporary resident of Dominica if you have a job offer from a company in Dominica, are married to a Dominica national, have a child with a resident of Dominica, or have proof that you can sustain yourself if you live in Dominica.
The temporary residency is renewed once every year, and everything needs to be in perfect standings if you wish to continue residing on the island. A temporary residency is a great option for those who don’t wish to work or live in Dominica for extended periods of time.
Dominica offers many options that you will find in other countries in the Caribbean, but at a much lower cost. Dominica’s cheap cost of living and a safe and secure environment is ideal for any American wishing to just get away.
There isn’t any other citizenship by investment program quite like the one that Dominica has to offer. The path to citizenship and a second passport is just a few hundred thousand dollars away. Invest in Dominica and you will find a gorgeous fiscal and tropical paradise that needs to be seen to be believed.
I hope you enjoyed reading this article: Getting Residency In Dominica.
Is leaving your home country for a new country a priority of yours? Do you wish you knew how, but don’t? Then here is a great article for you to read. It can help you understand a little bit about Citizenship-By-Investment programs around the world. For more information on the CBI programs, please contact our office HERE.
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Mikkel Thorup is the Director at EscapeArtist.com the oldest and largest offshore website in the world and hosts The Expat Money Show podcast. He is also the author of #1 Best-Selling book Expat Secrets on Amazon. Mikkel has spent over 20 years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe, and Iran. His goal is to help people just like you to generate additional streams of income, legally eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again. Follow Mikkel Thorup on Twitter @ThorupMikkel
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