First and foremost, the benefit of this entrepreneurial citizenship by investment option is that it’s a great value and one of the lowest cost investments. After all, $50,000 is about as low as you can go for investments.
In addition, where most citizenship by investment programs are donations, this investor visa provides the potential to regain some of your investment. If you take the second option and invest $100,000 in your own company, you’ll be paying more, but you’ll also be able to recoup some of the investment costs through your company’s earnings.
While the $100,000 deposit in a Dominican bank may seem like a drawback, it can actually act as a great way to establish ties to the island which helps both with growing your business and when applying for citizenship. You’re also able to use the funds once they’re deposited, so they’re not lost to the process.
In addition to these benefits, the visa can extend to your family and they can join you on the island as you all work towards citizenship.
Beyond the program, Dominica itself has much to offer in terms of citizenship. It will give you visa-free travel to 135 countries including Europe’s Schengen zone, the United Kingdom, Hong Kong, Malaysia, Singapore, and Turkey.
Dominica allows dual citizenship and citizenship will pass on to your children.
There are also great tax advantages when you become a citizen of Dominica, especially if you’re looking to do business on the island. There is no wealth, gift, inheritance, or capital gains tax in Dominica.
It also has double taxation treaties with the US and the Caribbean Community (CARICOM), no restrictions on the repatriation of profits or imported capital, several corporate tax incentives, full exemption from import duties, as well as tax relief benefits and export allowance. They also have generous tax holidays and other import duties and tax waivers.
Is the Dominican Investor Visa Right for You?
While the benefits are many, no program is perfect.
The first thing to consider is that it’s not the type of fast-track naturalization option that we talk about a lot at Nomad Capitalist which tends to be more selective and exclusive.
But it is a way to put yourself on the faster track of two years where you’re not making an actual donation and are within the confines and restrictions of the program to actually invest in a country.
The next concern is the timeline. You’re looking at two years instead of two months. If you’re looking for something fast and easy, this isn’t your best option.
There is also a significant in-country presence requirement. Each year, for the two years before applying for citizenship you’ll be required to spend three months in Dominica Citizenship Program. While spending time on the ground may be helpful if you’re running a business there, it could be a major drawback if you’re just looking for citizenship and not a second place to live.
Another concern is that Dominica has a pretty small domestic economy. As a small island with a population of less than 75,000, there’s only so much growth that can take place. It will be interesting to see what kind of businesses apply and actually get approved.
Last, it’s not the busiest place with the most urban environments. It’s more known for its natural beauty and serenity than as a thriving metropolis with great nightlife. However, it certainly is a beautiful place that is paradise to many. If you’re looking for a quieter setting it could be perfect for you.
When deciding where to get a second or even third citizenship, the most important thing to consider is what is important to you. We list benefits and drawbacks, but many of them depend on your situation and desires.
If you’re looking for a beautiful place to invest in or start a company, Dominica could be a great place to start at a great price. There is a lot of potential for the right company.
