The Dominica Citizenship by Investment Program has a great reputation and it is one of the most sought-after Caribbean citizenship by investment programs. It is a specific type of investor immigration initiative that allows individuals to obtain citizenship through financial contributions. Dominica made changes to its citizenship by Investment Program that came into effect on July 1st, 2024. This decision is in line with the Memorandum of Agreement signed by the Organization of Eastern Caribbean States heads of governments. Here we will discuss the new prices and some other changes in the process of getting a Dominica passport.
Overview
- New Investment Pricing
- Enhanced Due Diligence
- Post-Citizenship Additions
- FAQs
- Conclusion
New Investment Pricing
Economic Diversification Fund (EDF): This is a nonrefundable donation. The minimum amount of donation required to get a passport by investment is now 200,000 USD for a single applicant. If the main applicant pays 250,000 USD they can include three dependents in their application. For every additional dependent under the age of 18, applicants have to pay 25,000 USD and for every dependent over 18, it costs 40,000 USD each.
Real Estate Investment: The minimum investment for real estate is 200,000 USD but the government fee has now increased to 75,000 USD per single applicant and it costs 100,000 USD if you want to add three family members. Any additional family members cost 25,000 each if they are under the age of 18 and 40,000 each if they are over the age of 18.
Additional Fees
- There is an additional processing fee of USD 1,000
- There is a due diligence fee of USD 7,500 for the main application and 4,000 USD for each dependent that is 16 years old or above.
- There is an interview fee of USD 1,000 per person
- You will have to pay USD 500 per person for a certificate of naturalization
Enhanced Due Diligence
Financial Intelligence Unit (FIU): This unit is established within the CBI unit; its job is to conduct background checks on all applicants.
Sharing of Information: To make sure that the information of denied applicants is available to other Caribbean CBI jurisdictions the FIU will share the applicant’s data with the Joint Regional Communication Center of CARICOM IMPACS ( JRCC).
Mandatory interviews: All applicants aged 16 and above must go through an interview as part of the due diligence process.
Post-Citizenship Additions
New Born or Adopted Children: Children under 18 born or adopted not more than five years after the main applicant obtained citizenship, Will be eligible for citizenship the processing fees will be USD 2,000 each.
Marriage Post Citizenship: After becoming a citizen, if the main applicant gets married to a non-citizen, and wants their spouse to also have citizenship, an additional fee of USD 75,000 will be applied, not including other fees such as due diligence and processing.
FAQs
Q: How long does the process of obtaining Dominican citizenship by investment take?
A: Process can vary based on workload due to the popularity of the program, but it usually takes anywhere from 3 to 6 months.
Q: What are the eligibility criteria for the Dominican Citizenship by Investment Program?
A: You have to be at least 18 years of age, you should have outstanding character as they will check your criminal record, you should have basic knowledge of English, you should be in good health as they will check your medical records and you should be able to invest the prescribed amount of money.
Conclusion
If you are an individual seeking global mobility, investment benefits, tax benefits, social and economic stability, along with beautiful natural environments like beaches parks lakes, and much more, you can benefit from the Dominica Citizenship by Investment Program Understanding the pricing structure and requirements of this program you can make an informed decision and take advantage of this compelling opportunity.