Just a few decades ago, citizenship was a right that was acquired only by birth. It was a unique right, so no one even thought about becoming a citizen of another country other than the one they were born in. Now the attitude has changed, it has begun to act as a strategic asset for businessmen, investors and just wealthy people. An additional passport offers many opportunities, including freedom of movement, increased security, open access to the global economy, and flexibility in tax planning. And the main advantages are security and the opportunity to feel stability. The benefits of Dominica citizenship are not only in economic aspects, but even the opportunity to openly enter and leave several countries without unnecessary problems.
Now these aspects are becoming more relevant every year, as the political and economic spheres are developing unstably. Large entrepreneurs or investors, or just people, should have a second secure plan “B”. In such circumstances, a second passport is becoming popular. For example, the scheme is gaining more and more followers through investments. And similar programs are the best way to find a legitimate and transparent way to become part of another country’s society. And only in exchange for some conditions.
If we compare several jurisdictions at once, then Dominica is among the top best offers in this matter. It is a small island nation in the Caribbean. The country has a unique program that offers several advantages at once. Some of them are visa-free travel for many countries, a favorable tax system and relatively simple conditions for obtaining.
And all the efforts to get it are worth it, because this is not just an official permit, but a universal solution, not only for business, but also for life. Tax optimization, asset diversification and full immersion in the life of the country.
And one of the main advantages is that the government does not require knowledge of the local language, permanent residence in the country or deprivation of the first citizenship. Some of the advantages are very obvious, but let’s take a closer look at all the main Dominica citizenship benefits.
Visa-free and visa-on-arrival access
So, first of all, it should be said that the passport of Dominica opens free entry to many countries. Visa-free travel can be obtained to 145 countries at once, which is practically the majority of developed countries in the world.
- For example, you can freely arrive for up to 3 months in the countries of the Schengen area. And these are all the countries of the European Union. You can travel and move around Europe almost freely. A person can also stay in the UK for up to six months, although the country is no longer a member of the European Union.
- You can also freely visit Asian countries, such as Singapore, Hong Kong, South Korea, Indonesia, Malaysia and other countries. Turkey and Russia are also included in the list of countries with a visa-free regime.
- In addition, it becomes possible to obtain a visa in electronic format immediately after arrival in countries such as the UAE, Egypt or Thailand. This greatly simplifies and speeds up the process.
If a person travels a lot or does business internationally, then such conditions in Dominica are not only a plus, but a real must-have. Such a permit eliminates bureaucratic difficulties, which is very convenient for constant movement between countries.
Tax incentives and financial benefits
The second most important advantage is the economic advantage, namely a profitable and simple tax system. It is mainly intended for representatives of international business and large investors. From this benefit, there are several other advantages that can have a big impact on your decision:
- The country has a law on taxes on income earned in other countries. That is, if a person does business in other countries, he will not have to pay taxes in Dominica.
- There is also no tax on donations, inheritances, or capital gains. And there are no taxes or other types of collection on wealth.
- There is a possibility to optimize the tax system even if there are real estate transactions, investments or some international projects.
Another related benefit is the high confidentiality of financial information, even despite the high level of anti–money laundering at the international level. Many choose this particular jurisdiction for asset structuring.
Investment opportunities
If you are an investor or plan to invest in some business or paper, then this is where profitable and even original opportunities open up, even despite the rather modest area. And this is not only in the economy, it can also be construction, energy or tourism. Among the most popular destinations are:
- Now the flow of tourists is constantly growing, especially from the United States of America, so this direction is not only profitable now, but also constantly developing, so it is also a long-term prospect.
- The state itself approves real estate objects in which money can be invested. These are houses, hotels, and even villas. They can be used not only for personal use, but also to generate rental revenue. The country has a limit of 200.000 $.
- The Government maintains a reputation as the “Natural Island of the Caribbean,” and therefore environmental projects attract special attention. Investors can not only benefit, but also make a significant contribution to the development of the country’s ecology.
- The government also supports the development of various sectors of the country, such as medicine, education, digital technologies and much more. Such projects are valued for investment.
This is just a small list of areas where you can invest in order to obtain citizenship. You can also get personal benefits.
Citizenship by investment program
And it is worth noting another not obvious benefit – namely, a fairly simple way to obtain citizenship. For example, there is now a program that allows you to get a passport for investments. Such programs exist in many countries around the world, but this one is one of the simplest and most attractive. The scheme was officially launched in 1993, and since then it has been chosen by many due to the fact that it is quite transparent, reliable and high speed. If you chose this path, then there are two such directions:
- Irrevocable contribution to the State Development Fund:
- Per person – from 100.000 $
- If several people apply, for example, the whole family, then the average amount is from 150.000 to 200.000 $.
Education, medicine and other sectors of the economy receive good investments from this program.
- Investments in approved real estate:
- The contribution amount starts from 200.000 $
- But there is one limitation – the state must approve real estate objects so that they can be invested in.
If you decide to sell the property, but only to another participant in the project, the amount can be refunded in full for three to five years. If you plan to become a participant in the program, it is worth collecting documents in advance, since the duration of all bureaucratic issues is from three months to six months. But the program is simplified by the fact that you do not need to know the local language, live permanently in the country or receive special local education. And another great benefit is that everything can be done remotely. The submission of the collected documents, due diligence verification, and approval confirmation are performed remotely. There is no need to come to the country and waste time on live queues.
Dual citizenship and residency requirements
There are no restrictions on the number of citizenships that can be held in the country. This applies not only to the double, which is so common in the world, but also to the plural. This is an ideal opportunity to do business in the country, and at the same time not give up the passport of your homeland. Plus, people who have to do business or personal matters in different countries can have several passports at once, and all of them give the same rights as for those who were born in the country.
And there are no additional restrictions, in particular:
- Even when the passport is officially received, there is no need to permanently live here. A person can conduct business or travel to other countries.
- You can also extend the validity of the document without staying in the country. Everything is convenient in a remote format.
- You don’t have to know the language, culture, or history. There are no checks or special tests.
Dominica officially allows dual and multiple citizenship, which makes it especially convenient for investors who do not want to give up their country’s citizenship. A person receives a document for 10 years, and it is also easy to extend it without additional checks or conditions. You also don’t need to live in one place all the time, and tax residence is not always issued, only at will. So, the economic benefits, the simplified tax system, and the absence of additional conditions are only part of the advantages that come immediately with obtaining Dominic citizenship. And additionally, everything is simple and convenient to arrange.
