DOMINICA USES CITIZENSHIP BY INVESTMENT PROGRAM TO EXPAND PUBLIC HOUSING
Would you like to become a citizen of a Caribbean island country, known as “The Nature Island of the Caribbean” for its lush and varied flora and fauna? Would you like to become such a citizen and also help provide housing for the inhabitants of the country? If so, you should take note of the announcement by the government of Dominica last week that it has commissioned the construction of 32 new public housing units, to be funded entirely by Dominica’s citizenship by investment program.
The 32 public housing units will be constructed in the Bellevue Rawle section of Dominica. They are part of Dominica’s “Housing Revolution” – a plan to construct 5,000 affordable and weather-resistant homes (including hurricane-resistant windows, roofs, and wiring) for residents across the island. In commenting on Dominica’s “Housing Revolution” plan, Dominican Prime Minister Roosevelt Skerrit stated, “As you know, this project is financed with funds from the Citizenship by Investment Program – yet another tangible manifestation of the prudent and responsible and visible use of the CBI funds. Much to the benefit and satisfaction and improvement of our country and its citizens”.
Started in 1993, Dominica’s citizenship by investment program offers 2 options for foreigners seeking Dominican citizenship. One option is to make a one-time contribution to Dominica’s “Economic Diversification Fund”. The amount of this contribution varies – $100,000 for a single applicant, $175,000 for an applicant and spouse, and $200,000 for an applicant and up to 3 dependents (plus $25,000 for any additional dependent). Under this option, there are also due diligence fees ($7,500 for a single applicant, $4,000 for a spouse, and $4,000 for a dependent aged 16 or older), and processing fees of $1,000 per application. The second option is to purchase government-approved real estate (which must be held for a minimum of 3 years). Under this option, the minimum amount of purchase is $200,000 per application, plus government fees of $35,000 for an applicant and spouse or a family of up to 4 persons, $50,000 for a family of up to 6 persons, and $70,000 for a family with 7 or more persons, plus due diligence fees and processing fees (similar to the due diligence fees and processing fees under the first option described above).
In a recent study by the Financial Times’ Professional Wealth Magazine, Dominica’s citizenship by investment program was ranked best in the world, including scoring the maximum “10 out of 10” on the factors of “Minimum Investment Outlay”, “Mandatory Travel or Residence”, “Citizenship Timeline”, “Ease of Processing”, and “Due Diligence”. The study praised Dominica’s citizenship by investment program as “known for being one of the world’s most efficient and transparent options for economic citizenship. It plays a major role in promoting social and environmental causes, particularly sustainable development”.
Among the advantages of Dominican citizenship are the right to live and work in Dominica, the ability to transfer Dominican citizenship to future generations by descent, the opportunity to maintain dual citizenship under Dominican law, visa-free travel to over 130 countries and territories, and a low tax regime.
If you would like more information on Dominica’s citizenship by investment program, please contact CitizenMatch, at info@citizenmatch.com, or (773) 349-6693, for assistance.