Dominica is set to become the first Caribbean country to have a citizenship by investment program and a program offering permanent residence through investment.
St. Kitts & Nevis was one of the first countries to launch a citizenship by investment program and other Caribbean nations followed suit, focusing on offering fast-track passports to wealthy investors.
Barbados has been an exception to this trend by refusing to set up an investment immigration program. However, it does have a remote residency program, implemented differently to a conventional permanent residence by investment program.
Now, Dominica is set to become the first Caribbean country to have a CIP as well as a program where investors can qualify for fast track permanent residence through investment.
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About Dominica’s Entrepreneur Visa
The Dominica Entrepreneur Visa is a two-year residence permit that’s issued to those fulfilling the investment requirements.
Investment options include:
- $50,000 through an Investment Fund that will invest in government-approved existing companies.
- $100,000 in a new local startup business that employs at least three full-time employees.
- Equity investment in a government-approved public or private sector venture.
Additionally, applicants must deposit $100,000 in a local financial institution. However, there is no lock-in period for this deposit, which means the investor can use the funds after the Entrepreneur Visa is approved.
Further, applicants are required to spend at least 90 days in a year in the country to maintain their permanent residence status. The permit will be issued within 45 days of approval and the investor can apply for citizenship after two years.
Pros and Cons of the Dominica Entrepreneur Visa
Dominica’s CIP offers citizenship for a non-refundable contribution of $100,000 to the Economic Diversification Fund or real-estate purchase for $200,000. Considering this, it remains to be seen whether there will be demand for the Entrepreneur Visa.
However, the visa will appeal to wealthy investors from countries like India that don’t permit dual citizenship. Dominica’s will be the cheapest golden visa in the world and allow Indians and other investors to acquire permanent residency in another country without having to give up their native passport.
Other benefits that make Dominica’s CIP attractive also apply to the Entrepreneur Visa. Tax residence of Dominica will help the investor move to a very liberal tax regime with minimal hassle.
The 45-day processing is also good news, as is the fact that the applicant’s family, including children aged below age 21, automatically qualify for permanent residence.
And, those prepared to spend two years in Dominica can qualify for citizenship with an investment of just $50,000.
Dominica says the due diligence process will remain the same irrespective of choice of program.