By Anayat Durrani
New changes have been announced by the Commonwealth Government of Dominica regarding their popular citizenship by investment program. These changes reflect the criteria for dependents and went into effect Sept. 15. Dominica’s CBI program has topped the CBI Index six years in a row.
“The Dominica CIP is incredibly competitive amongst all the other programs in the Caribbean,” says Nuri Katz, founder of Apex Capital Partners. “The administration of the program is second to none, which is why it is an incredibly popular CIP.”
Katz says the changes to the program are minor. Some of these changes in regard to dependents include that siblings do not qualify as dependents anymore and spouses of eligible dependent parents or grandparents no longer qualify as well. Furthermore, an applicant’s dependent children or their spouses, between ages 18 and 30 must attend a higher learning institution. Those dependents must also be financially supported by the applicant or their spouse. Unmarried, fully supported daughters under 25 that are living with the applicant or applicant’s spouse can also be included as a dependent. Lastly, parents and grandparents of the applicant or their spouse must be over 65 years of age to qualify as dependents.
Dominica updates fees for its citizenship by investment program
There were also some changes to the calculation of government fees to invest in real estate and the contribution amount for the donation option.
“The price of the government fees when purchasing real estate have come down somewhat, making them incredibly competitive with the other CIPs on nearby island countries,” says Katz.
The government fees required for a family of up to six members has continued at $50,000 but now must add $25,000 for each additional eligible dependent.
“Lowering the price of government fees for the real estate option will make the program even more competitive,” says Katz.
Under the donation option, the contribution amount of $175,000 for a family of four remains unchanged, but additional dependents 18 or older now have a donation amount of $50,000.
“The government also changed the process of applying to change one’s name in Dominica, making the rules more stringent and therefore continuing to protect the public from those who attempt to mislead any institution by using a different name than one’s original name,” says Katz.
Dominica’s passport requirements
The main terms to qualify for citizenship in Dominica remain unchanged. Single applicants can either provide a non-refundable contribution to the Economic Development Fund of USD 100,000 or invest in real estate with a minimum value of USD 200,000. Processing time takes about three months.
The benefits of Dominica citizenship is visa-free or visa-on-arrival travel to 145 destinations and right to live work and study in Dominica, with no restrictions on dual citizenship and no minimum stay required.
“The Commonwealth of Dominica is one of the most beautiful spots on earth with some of the most friendly people on earth,” says Katz. “It is simply a jewel in the Caribbean. The CIP is one of the oldest and best managed as well as competitively priced.”
The small Caribbean island nation’s citizenship by investment program launched in 1993 and is one of the oldest and longest running in the world. Dominica has issued close to 6,000 passports to investors and their families between 2017-2020.
Katz says Dominica takes its standing as part of the international security system of the community of nations seriously, and as result protects its program, which he says remains as widely respected as any other.
Powered by Froala Editor