Dominican Republic Passport – Real Estate

What is the Dominica Citizenship by Investment Program?

The Dominica Citizenship by Investment Program, established in 1993, allows eligible individuals and their families to obtain full legal citizenship of Dominica in exchange for a significant economic contribution to the country. This program is designed to attract foreign investment, stimulate economic growth, and support various national development initiatives, including infrastructure, tourism, and social projects.

Benefits of Dominica Citizenship

A Dominica passport offers a wealth of advantages, making it an attractive option for high-net-worth individuals and families:

• Enhanced Global Mobility: Gain visa-free or visa-on-arrival access to over 140 countries worldwide, including the Schengen Area, UK, China, and Russia.
• Dual Citizenship: Dominica legally recognizes dual citizenship, allowing you to retain your original nationality.
• Family Inclusion: The program allows for the inclusion of a spouse, financially dependent children (under 31), and dependent parents/grandparents (over 65). Citizenship can also be passed down to future generations.
• No Minimum Stay Requirements: There are no physical residency requirements to obtain or maintain Dominica citizenship.
• Favorable Tax Regime: Dominica offers a tax-friendly environment with no wealth tax, inheritance tax, gift tax, or capital gains tax on worldwide income for its citizens.
• Efficient Processing: The application process is generally efficient, with processing times typically ranging from 6 to 9 months.
• Increased Security and Freedom: Provides a valuable “Plan B” in times of global uncertainty, offering personal security and freedom.

Real Estate Investment Option: A Detailed Overview

The real estate option is one of the primary routes to obtaining Dominica citizenship. This involves investing in government-approved real estate projects.

• Minimum Investment: As of July 2024, the minimum investment in a government-approved real estate project is US$325,000. Previously, this was US$200,000, but new thresholds were implemented in July 2024 to align with international standards.
• Approved Projects: Investments must be made in projects officially approved by the Government of Dominica. These typically include luxury resorts, eco-friendly developments, boutique hotels, and villas that contribute to the island’s sustainable tourism vision.
• Holding Period: The invested property must be held for a minimum of three years from the date citizenship is granted. If the property is to be resold to another Citizenship by Investment applicant, a five-year holding period is required.
• Potential Returns: Many approved real estate projects offer the potential for investment returns through rental income and capital appreciation, providing a dual benefit of citizenship and a tangible asset.

Eligibility Criteria

To be eligible for the Dominica CBI program, applicants must meet certain criteria:

• Be at least 18 years old.
• Possess a clean criminal record.
• Be in good health.
• Successfully pass a thorough due diligence background check.
• Be able to verify the legality of their source of funds.

Application Process

The application process for Dominica Citizenship by Investment through real estate typically involves several key steps:

1. Choose an Authorized Agent: All applications must be submitted through an authorized agent licensed by the Dominica Citizenship by Investment Unit (CBIU).
2. Select an Approved Real Estate Project: Work with your agent to choose a suitable government-approved real estate project.
3. Submit Application and Documents: Prepare and submit all required application forms and supporting documents.
4. Due Diligence and Interview: The CBIU conducts rigorous background checks. As of recent updates, all applicants aged 16 and older are required to attend a mandatory virtual interview via a secure platform.
5. Government Processing and Approval: The CBIU evaluates the application and, upon approval in principle, issues a letter of approval.
6. Complete Investment: Upon receiving approval, the investor completes the real estate purchase and pays all associated government fees.
7. Receive Citizenship and Passport: Once the investment and fees are confirmed, certificates of naturalization are issued, allowing applicants to apply for their Dominica passport. An Oath of Allegiance may also be required.

Fees and Costs

In addition to the minimum real estate investment, applicants are subject to various government fees. It’s important to note that fees can vary based on the number and age of dependents included in the application. Payments can typically be made in USD, EUR, or GBP.

Here’s an estimated breakdown of the common fees for the Real Estate Option (as per recent information, subject to change):

Note: These figures are estimates based on recent updates. It’s crucial to consult with an authorized agent for the most current and personalized fee structure.

Recent Changes and Program Updates

Dominica’s CBI program is continually evolving to maintain its integrity and meet international standards. Recent key updates include:

• New Investment Thresholds: Effective July 2024, the minimum real estate investment increased to US$325,000.
• Mandatory Interviews: All applicants aged 16 and above are now required to attend a mandatory virtual interview.
• Enhanced Due Diligence: Continued strengthening of vetting processes, including the potential introduction of residency clauses and biometric enrollment.
• Restrictions on Name Changes: Tighter rules on post-citizenship name changes.
• Regional Collaboration: Dominica is part of a coordinated strategy with other Caribbean CBI programs to introduce harmonized reforms, reduce the risk of abrupt policy shifts, and reinforce the region’s commitment to program integrity.

Investing in Dominica’s Citizenship by Investment program through real estate offers a pathway to a valuable second passport with numerous benefits. Given the recent changes, it is more important than ever to engage with a reputable authorized agent who can provide expert guidance throughout the application process and ensure compliance with the latest requirements.