Dominica Announces New Reduced Prices for Qualifying Dependants
Dominica continues to put efforts into making its citizenship by investment program more appealing for wealthy individuals from around the world. Following the expansion of qualifying dependant definition, the country’s government has presented details of the changes to the current program, with regard to investment amounts and fees.
One of the major amendments is reducing the amount of contribution to the Economic Development Fund for a family of four ― from $200,000 to $175,000. It is worth noting that in order to benefit from the reduced fee the family structure should comprise of “the main applicant, the spouse of the main applicant, and two other dependants other than a dependant who is a sibling of the main applicant or of the spouse of the main applicant”.
Under the new rules, siblings of the main applicant or his / her spouse at the age of 18-25 can be included in the citizenship application for an extra fee of $50,000.
The contribution amount for a single applicant remains the same as before ― $100,000. As for the main applicant’s spouse, the investment amount has been also reduced from $75,000 to $50,000.
According to the most recent circular issued by Dominica’s Citizenship Investment Unit, the required amount for each “dependant other than the spouse of the main applicant or a sibling of the main applicant or of the spouse of the main applicant who is aged 18 to 25” is $25,000.
The remaining fees for processing, certificate of naturalisation, and due diligence are unchanged. The real estate investment fee has not undergone any changes either, and the minimum threshold to participate in the citizenship by investment program of Dominica remains $200,000.
Dominica is an attractive destination for investors from around the world. Located in the Caribbean Sea, the island is known for its warm climate, unparalleled nature beauty, black sand beaches and a great number of hot springs and waterfalls all over the island. Dominica’s citizenship by investment program has been operating since 1993 and is the second oldest of its kind and one of the most reputable in the world, as it offers a multitude of advantages. Among them are the ability to travel visa-free to almost 140 countries including Western and Eastern Europe, Hong Kong, and Singapore; an attractive tax regime; no requirement to speak English, to have an interview before or after the citizenship acquisition or to reside in the country.
Would you like to benefit from the changes to Dominica’s citizenship by investment program and become its citizen? Contact us at GLS Private Office, and we will provide you with the best possible solution for you. Interested in knowing more about what Dominica offers and how it compares to the other investor immigration programs? Email us at firstname.lastname@example.org and get an up-to-date presentation on the Caribbean citizenship by investment programs from our recent webinar presented by our Managing director Victoria Vella on 2 July 2020.