Dominica is one of the many Caribbean countries offering citizenship by investment to interested parties looking for a second passport. The program was launched in 1993 and has seen constant changes since then as Dominica looks to make its program the best.
As seen by the addition of the real estate investment option in 2015 to give investors room to make a decision. Before 2015, investors can only make a non-refundable donation into a government fund.
The constant need to make life easier for their investors and the favorable government policies have set them up to be an interesting option for people looking to get second passports.
While there are two options available to investors; the donation route, which is the cheapest among all countries offering citizenship by investment, and the real estate route. In this guide, you’ll see how you can get your Dominican passport by investing in real estate.
But before then, let’s see some benefits you’ll enjoy by going through the Dominica citizenship investment program.
Benefits of Dominica Citizenship by Investment
Here are the benefits you’ll get:
A Stable Political Structure
Dominica is a democratic state with elections bringing in leaders. The country has a stable political structure which translates to more stable financial laws and structures. As a citizen, you’ll enjoy peaceful transitions and consolidation of laws instead of contradicting laws that can be damning to businesses.
Security is an important aspect of human existence and many people are seeking new countries because of the volatile security situation there. In Dominica however, security is top-notch coupled with its low crime rate – one of the lowest in the world. Now you can go about your business without fear.
An Opportunity to Profit from the growing Real Estate Industry
The real estate market in Dominica is experiencing a steady increase as more and more people get into the country for both vacations and to stay. The real estate investment option allows you to tap into the growing economy and make a profit on your investment.
A Second Home
Your real estate property can also serve as a vacation home for you and your family. Its beautiful beaches and serene environment will only strengthen your love for this island. Dominica provides a place to relax away from the busy western world.
Citizenship by Investing in Real Estate
While the option of donating to the government fund is an attractive option seeing that it is the cheapest in the world, the government saw the need to give investors another option. A chance to help grow the real estate industry while enjoying its benefits.
Since 2015, many investors have taken this route to get their citizenship while enjoying profits on their investment.
Buying real estate in exchange for citizenship is a no-brainer. You service the ever-growing tourists visiting the country to see the over 300 small rivers and hot springs scattered all over the island.
What you Need for the Real Estate Route?
If you want to get citizenship by investing in real estate, you’ll need to buy a government-approved real estate property for at least $200,000. This can be a commercial or private property but you’ll need to hold this property for at least 3 years before selling if you must retain your citizenship.
The government makes it more interesting by adding another clause; if you hold your property for 5 years, you can sell it under the citizenship by investment program. This increases your chances of selling off the property when you want.
With the way the tourism sector is booming, you may not even want to sell off the property after the time has elapsed.
There are additional fees you may have to pay aside from paying for the property.
You will be required to pay a government fee of $25,000 for the main applicant or $35,000 for a family of 4. There is also a processing fee of $1,000 per applicant and a due diligence fee which varies based on the nature of your application and the level of due diligence needed.
Whichever way, you’ll be getting insane value for your money.
Real estate is becoming popular by the day and it is no wonder the Dominican government was quick to add that option to their package.
Investors can now have a sense of belonging in their new country by owning a piece of real estate that can fetch them additional income while still enjoying the benefits their second passports bring them.