After major changes that were introduced to the Dominica Citizenship by Investment Program last month including; the reduction of the qualifying fund contribution for a family of 4 persons to $175,000 and the addition of adult children, parents, grandparents and siblings in the list of dependents, the Commonwealth of Dominica along with Advance Global Partners announced a new program called the ‘Dominica Entrepreneur Visa’ which is set to launch very soon. The Dominica Entrepreneur Visa aims to increase foreign direct investment in the private sector and is also a gesture to recognize those who make a substantial financial investment in the country.
An individual who applies for the Dominica Entrepreneur Visa would initially receive a 2-year residency permit within 45 days of approval after meeting the below mentioned requirements:
- A minimum deposit of $100,000 in a local financial institution, wherein the funds may be used from Dominica during the residency period.
- A minimum of 3 months in a year should be spent in the country.
- The investor has three options with respect to investment;
- Invest a minimum of $50,000 in an existing government company through the Investment Fund.
- Invest a minimum of $100,000 in a new startup business that must be locally registered in the Commonwealth of Dominica and must have a minimum of 3 employees who work full time.
- Invest as an equity investor in a public or private sector venture is that government approved.
After the completion of the 2 years residency permit and once all the criteria have been met, the individual can then apply for naturalization which is the process by which a non-citizen may acquire citizenship or nationality of the respective country.
The benefits of acquiring a Second Citizenship in Dominica extends beyond its peaceful and clean environment with a great quality of life. A Second Passport in Dominica allows visa-free travel to 140 countries including Schengen which is a great advantage for those who travel for business purposes. It offers permanent residency for the whole family and also has favorable tax structures. It widens your horizons in terms of health care while allowing you to maintain dual citizenship.
The experienced professionals at Wincore Advisory Group can help you attain all these benefits by guiding you through the process of attaining Dominica’s Citizenship through the Dominica Entrepreneur Visa. For more information, contact our Citizenship & Residency experts.
For Support and assistance on obtaining a Dominica Entrepreneur Visa Get in Touch with our Citizenship & Residency Experts Today.
Wincore specializes in Tax, Estate, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.