Since 1993, Dominica has been welcoming foreign investors to become citizens of the island with full rights by making an economic contribution to a government fund and since 2015, via investment in Government approved real estate options. Known as the Citizenship by Investment Programme (CIP), successful applicants unlock a wealth of benefits including increased travel freedom to over 140 countries and territories, and the ability to pass citizenship down to future generations.
Over the last four years, Dominica has been ranked as the best destination for second citizenship by experts at the Financial Times’ PWM magazine. Furthermore, the Citizenship by Investment Unit (CBIU) had introduced a remote filing process since the Hurricane Maria period and all filing during the COVID era has proved swift and smooth.
The entry-level for the CBI Programme is US$100,000 for the Government Fund and US$200,000 for the Real Estate option. Both are cost-effective solutions and the Dominica CBI option has changed the lives of many persons around the globe. Recently, enhancements were brought to the programme by redefining the qualification dependents, granting the possibility to add siblings (younger than 25 years of age) of the main applicant or of their spouse, and granting the possibility of adding new dependents at the post-naturalisation period.
Post-citizenship support services are available to all newly adopted citizens, including driving licence, tax, and social security registrations, just to name a few. Sophisticated investors, who do not choose the jurisdiction for the international mobility the citizenship offers, may opt for advantageous tax and estate planning solutions.
Although COVID-19 impacted the country’s tourism industry, the government has proved effective in managing the pandemic. With its immediate response, local COVID cases were minimised and the death rate due to COVID is zero. This is a fantastic showcase of the country’s excellent planning and service provision abilities.
Dominica also runs a very successful ship and yacht Registry. Registering a vessel under the Commonwealth of Dominica is efficient, straightforward and cost-effective. Dominica Maritime Registry provides the client administrative and technical support throughout the complete process. The Registry offers owners cost-effective vessel registration with no tonnage tax or size restrictions. Dominica Maritime Registry has many convenient international locations to process registrations quickly and electronically to maintain its low-cost point.
One of the main advantages the Registry offers to the owners is to allow private yachts to charter out for a period of up to 84 days. This gives yacht owners the ability to recoup some of the operational costs associated with ownership. This chartering privilege exempts the yacht from having to be registered as a commercial yacht. The Registry also provides a free self-inspection programme to help yacht owners ensure safety on their craft. Dominica International Maritime Registry offers technical and statutory services to their fleet of vessels. Their global network of inspectors and surveyors allows for easy survey coordination at competitive pricing.
Words by Christos Vardikos, Attorney at law – Vardikos & Vardikos, Consul of the Commonwealth of Dominica and Vice President of the Consular Corps in Greece
Vardikos & Vardikos
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36 Great George Street Roseau
Commonwealth of Dominica
00112 West Indies
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