How did you discover the Dominica passport by investment program? While sitting on the beach in Dubai one fine morning, you opened the Financial Times newspaper and a leaflet falls out. The leaflet has a cover photo of a tropical island in the Caribbean, on which there is an overlaid photo of the Dominica passport.
But there is more, it says yes indeed; you can invest in Dominica to acquire a new citizenship with benefits that far exceed the citizenship you are currently holding. If this sounds like you, you are a high net worth individual with a clean background and verifiable source of investment funds.
This is the day you have been waiting for your whole life. It is the day you discovered the Dominica passport program. If so, this is your path to the elimination of income tax, global access, financial security and sensible social values for yourself and your family.
Why Do You Need a Dominica Passport?
It is your essential Plan B in a world that is descending into war (literally), you must protect your family, your wealth and your freedom. This is a lifetime solution which will prepare you in advance for the unexpected. It is what you need, when you need a fast and effective solution – now.
There is so much that awaits you as a citizen of Dominica. Since its inception in 1993, the value of the world’s best citizenship by investment program has still increased. But the cost is the same although it remains as the world’s best passport through investment.
See here, Dominica has been rated #1 on the Financial Times CBI index for six straight years. So you have the endorsement of a leading wealth advisory. This is also the consensus among immigration professionals worldwide. Not to mention thousands of Dominica citizens who are reaping the benefits and safety of the Dominica passport.
But what are the real reasons for Dominica’s success? Continue reading below to discover 11 essential pros and cons. Then make this valuable investment in your future.
Dominica Passport PROS & CONS List
- Offshore Income Tax Benefits- PRO
- High Value of the Dominica Passport – PRO
- Tax Residents Pay Dominica Income Tax – CON
- US Residency Visa Eligibility – PRO
- Dominica is a Unique Eco-Tourism Destination – PRO
- Dominica to be World’s First Climate Resilient Country – PRO
- Real Estate Program Advantages – PRO
- Post Citizenship Services – PRO
- Include the Entire Family (Expanded) – PRO
- Post Application Add On Dependents – PRO
- Choose iGlobal To Prepare for the Future – PRO
PRO – Dominica Passport Has Offshore Tax Benefits
A widely misunderstood advantage is the fact that Dominica is not a tax haven. Yes, that may sound crazy at first, but it really is an advantage. Indeed, it is better to have income tax lest unwanted attention comes from abroad. To be clear, Dominica has tax for both companies and individuals. Here is why that is a good thing to have.
The largest tax havens in the world are in Europe and the US. So let them have the massive illicit cash flows to themselves. Because the fact of the matter is that it is possible to be legit, but to also pay no income tax. As a citizen of Dominica, this is your priceless asset.
What are the Dominica tax residency requirements? In a nutshell, residing on the island for a time period over 182 days in the same tax year makes you a tax resident. Therefore, you must pay tax on eligible offshore income and non exempt local income.
But what if you live offshore? Bingo! This is the path that I advocate which is your best route for offshore tax planning. Here everything you need to know about Dominica tax residency.
Do you want to eliminate all income tax? After you get Dominica citizenship, choose your tax residence with care. Just follow my lead, I will tell you everything you need to know.
PRO – High Value of the Dominica Passport Program
How would you feel if you invested in a citizenship program and the day after you received the passport, they lowered the cost for new applicants? A value adjustment can come in several ways, and if history is any guide we know they are usually to the downside.
For example, the loss of a crucial diplomatic partner. In addition, the government could simply lower the price of the program to stimulate demand. Those of us who have been around a few years know all too well that several of the world’s well known citizenship by investment programs have significantly adjusted their prices to the downside in the not too distant past e.g. Turkey, St Kitts and Nevis, Saint Lucia.
Dominica, on the other hand has withstood the test of time. Since 1993 the Dominica government has nurtured their passport program. Therefore, investors can know what to expect by simply looking at their long history. Rest assured there have been no price adjustments or loss of value.
In fact, to the contrary. The value of the program has increased and will continue to do so for the foreseeable future. Value increases come in the form of visa waiver agreements which have extended the diplomatic reach of Dominica to important countries such as the UAE and China.
Dominica has made their program more family friendly by permitting the addition of siblings, new spouses, newborns, adopted children and adult children. See below.
There is also a new intercontinental airport in the works. However, the cost of the Dominica passport remains the same (for now).
CON – Tax Residents Pay Dominica Income Tax
Do you want to live in Dominica? It is a beautiful destination and for good reason, some new citizens choose to live on the island. However, for individuals there may be some personal tax liability. Dominica tax residents who live there for any 183 day period during the tax year may need to pay tax on income sourced offshore and locally.
*Note – income tax rates are tiered which is to your advantage. Additionally, capital gains and inherited wealth are exempt. Have a look to see for your self, all amounts are in Eastern Caribbean Dollars (XCD) which is pegged against the USD at a ratio of 2.7 XCD to 1 USD.
|Taxable Income||Tax Rates|
|$30,001 – $50,000||15%|
|$50,001 to $80,000||25%|
|$80,001 and Above||35%|
PRO – Get US Residency Visas with the Dominica Passport
A Dominica citizen is eligible to apply for any applicable US visa. Since restrictions are only limited to those who may pose a security threat or may be carrying a communicable disease, you would pose no danger to the US public. Therefore, you only need to demonstrate your legitimacy to the consular officer. This is not an obstacle for successful Dominica passport applicants.
So if entry into the US is a priority, there are several long term visas you can obtain which may allow you and your family to live and work inside of the US. To alleviate any doubts, I suggest you contact the nearest US consulate directly. Ask to speak with the US consular officer on duty for clarification.
US Visa Options List
- US B-1 Visa – Get into the US initially to research business development opportunities, establish contacts, attend trade shows et cetera. It is a 10 year multiple entry visa, entry is allowed for 6 months at a time but can be extended for an additional 6 months while in the US. Although you cannot run the business using the B-1, neither can you establish a US subsidiary. See US L-1 visa below.
- US L-1 Visa – The L-1 Visa allows an executive of a foreign company to enter the US and open a subsidiary of the foreign company inside of the US. The L-1 visa has an initial time period of three years, but can be extended up to 7 years. You are also permitted to pursue lawful permanent resident status.
- US H-1B Visa – Your US business can sponsor you as an employee. In addition, this visa can be used to sponsor your employees. Although more tricky, it is still possible to be obtained if you are both the owner and the beneficiary.
- US EB-5 – You can set up a US business with a substantial investment in the US. Investments start at $500,000 in a special employment area, but EB-5 risks include congressional authorization for the regional centers which was allowed to expire last year. Just the same, with the US E-B5 you will be eligible to receive a US green card.
PRO – Dominica is a Unique Eco-Tourism Destination
Caribbean tourism was at an all time high in 2019, but suffered a precipitous drop due to travel restrictions that were imposed to fight the spread of the COVID-19 virus. Nonetheless, Caribbean tourism has already recovered and the Eastern Caribbean remains as a top selection for tourists worldwide.
Indeed, the return of tourists to the Caribbean is heralded by the Caribbean cruise lines who are seeing the return of their tourist base. Additionally, certain islands such as Dominica stand to benefit the most from the new age of social distancing.
But why should visitors prefer Dominica? On top of the list in Dominica is their offering of a multitude of hiking trails, waterfalls, and over 1200 unique plant species found on the island.
Not to mention, there is also unique wildlife attractions such as the Sisserou Parrot and a resident population of sperm whales found in the deep blue sea surrounding the island.
In combination with the beaches, where several species of endangered sea turtle return to nest every year, there are magnificent coral reefs found offshore. Plus, underground caverns attract divers to Dominica from Europe and the US.
Indeed, hidden in the mountainous interior of the island is the the boiling lake which is one of the world’s most unique destinations found only in Dominica.
PRO – Dominica to be World’s First Climate Resilient Country
Prime Minister Roosevelt Skerrit has made stern commitments to transform Dominica into the world’s first climate resilient country by 2030. Dominica certainly has the incentive in addition to the resources which makes this possible.
On Dominica, geothermal energy sources are remnants of the island’s volcanic origins. This is indeed a significant advantage which Dominica has in its favor. Case in point is Dominica’s Geothermal Power Plant which is slated for completion in 2023.
Upon completion, 23,000 homes on the island will be powered by clean geothermal energy. This accounts for 90% of Dominica’s electricity consumption. However, not only residential properties benefit from low cost, clean energy. Additionally, commercial properties such as five star resort InterContinental Dominica are destined to benefit.
Your investment into government approved real estate such as InterContinental Dominica is essential now more than ever before. As a result, crucial funding finds its way to climate resilient housing projects, medical centers and schools.
For Dominica it is an existential priority. But you as an investor are able to directly participate to the benefit of all. By way of Dominica’s passport through investment program, rest assured you have done your part in the fight against global warming.
PRO – Dominica Real Estate Program Advantages
Dominica has been notably increasing direct flights from the continental United states and Europe. These benefits will increase exponentially with the opening of Dominica’s new airport slated for completion in 2025.
The Dominica real estate option allows you to qualify for citizenship by investing in a government approved real estate development. These real estate developments provide crucial infrastructure for the tourism industry which boosts the local economy by providing overseas revenue and creating local jobs.
However, the benefits are mutual. This is especially true for investors who will receive Dominica citizenship in addition to a yield producing real estate asset. Based on the historical average of a 70% occupancy rate, the investment yield on the property is 5%. Additionally, there are no out of pocket expenses to you or maintenance requirements.
Furthermore, Dominica real estate can be sold after the five year holding period. As a result, you can recoup your investment capital, but retain the Dominica passport in perpetuity.
Most essentially, Dominica real estate can provide you with a local street address. Why do you need this? A street address is necessary to establish your nexus to the island. Plus, stay at the property rent free for a minimum seven days per year.
Last but not least, the Dominica government has limited the number of real estate developments that are approved for the citizenship program. This keeps supply and demand in good balance.
PRO – Post Citizenship Services
To receive the full suite of benefits that come with the Dominica passport, supplemental support is essential. This is because, in addition to the passport, you will need to build a nexus to Dominica.
To open offshore bank accounts, investment accounts, optimize your tax residency, form offshore trusts and corporations you will need more than only the Dominica passport.
- Tax Identification Number
- Local Street Address
- Local SIM card/Phone Bills
- Dominica Driver’s license
Fortunately, the Dominica government provides successful applicants with the option to acquire these materials remotely. As a result, it is not necessary to travel to Dominica to obtain the essential supporting documents that you must have for your new life offshore. However, if you wish to travel to Dominica you are welcome to do so.
For those who are unable to travel to the Caribbean, we provide post citizenship services that enable you to acquire all that you may need.
PRO – Expanded Family Options
The Dominica government has significantly expanded the scope of family dependents who may be included on the same application. In addition to cost savings, many dependents would have simply not qualified had they applied for a different passport program.
Traditionally, only children of the main applicant and their spouse under the age of 18 could be included on the same application. New Family dependents may now include:
- Adult Children 18-30 Years of Age: Adult children of the main applicant or the spouse of the main applicant may be included if they are “substantially” supported by the main applicant or the spouse of the main applicant.
- Parents and Grandparents: Parents or grandparents of the main applicant or the spouse of the main applicant may be included if they are “substantially” supported by the main applicant or spouse of the main applicant.
- Siblings Under 25 Years of Age: Legally adopted or biological siblings of the main applicant or the spouse of the main applicant who are unmarried and without children, may be included if they are “substantially” supported by the main applicant or the spouse of the main applicant. Additionally, siblings under the legal age of an adult must have permission from those who hold parental responsibility.
Most significant is the inclusion of the word “substantially” which excludes the requirement that children are enrolled in an institution of higher learning and that they are fully supported by the main applicant and or their spouse. Generally speaking, it is now enough that adult children are unmarried in order to qualify for the Dominica passport.
Plus, the requirement for siblings, parents or grandparents to be living with and fully supported by the main applicant or the spouse of the main applicant has also been removed.
PRO – Post-Application Add On Dependents
Previously, it was only possible for newborn children of a Dominica passport holder to become naturalized citizens of Dominica post hoc. Post-application additions can now include:
- New Spouse of Successful Applicants: Successful applicants who received a new passport may acquire a Dominica passport for their new spouse. Cost of $75,000 reduced to $50,000 if application is submitted within 12 months of the original application, additional government fees may apply.
- Newborn or Adopted Children: Newborn children and also legally adopted children of a successful citizenship applicant may become naturalized citizens of Dominica as a post application add on. Cost $500.
- Any Other Qualified Dependent: Add ons may include any dependent of the main applicant who would have qualified at the time the original application for citizenship was made. *Note – an application for preexisting dependents can only be made by the main applicant. Cost $50,000-$75,000, plus additional government fees may apply.
PRO – iGlobal Is The Voice of Experience
The benefit of hindsight allows me to guide you to a new life filled with financial freedom. It would indeed be foolish to choose an agent who is lacking the true experience of successfully living and working offshore while relying solely on the Dominica passport. With an eye on the future, you must choose your agent very carefully.
Once you have the Dominica passport in hand, you will be able navigate the path ahead. Offshore banking is a must have if you will benefit from your investment. As a result, it is not necessary to keep all your eggs in one basket. The offshore benefits will increase along with your confidence.
There is no substitute for experience. iGlobal is your time tested solution when it matters the most.
Since I have walked in your shoes on the path to freedom, our post citizenship services can be relied on 100%. When I say we will be there, it is the truth. All the essentials will be available just as it was laid out for you.
Learn how to live where you want to live. In addition, take advantage of the potential tax benefits. Time is of the essence to protect your family, your wealth and your freedom. Look to the future with confidence. Choose iGlobal today.