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Today we are continuing our series where we review different Citizenship by Investment Programs, both official and unofficial. So far we already talked about many countries: St Kitts & Nevis, Turkey, Hungary, Georgia, Malta, Vanuatu, and Montenegro.
Today we are discussing Dominica Citizenship by Investment Program. Dominica is one of the 5 Caribbean Citizenship by Investment Programs.
What to expect? What are the costs and timelines? Is this citizenship a good deal?
Dominica passport has nearly 150 visa-free visa-on-arrival countries, including visa-free access to the UK, Russia, and the Schengen Zone.
This is certainly not the best CBI program on the market. This passport doesn’t include the US, Canada, and Mexico. You don’t have Chile or Paraguay. Also, you won’t have access to Australia, New Zealand, or South Africa.
The advantage of this program is that its due diligence process is not so severe as other programs. You can also pay with crypto.
There are two ways to participate in the program. There is a donation option and a real estate option.
Let’s discuss fees for this program.
For a single applicant, there is a donation of $100 000, and $7500 in due diligence fees. There is a government application fee of $1500, a government processing fee of $1000, $400 courier fees, $1450 passport and certificate fees, local fees of $1650. This totals $118 350.
On top of this, there will be some additional lawyer fees.
If you’re applying with a spouse, government donation jumps to $175 000, $11 500 in due diligence fees, government application fee is $3000, government processing fee $1000, and passport fee is almost $3000.
So, if you’re applying with a spouse this comes up to $220 300.
If a family of four, with two dependents under the age of 16, applies it will be a total of $231 200.
If two dependents are over the age of 16, it will be $239 200.
If you’re applying with a spouse or with a family this is not the most affordable option.
If you go via real estate route you will need to buy a property worth $220 000.
Other fees involved will be the same as the other option, except for some extra fees regarding real estate transfer option.
$272 350 is the total amount for a single applicant if you opt-in for a real estate option.
It takes about 3 to 5 months to get a passport.
Most of the time I’d say this program is not the best way to go, but it can make sense for some people.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
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Author: Michael Rosmer
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