Published at: 15/09/2020 09:00 am
The Commonwealth of Dominica announced a new residency by investment program, the so-called "Entrepreneur Visa", which leads to citizenship after two years.
Dominica already owns one of the most sought-after citizenship by investment program. It attracts wealthy applicants with its affordable cost, the government eased the requirements for families during the epidemic and offered all the tax benefits and the freedom of travel.
What is the Dominica Entrepreneur Visa?
The government announced the new scheme on 7 September.
This new program is straightforward, the applicants obtain the permanent(!) residence permit for two years, and after this period, they can apply for the citizenship of Dominica. The processing time of the Entrepreneur Visa is short, according to the announcement, the authorities will issue the residence permits in 45 days. Under the citizenship by investment program of Dominica, the applicants may choose the donation or the real estate investment options. Meanwhile, under the new scheme, the residents invest directly in the local economy's other sectors.
Investment options of the Dominica Entrepreneur Visa Program
- Investment of at least 50,000 USD in local companies (government-approved entities) through the Investment Fund
- Investment of 100,000 USD in locally registered start-ups and the creation of three jobs
- Investment in the public or private sector as an equity investor (the exact amount of investment is unknown yet).
Requirements of the Dominica Entrepreneur Visa Program
- Deposit of 100,000 USD in a local bank
- Dominican Entrepreneur Residents must spend 90 days per year in the country.
Advantages of the Dominica Entrepreneur Visa
- Fast-track citizenship after two years and visa-free access to 140+ countries, including the Schengen area and the CARICOM states.
- Permanent resident status for the spouse and the children under 21 years old as well.
- The entire immigration process takes only 45 days.
- Dominica is a law-tax jurisdiction; there are no income, wealth or inheritance taxes.
- And perhaps the most crucial issue: it will be a transparent residency option, based on real KYC (Know Your Client) checks.
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