Becoming a global citizen means overcoming restrictions of the nationality you were given at birth. Although there are other ways to do it, nothing is better than acquiring a second citizenship, which allows you access to a number of advantages.
Based on an update on Arton Capital’s Index, more and more people – particularly high-net-worth individuals (HNWIs) – are choosing not to let their nationality limit what they can accomplish. In the process, many of them chose to get dual citizenship that can help them get the best of both worlds.
Listed in the Index are several programs that offer the quickest, simplest, and most cost-efficient way to become a dual citizen. These programs are lauded for allowing individuals to reach their goals and, ultimately, achieve a greater quality of life.
Among the countries that made the list is Dominica. Offering second citizenship with a wide array of benefits, the Caribbean nation has become an appealing choice for many HNWIs, including entrepreneurs, frequent travelers, famous personalities, and those looking to relocate with their families.
The Dominican government offers perks that can help these individuals achieve a lifestyle they dream of through second citizenship by investment options, like contributing to the Economic Diversification Fund (EDF) or investing in real estate. If you’re considering getting a second citizenship in the country, then it is imperative that you learn about the five advantages you can look forward to and how you can make the most out of them:
The Caribbean nation of Dominica is among the handful of countries that offer attractive tax incentives that global entrepreneurs can benefit from. Aside from signing treaties with the U.S. and CARICOM on double taxation, the country also imposes zero restrictions in important capital and repatriation profits. They also implement economic exemption from import duties and offer corporate tax incentives, generous tax holidays, export allowance, and other tax waivers.
People who succeed in acquiring a Dominican passport – even through second citizenship – are not required to pay taxes for the income they earned internationally, so long as they were not living in the country when the revenue was earned. They are also not liable to pay wealth, inheritance, gift, capital gains, and personal income taxes.
Quick and Easy CBI Application Process
Aside from being one of the first Caribbean nations to offer citizenship by investment programs, Dominica is also lauded as one of the fastest countries to process a second passport. Second only to St. Kitts and Nevis in terms of having the oldest citizenship by investment program in existence, Dominica facilitates applications for dual citizenship within an average of six months, with the earliest completion pegged at three months.
On top of that, the country also waives the residency requirement for prospective investors through the Commonwealth of Dominica Citizenship Act adopted in 1978. This means that those who wish to become legal citizens of the nation do not need to reside there to get approved.
Equal Opportunities for Dependents
Acquiring Dominican citizenship through investment can also grant dependents equal opportunities as the primary applicant. Aside from offering a quick and straightforward way of gaining dual citizenship for the main applicant, the country’s citizenship by investment program also allows bringing dependents into the party to become legal residents.
Among the legal dependents who can qualify for the program are:
- Children aged 28 years old and below (biological or adopted)
- Legal spouses
- Dependent parents and grandparents who are at least 56 years old
With this in mind, one of the best ways you can maximize citizenship by investment is to include your family in the application. Of course, you should know that the Dominican government may require additional processing and due diligence fees for dependents, particularly for those aged 16 and above.
For people who love to travel, Caribbean passports are heaven-sent because of the expanded international access they offer. Of course, not all of them are created equal, as some passports provide better mobility over others.
A passport from Dominica is among the top choices when it comes to visa-free travel access. While dual citizens might find it difficult to leave the paradise-like island, they have the option to do so. And most of the time, knowing that you can is more than enough.
For frequent travelers, Dominican passports offer access to more than 120 territories that have allied with the Caribbean nation without needing to apply for a visa. This includes Hong Kong, Singapore, the United Kingdom, and countries belonging to the European Union.
A Lifetime of Paradise
Last but certainly not least of the advantages of a Dominican citizenship is the unlimited chance to spend quality time in a tropical paradise. Lauded as one of the happiest places on Earth, Dominica is home to many residents who have reached more than 100 years of life. This may be due to the peaceful environment, relaxing lifestyle, and friendly community fostered in the country.
Also known as the “Nature Island of the Caribbean,” Dominica is considered one of the world’s most beautiful places. With abundant rivers, waterfalls, mountains filled with lush forests, and cliffs overlooking sapphire waters, the country definitely has plenty of sights to behold for an entire lifetime.
The Caribbean is home to many territories offering economic citizenship through investment. As one of the top choices, Dominica has created a program that doesn’t fall short in terms of advantages, especially if you know how to make the most out of it.
Kal Kennard is a Partner at Citizens International, a white-glove specialist firm offering private client services necessary for citizenship investment into the Caribbean, North America and Europe. Based in the Caribbean for the past 15 years, she is an experienced consultant who works directly with many professional partners and advises clients worldwide.