You are sitting on the beach in Dubai one fine morning, you open the Financial Times and a leaflet falls into your lap. It has a cover photo of a tropical island in the Caribbean, on which there is an overlaid photo of the Dominica passport. It says, yes indeed; you can invest in a Dominica passport to acquire a new citizenship with much more value than your own.
If this sounds like you, you are a high net worth individual with a clean background, verifiable source of funds who can produce a clean bill of health. If so, the Dominica passport program is your path to global access and economic freedom.
Dominica Passport: Here is Everything You Need to Know
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 at #1 on the Financial Times CBI index for five 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 9 essential pros and cons. Then make this valuable investment in your future.
Dominica Passport PROS & CONS List
- Offshore Income Tax Benefits- PRO
- Tax Residents Pay Dominica Income Tax – CON
- High Value of the Dominica Passport – PRO
- Dominica is a Unique Eco-Tourism Destination – 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.
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 – 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).
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 Real Estate Program Advantages
Successful applicants who choose the Dominica real estate option to qualify stand to benefit the most from increased tourist numbers. As a result, the investment yield should remain stable at the historical average of 5%.
The Dominica real estate option allows applicants to qualify by investing in a government approved real estate development. 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.
In contrast with the government donation option which is nonrefundable, Dominica real estate can be sold after the holding period. As a result, the investor can recoup their investment capital. But you retain the Dominica passport in perpetuity.
Most essentially, Dominica real estate will provide you with a local street address. Why do you need this? A street address is necessary to establish your nexus to the island. You are also allowed to stay in the property rent free for seven days per year.
Last but not least, the Dominica government has limited the number of 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.
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