Dominica Expanding Citizenship By Investment Program
by Mike Godfrey, Lowtax.net, Washington
10 August, 2015
Dominica's recent 2015/16 Budget included numerous reforms to the island's Citizenship by Investment program, including amendments to the fee structure and enhancements to due diligence procedures.
Dominica has recently revised legislation relating to the scheme, established a new office, and increased staffing. The territory is actively promoting the regime overseas and hopes to significantly increase the number of applicants.
Dominica's Prime Minister Roosevelt Skerrit said that the Government is seeking to ensure that the program is an effective and well-managed means of revenue-generation for the territory. He said: "The interest in Dominica's program has grown and Government, in partnership with our marketing firm, has been engaged in several promotional events in Europe, Asia and the Middle East. As a result of these marketing initiatives, it is expected that the number of applicants to the program will increase. We are preparing for that eventuality, and have improved the process by which applications are reviewed. The due diligence process has been strengthened, and we have also increased the number of firms that are engaged to provide that service. In other words, even as the programs expands, its quality will not be compromised."
In view of the objective of expanding the program, the Government has revised the fees, to ensure it remains competitive and attractive only to serious investors.
Applicants will be required to make the following contribution to the island's Economic Development Fund:
- USD175,000 for a single applicant;
- USD225,000 for an applicant and spouse;
- USD225,000 for applicant and up to two children below 18 years; or
- USD250,000 for an applicant plus spouse and up to two children below the age of 18 years, plus USD50,000 for any additional dependent of the main applicant other than a spouse.
The new fees will come into effect in August 2016.
In addition, the following new fees will come into effect from September 1, 2015:
- A USD7,500 due diligence fee for spouses;
- A USD4,000 due diligence fee for dependent above the age of 16;
- A USD2,000 due diligence for dependent between the age of 12 and 16;
- A USD3,000 processing fee; and
- A USD750 fee for Certificate of Naturalisation, including stamp fees.
A fast-track process will be available for an additional USD1,200.
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