• Home /
  • News /
  • Dominica Citizenship By Investment: An Applicant’s Milestones

Dominica Citizenship By Investment: An Applicant’s Milestones

Caribbean News Now 10/7/2019

ROSEAU, Dominica – The process of obtaining economic citizenship of the Commonwealth of Dominica is straightforward and has been praised for its simplicity and effectiveness in several publications, including Professional Wealth Management’s CBI Index, which evaluates and ranks all of the world’s active citizenship by investment jurisdictions. 
Uncomplicated processing, however, should not be confused with a lack of comprehensive scrutiny on the part of the Dominican government. To the contrary, due diligence is the cornerstone of the Dominica Citizenship by Investment (CBI) Program, and the foundation for its decades of success.
  1. Selecting an authorised agent
Authorized agents play a dual role. First, they put their knowledge and expertise at the applicant’s disposal, ensuring that they receive proper guidance throughout the process. Second, they perform initial due diligence on the applicant, establishing their identity and confirming he or she does not appear on criminal or sanctions databases.
  1. Preparing and submitting the application
applicants for economic citizenship must complete all required forms and obtain supporting documents. Forms aim to obtain ten years’ worth of information on the applicant, whilst separate forms are required for an applicant’s fingerprints and medical examinations. Supporting documents are used to corroborate all statements made by the applicant.
  1. Government due diligence
Alongside submission, the applicant pays processing and due diligence fees – the latter amounting to US$7,500 for the applicant and US$4,000 for all other family members aged 16 or over. Screening begins within the CBI Unit, where compliance experts familiar with international best practices and trained in open-source checks, anti-money laundering, and counter-terrorism financing review applications.
  1. Approval in principle
An approval in principle is a letter indicating that the applicant will be approved for citizenship if he or she completes the investment in Dominica within three months.
  1. The investment
In Dominica, applicants have two investment choices: a contribution to a Government fund known as the Economic Development Fund (EDF), or the purchase of real estate pre-approved by the government.
the real estate must be held for either three or five years
  1. Citizenship
Once funds are cleared, the government of Dominica approves the applicant for citizenship. This is evidenced by the issuance of a Certificate of Naturalization signed and dated by the minister for justice, immigration, and national security and stamped by the CBI Unit. The Certificate of Naturalization demonstrates citizenship of Dominica and is the most important document to be issued to a person throughout the process of obtaining economic citizenship. It is this document that proves a person has the same rights and duties that are shared by all Dominicans.
  1. Passport
With a passport from the Commonwealth of Dominica, a highly vetted economic citizen can thus benefit from Dominica’s strong diplomatic relations with other nations across the globe, which have resulted in, among other things, freedom to travel to various destinations either with no visa or under a visa-on-arrival regime.


 

Copyright © 2022 Business Magnet. All rights reserved.

Menu
×