Citizenship by investment in one of the Caribbean countries is among the best options in terms time and costs. Investors not only solve pressing problems related to the tax residency but also receive a number of benefits and advantages. The story of our client who obtained citizenship of Dominica earlier this year showcases this perfectly.
Ivan is 60 and he lives in Nizhny Novgorod. He has a family but decided to obtain a second passport just for himself in order to solve his tax issues.
Goals and objectives
Ivan found it important to obtain the status of a tax resident in a foreign country. In 2016, he needed to provide his bank with the documents confirming his tax residence. At the same time, one of his goals was to minimize the costs needed to implement the main goal.
Contacting Immigrant Invest
When Ivan reached out to our company, he has already knew about the possibility to obtain the status of a tax resident by gaining second citizenship in one of the Caribbean countries. However, he had difficulties choosing the investor program. In addition, he needed professional advice on how to go through all stages of obtaining his second passport.
Searching for a solution
Ivan had not been considering the possibility to obtain citizenship in Europe as for him that would have been associated with exorbitant costs. Besides, his goal was not to reside in the EU or conduct business there. Therefore, we have outlined the benefits and pitfalls of each of the investor programs of the Caribbean countries to Ivan so that he could choose the most acceptable option for solving his problems.
Since one of the major requirements of our client was to complete the paperwork as quickly as possible, we have offered him to obtain citizenship of Grenada by investment. This program offers one of the fastest ways to obtain citizenship. Despite the fact that the passport of the country provided many benefits, Ivan rejected that option due to the relatively high investment: $200,000-$250,000.
By that time, he knew that the required investment for obtaining the citizenship of Dominica for the individual applicant was only $100,000. The investment was to be made as a non-refundable contribution to the Economic Diversification Fund of Dominica. Despite there have been talks about changes to the investor program of Dominica and possible increase of the required investment in 2016, it still remains the same. So Ivan took advantage of the profitable offer.
To participate in the program, one can also invest $200,000 in real estate in Dominica. However, our client did not wish to bear maintenance costs for another house overseas.
In addition, we have extensive experience working with the investment program of Dominica. We have recently described one of the cases in detail. Dominican passport is perfect for affluent people who need to obtain tax residency abroad.
Beginning of our cooperation
We signed our contract with Ivan on June 20th, the next day after our meeting. The client received a list of documents required for obtaining Dominican passport. The set of papers was standard: a passport, a marriage certificate, birth certificates of children, etc. Since Ivan had to confirm his financial standing and income, we advised him which documents he would need to get this done.
Next day, Ivan provided the necessary documents and our experts have started to work with them:
- notarized the papers;
- translated them into English;
- filled out the application forms;
- wrote references.
Our client did not need to hire notaries or interpreters. Even fingerprints, which were to be attached to the package of documents, were taken right in our office. On that same day, Ivan underwent a medical examination. Two days later, he provided a recommendation from his bank as well as a statement of his bank accounts.
The process of obtaining citizenship of Dominica
We have prepared a set of documents, wrote the necessary references and filed them to the Embassy of Dominica on July 3rd.
As soon as August 15th, Ivan’s application was confirmed and we received the letter of approval. We informed our client about positive result immediately. He has made a $100,000 contribution to the Economic Diversification Fund on the same day and requested an urgent procedure for obtaining his passport.
A week later (on August 22), he signed a certificate of naturalization and was invited to the embassy to receive his passport.
Thus, the whole process took only 2 months which, in our experience, is considered a record time.
In our blog, we have repeatedly written about the pitfalls of obtaining residence permits, permanent residence and citizenship abroad. In Ivan’s case, we encountered a small delay. The photos that we have taken previously and included in the package of documents did not fit in. It turned out the client’s shoulders were not clearly visible! In addition, the photos were taken in the wrong format (they were printed on photographic paper). The photos had to be changed and taken in a digital format.
Now, we urge all applicants wishing to participate in Dominican program to provide us with photographs in a digital format.
Benefits for our client
- Quick and cost-effective obtaining of a tax residency
- Visa-free travel to 96 countries including the Schengen area, the United Kingdom, Hong Kong and Singapore
- Favorable tax system with zero tax on property, gifts, inheritance, capital gains and income generated abroad
- The ability to apply (if necessary) for a second citizenship for the entire family
- No requirement to live in Dominica, visit the country or submit information on holding a second passport to authorities
Please note that changes to the investor program of Dominica can be made at any time and the amount of the minimum investment can be increased (currently, Dominica is a country with the most affordable way to get a second citizenship). Therefore, everyone interested in this program should hurry up!