The Government of Dominica has announced the launch of a residence permit programme for entrepreneurs. It will start operating in the coming months. It will be possible to apply for the programme through accredited agents, as is the case with the Citizenship for Investment programme.
Terms and conditions of the visa programme Dominica
Under the Dominica visa programme, investors will receive a residence permit for 2 years. After this period, applicants will be able to apply for citizenship if they meet all the conditions of the programme.
Participants in the new programme were offered 3 options to choose from.
- Investment of $50,000 or more in a government-approved company through an investment fund.
- An investment of $100,000 or more in a new company in Dominica provided a minimum of 3 full-time Dominica citizens are employed.
- Buying shares in a government-approved public or private entity.
The minimum investment amount for the third option has not been set. It involves investments in companies that are strategic for the country's economy: potable water plants, yacht infrastructure, energy facilities and waste treatment plants. Most of these projects are capital-intensive and require an individual approach to financing.
In addition to the investment, applicants will have to comply with 2 conditions.
Deposit at least $100,000 to a bank account in Dominica. The money can be spent for 2 years while the investor has a residence permit.
Spend at least 90 days in Dominica during the year.
The government is asking for a deposit of $100,000 to make sure that the investor can provide accommodation in Dominica. This will also help applicants to establish links with local banks and obtain a two-year financial history in the country. In this way, the investor will be able to confirm residence and use other banking instruments.
Investor family members, including children under 21 years old, will be able to participate in the programme.
The terms and conditions of the programme have not been finalized. Its structure is being finalized before it is presented to the Parliament.
What will give investors residence permit Dominica
The programme is aimed at entrepreneurs who want to become citizens of Dominica in the future. They are expected to be able to secure a "reserve airfield", protect assets and benefit from doing business in the country.
The developers of the Entrepreneurs' Visa Programme listed its advantages.
- Obtaining Dominica citizenship in 2 years. The passport of this country allows visiting 140 countries of the world without visas, including the Schengen area, Great Britain, Singapore and Hong Kong.
- Visa-free entry to the commonwealth of Caribbean countries.
- Ease of doing business in the Caribbean and beyond.
- Opportunity to optimise taxation.
- Opportunity to obtain a residence permit for family members.
- Fast processing of residence permits.
The programme creators listed the advantages of Dominica as a place to live. The country is politically stable and has a pleasant climate and good ecology.
Dominica's visa programme can interest applicants in terms of the volume of investment. The minimum threshold is $50,000 and a minimum investment of $100,000 is required to participate in the citizenship programme in Dominica.
How to obtain a residence permit for a Dominica investment
The procedure for obtaining a residence permit will be similar to the procedure for obtaining citizenship. Applicants will submit their documents through accredited agents, undergo screening and receive their documents 45 days after approval.
The programme has not yet been launched, so it will not be possible to apply for participation in the near future. However, its developers assume that it will start in about 2 months.
Why does Dominica launch the visa programme
The Dominica residence permit programme is business-oriented and involves direct investment in business. In this way, the government intends to attract capital to the country and increase the share of the private sector in the economy.
One of the options - investment in new business in Dominica from $100,000 - is to improve the employment situation of the local population. The new company will need to hire employees from among the local population. But it is also possible to hire employees from abroad - work permits will be issued to people with special skills that are not available in Dominica.
The creators of the programme say that this is the first residence permit programme in the Caribbean to focus on business development.
We have previously described how the Government of Dominica manages the funds from the citizenship programme for investment. The country is building earthquake-resistant homes, developing education, medicine and sustainable energy.
In March 2021, Dominica switched to biometric passports. They will be better protected from counterfeiting, and citizens will be able to pass through border controls faster.