Dominica – Requirements and details

dominica_flag_500pxSome information about Dominica

Commonwealth of Dominica is the state on the same island of the Lesser Antilles (Windward) islands in the Caribbean.

Dominica – the largest of the Windward Islands, bordering the west by the Caribbean Sea and the east by the Atlantic Ocean, south-southeast of Guadeloupe and northwest of Martinique. It has an area of 754 square kilometers (290 sq mi) and a population of 72 500 (2008). The capital is Roseau, located on the leeward side of the island.

Dominica is volcanic in origin, currently there are no active volcanoes, but volcanic activity is shown in the form of geysers, hot springs and small lakes with boiling water. There are the beaches of black and yellow sand on the coast. The highest point in the country is Morne Diablotins, which has an elevation of 1,447 meters (4,747 ft). All the boundaries are maritime.

The total length of the coastline is 148 km (91 miles). English is the official language of Dominica and is universally spoken and understood. Antillean Creole, based on French, is spoken by many people on the island. Dominica’s currency is the East Caribbean Dollar.

Economy

Dominica’s economy is heavily dependent on tourism and agriculture. Bananas and other agriculture dominate Dominica’s economy, and nearly one-third of the labour force works in agriculture. This sector, however, is highly vulnerable to weather conditions and to external events a affecting commodity prices. Tourism, o shore services sector, the banking sector of financial services, sale of citizenship for investments are further in importance after agriculture.

The financial sector in Dominica has three foreign commercial banks – Bank of Nova Scotia, Royal Bank of Canada and First Caribbean International Bank – and one state bank – National Bank of Dominica, as well as several o shore banks.The Eastern Caribbean Central Bank was established in October 1983. It is the Monetary Authority for a group of eight island economies namely – Anguilla, Antigua and Barbuda, Commonwealth of Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. The mission of ECCB is to maintain the stability of the EC dollar and the integrity of the banking system in order to facilitate the balanced growth and development of member states. The conservative policy of the Bank has led to the stability of the currencies of the participating countries and made the East Caribbean dollar one of the strongest currencies in the region.

Citizenship details

The Commonwealth of Dominica developed its highly reputable Citizenship by Investment Program in 1993, which today celebrates more than 20 years of continued success. Applicants under the Program must be at least 18 years old, of good character, and of sound health, must have no criminal records. Applicants must also be able and willing to make an investment into the Dominican economy, either in the form of a contribution to the Economic Diversification Fund or as an investment in local pre-approved real estate. Dominica is proud to o er the most a affordable citizenship by investment program in the world, with a view to focusing on the overall quality and integrity of its applicants. It is a legal naturalization program for investors based on and guaranteed by governmental laws. The main sectors of the economy, that fall under the funding through this Program is the development of the social sector: construction of schools, hospitals, sports stadiums, the development of the o shore sector. In financing of private projects, the emphasis is on tourism, information technology and agriculture.

Benefits of Citizenship

•The Commonwealth permits its citizens to have dual citizenship.

•There is no requirement to reside in Dominica before or after citizenship is granted.

•Full residence status with the right to live and work in Dominica. Naturalized citizens of Dominica have the same rights as other citizens of the Commonwealth.

•An investment in one of the approved projects provides the opportunity not only to obtain a second citizenship, but also to make pro table investments in the business and gain nancial income from invested capital

•Complete discretion with respect to citizenship, ensuring that one’s citizenship status is not reported to third parties

•You get full irrevocable citizenship for a lifetime.

•Any descendants of economic citizens can pass on the citizenship to their children and grandchildren who are entitled to the citizenship by descent, i.e. without any additional investment.

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