With its gorgeous white, sandy beaches and unspoilt, natural landscapes, Dominica is one of the most attractive and beautiful parts of the Caribbean. The small island is only slightly larger than Singapore, but that hasn’t stopped it from accounting for a massive 21% of all Caribbean visitors in 2017. And even in the first quarter of 2018, the tourism growth grew by 7.7% year on year.
It’s these numbers that explain the growing investments into Dominica. More and more investors are attracted to the island, and the benefits that each investment presents, especially through the government’s increasingly popular citizenship by investment (CBI) scheme. Here, we’ll go through the biggest benefits you can enjoy by investing in the island and getting Dominican citizenship.
Why is a Dominican citizenship attractive to investors?
Investors around the world are drawn to Dominica for various reasons, such as its affordability and the industry support they receive. The Dominican government is focused on empowering entrepreneurs to launch businesses, and even gives its country’s younger population the chance to realise their potential. The Dominica Youth Business Trust (DYBT) was first launched in 2004 with the intention to assist and support people aged 18-35 to start their own businesses. By becoming a citizen of the country through investment, you can be guaranteed support to start your own small business, and keep it going.
A Dominican citizenship is also one of the cheapest economic citizenships you can buy, in comparison to other CBI schemes offered around the world. Investing is a particularly quick way of becoming a citizen of Dominica, in comparison to the seven years of residence to become a naturalised citizen. This contribution then allows you to enjoy the benefits that come with having a second citizenship for a much more reasonable price.
The investment money is used to improve on life in Dominica, as the bulk of each investment is injected into the country’s steadily-growing tourism industry. Despite the island being hit hard by Hurricane Maria, most of its attractions opened up within the year following the harsh hurricane season, thanks to the funds available from the investment scheme. This allowed the island to quickly bounce back, without too much damage to the economy or to the tourism industry.
The country’s resilience helps to safeguard any investments made, by ensuring that the tourism industry won’t suffer. Simultaneously, these investments allow local businesses to get back up and running quickly, letting citizens return to their everyday lives. This ability to return to normal life following such a catastrophic natural disaster should reassure interested investors that they can, and should, invest in the island.
Investing in the real estate on the island is another option for those who wish to avoid investing directly into the government. This gives you the chance to get on the Dominican property ladder by purchasing your own holiday home to enjoy any time through the year. By having your own property on the island, you get the added benefit of being able to rent it out to holiday-makers visiting the island, when you’re not using it. This gives you an extra return on investment, if you’re not looking to live in Dominica.
What are the benefits of being a Dominican citizen?
One of the main benefits of having a Dominican citizenship is the option of visa-free travel to other countries, including the United Kingdom, Singapore, Hong Kong, and Ireland. It’s also easier to gain work or residence permits in a number of countries as a Dominican citizen, and dual citizenships are allowed, so you won’t necessarily have to renounce the citizenship of your home country. While there is no requirement to reside in Dominica after being granted a citizenship, the stunning natural landscapes of the island make it a beautiful place to live. The unspoilt marine life adds even more beauty to the mountainous island, offering a beautiful choice for your home’s surroundings.
If you do choose to live in Dominica, citizens also enjoy a very affordable way of life, and the cost of living is 28% cheaper than London. The currency is pegged to the US dollar, ensuring it doesn’t “float” on the forex market, which offers a degree of stability to your finances on the island.
If you’re interested in investing in a second passport, gaining a Dominican citizenship is one of the best options available. Its relative affordability when compared other CBI programmes makes it a more affordable investment. Partnered with the more affordable way of life, the booming tourism industry, and the freedom to travel around the world, becoming a Dominican citizen can work out to offer much more value for money in the long run.