Dominica prepares to introduce a new scheme that leads to citizenship. Investors who take advantage of the new program will have to invest starting from USD 50,000. There is also a minimum residency requirement. Investors must spend at least three months a year before they are eligible for naturalization. After two years of successful compliance with the requirements, investors are qualified for Dominican citizenship.
In early September, Dominica announced its new visa program. Since then, investors and professionals of the sector eagerly waited for further information. Dominican Prime Minister Roosevelt Skerrit finally disclosed some brief data on the issue.
In his talk at the breakfast organization hosted by the Dominica Association of Industry and Commerce (DAIC), Skerrit mentioned the new Entrepreneurship Visa Program. He said that the program waits for the approval of the cabinet. Upon approval, the program is set to launch “in early 2021”.
The Entrepreneurship Visa Likely to be Available in Early 2021
Skerrit’s talk implies that the structure of the program is ready. The only remaining necessity is the approval of the cabinet. Skerrit’s Labour Party has the majority of the seats in the parliament. They have 18 of 21 seats. So, it is highly unlikely that the program will face strong opposition at this point. It is reasonable to expect the program to launch within the first two months of 2021. Skerrit, excited about the new scheme, contends that the program will “add new energy and vitality to the economy”.
The Content and Aim of the Program
The Commonwealth of Dominica announced the Entrepreneur Visa on September 6th, 2020. The program opens the path to Dominican citizenship in exchange for a substantial investment in the country’s private sector. The Entrepreneur Visa aims to provide an additional vein of income to Dominica. It also acts as an alternative to the country’s Citizenship by Investment Program. Thanks to the Entrepreneur Visa, Dominica will improve its contact zone with investors.
The Entrepreneur Visa does not immediately grant citizenship. It initially grants a two-year residency permit. This permit is issued within 45 days after the approval of the application. If the client complied with the minimum stay requirements throughout these two years, they could apply for citizenship.
Investment Options of the Entrepreneur Visa
The Entrepreneur Visa offers three methods of investment to interested parties. These are:
- A minimum investment of USD 50,000 using the government’s Investment Fund. The contribution must be made into an existing government-approved company
- A minimum investment of USD 100,000 in a startup project. The project must be registered in the Commonwealth of Dominica. The startup must also employ at least three workers with full-time jobs
- Investment as an equity investor in the public sector approved by the government or in a private-sector venture
Requirements of the Entrepreneur Visa
The new Entrepreneur Visa of Dominica does not have a lot of requirements. First, the applicants must deposit at least USD 100,000 into a local financial institution in Dominica. These funds may be used in Dominica during the period of residency given that the application is approved. The successful applicants must spend at least three months in Dominica every year. Unless this criterion is met, the applicants cannot apply for naturalization.
Benefits of the Entrepreneur Visa
The Entrepreneur Visa of Dominica is set to offer many benefits to investors. Most importantly, successful applicants of the Entrepreneur Visa will be able to become Dominican citizens. Dominican citizenship grants visa-free travel to more than 140 countries. The Visa also allows family members to reside in Dominica. The country has a favorable tax regime which can be beneficial for high net worth investors. The climate and natural beauty of Dominica are amazing bonuses to life in the Caribbean.