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Dominica

Delivery:

3 months

Price: $

200,000.00

Payment methods:

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About

Dominica

Capital
Official languages
Population 
Currency

ISO 4217

Roseau

English

71,293

Eastern Caribbean Dollar

XCD

Document checklist:

Process

The Citizenship by Investment Program (CIP) of Dominica is a program that allows foreign investors to acquire citizenship and a passport of Dominica in exchange for a significant investment in the country. Dominica is an island country located in the Caribbean Sea.


Under the program, there are two investment options available:


1. Economic Diversification Fund (EDF): This option requires a donation to the EDF, which is a fund established by the government to support economic development projects in Dominica. The minimum investment required is USD 100,000 for a single applicant, or USD 175,000 for a family of up to four people.


2. Real Estate Investment: This option requires an investment in government-approved real estate with a minimum value of USD 200,000. The real estate must be held for at least three years.


To qualify for citizenship under the program, applicants must meet certain eligibility requirements, including being at least 18 years old, passing a due diligence background check, and meeting the minimum investment threshold. The processing time for the application typically takes between 3 to 4 months.


Successful applicants are granted full citizenship of Dominica, including the right to live, work, and study in the country without any restrictions. Dominica citizenship also provides visa-free or visa-on-arrival access to over 140 countries, including the European Union, the United Kingdom, and the United States.


It is important to note that the Dominica Citizenship by Investment Program has its own specific requirements and regulations, and applicants should ensure they meet all the requirements and consult with an authorized agent or immigration lawyer before applying.

Economy

Dominica has a strong and growing economy, with a GDP of $1.2 billion in 2019 and a growth rate of 3.2%. The country has a diversified economy, with its main industries being tourism, agriculture, and manufacturing. Tourism is the largest contributor to the economy, accounting for over 40% of GDP. Agriculture is the second largest contributor, accounting for around 25% of GDP. Manufacturing is the third largest contributor, accounting for around 15% of GDP. The country also has a strong financial sector, with banking and insurance services accounting for around 10% of GDP. The country has a low unemployment rate of 4.2%, and a low inflation rate of 1.7%. The country also has a strong trade balance, with exports accounting for around 60% of GDP and imports accounting for around 40%. Overall, Dominica has a strong and growing economy, with a diversified base and a strong financial sector.

Taxation

Dominica is a Caribbean island country that operates on a territorial taxation system, where taxes are levied only on income earned within the country's borders. 


**Corporate Taxation:** Companies operating in Dominica are subject to corporate income tax at a flat rate of 25%. However, a lower tax rate of 20% applies to tourism and agriculture-related activities. Companies are also required to pay social security contributions for their employees.


**Personal Taxation:** Individuals who are residents of Dominica are taxed on their worldwide income, while non-residents are taxed only on income earned within the country's borders. Personal income tax rates range from 0% to 35%, depending on the level of income. 


**Process and Calendar for Payments:** The tax year in Dominica is the same as the calendar year, starting on January 1st and ending on December 31st. Tax returns are due by March 31st of the following year, and any tax due must be paid by that date as well. Taxpayers are required to file an annual income tax return, which can be done either electronically or on paper. Late filing of returns can result in penalties and interest charges. It is recommended that individuals and companies seek the advice of a qualified tax professional to ensure compliance with all tax laws and regulations.

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