The Dominican Republic is known as an amazing place that many people choose for a vacation. As part of the Caribbean region, it is also on a list of places that are offering some interesting ways of getting citizenship. You can choose between donating and buying a property there.
If you want to learn more about the process of getting the Dominica passport, the best solution is to contact a well-known agency and hire an experienced expert that will help you get through the process fast and without issues. Also, there are the main reasons to consider getting a Dominica passport.
Traveling Without Visa
This place is known for having great relations with many other countries. There are more than 140 where you can go without any additional documents. The best part is that the EU, the UK, and a whole part of the Commonwealth are on that list.
The place has a strong economy and stability. This program is another way of improving their status even more. There are still some places where you will need a visa, like the US, but the process of getting one will be much easier when compared to some other places, like third-world countries.
In that matter, moving there from a developing country can bring many benefits for you and your family, including better business opportunities, better healthcare, proper education, and much more. You don’t even need to live in Dominica or spend a particular number of days during the year there.
Perfect for Businesses
The high growth related to the economy and financial stability can be seen in the Caribbean region. Dominica is pushing forward in attracting foreign investors by securing perfect conditions for their businesses. You might hear that some people are calling it a tax haven. That is true, but not in a way that some imagine.
There are no income taxes and additional fees for extra wealth. You don’t need to pay for capital gains as, well. The reason behind that is that it represents a move that will make this place more attractive to foreign investors that will become interested in moving their offices here or starting new businesses.
We can notice the increase in the number of new online stores and online services registered in this country. On the other side, remote working became very popular, and a lot of people who work from home are not interested in moving there.
Great for Families
There is a great option where you can include your family as part of the same process when applying for citizenship through donation or by buying a property. There will be an additional fee, but not at the same value. For example, if you want to buy a property and bring your family with you, the minimum price of that will be around $300k.
Not only that you will secure your whole family by moving them to such an attractive place, but they will also enjoy other benefits, such as the ability to travel all over the world without a visa, get free healthcare, apply to some of the best schools in the UK, Canada, or New Zealand, and much more.
Why Buying a Property is the Best Option?
The reason is quite simple, and that is related to the fact that Dominica is developing very fast, and that they already have a great status in the world. The political and economic stability are another bonus to that.
In that matter, buying a property represents a safe model where you will ensure profit over time. The value of your home will most likely reach a higher price over time, and different factors are affecting that. First of all, higher popularity will attract even more people, making the real estate market more competitive, leading to higher prices.
Besides that, you can earn passive profit by renting your property. Since it is a very popular destination, you can expect that renting will be quite simple. You can use Booking or similar services and secure an additional wage each month.
Process of Getting the Passport
There are some major differences between donation and buying a property. In the first case, you will need to pay around $100k to the government, along with some additional fees. If you want to include your partner, that will cost an additional $50k. Those who want to move there with a family will have to add an additional sibling for $25k. A family of four will have to spend under $200 for their passports.
On the other side, a much more popular option, which is an investment, is a model where you must spend at least $200k on a property. There are also additional fees for other members of the family. However, they are cheaper in this model. For example, a family of 6 people will have to spend an additional $50k over the amount needed to buy the property.
Furthermore, before you choose your favorable option, keep in mind that there is a strict process. The misconception is that anyone can get it, and that it only matters to make a payment. There will be a background check, and you will need to deliver different documents so that the officials can clarify that you are not having any legal issues.
In most cases, the process lasts around 2 months. If you are not sure how to get through it, there are agencies and professionals that can help you secure a hassle-free procedure.
The key reasons to consider getting a Dominica passport are great relations with many countries and the fact that you don’t need to pay additional fees and taxes for foreign income, capital gains, and extra wealth.
Therefore, this is a perfect solution to move your business to this exotic island or start working remotely from there. Both families and individuals can enjoy different activities, while overall conditions can be compared with all other developed countries.