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Dominica Launches Citizenship By Investment Unit

by Mike Godfrey, Tax-News.com, Washington

13 April 2015


The Government of Dominica has launched a new Citizenship By Investment (CBI) Unit, to improve customer service and significantly reduce the processing time for applications.

The new CBI Unit will now be responsible for administering the initiative, with eight dedicated staff, taking over from the Ministry of Finance.

In Dominica, there is no wealth, gift, inheritance, foreign income, or capital gains tax. Only those residing in the country are subject to personal income tax.

Applicants under the CBI, which has been in place since 1999, may be granted citizenship by making a substantial investment, such as through an investment in real estate worth at least USD200,000, in addition to processing fees.

Emmanuel Nanthan, CBI coordinator, said: "With more competition and options around the world, we felt the need to professionalize the program in Dominica. As a result, [the] Government formed a unit to manage and supervise the program and ensure that we are [on] par or better than the other units in the world."

TAGS: Finance | Citizenship | tax | investment | Malta | foreign direct investment (FDI) | international financial centres (IFC) | Grenada | fees | offshore | Cyprus | Dominica | Investment | Europe | Invest | Investment

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