By Caribbean News Global contributor
ROSEAU, Dominica – The government of Dominica has announced that it will be launching the Entrepreneur Visa, designed to recognize the government’s interest in providing a unique status to applicants who make a significant financial investment in the country.
The visa platform is also designed to “add valuable foreign direct investment into the private sector. Moreover, it clearly defines the requirements for the grant of a residency permit via investment in an effort to encourage further investment into the island. Finally, this program represents additional avenues for engagement with investors who are looking for options beyond the Citizenship by Investment Program.”
Last month, prime minister Roosevelt Skerrit introduced five major changes to CBI programme, described the new policy as “groundbreaking” on Monday, stating, “Dominica reduced the qualifying fund contribution for a family of four from US$200,000 to US$175,000, comprising the main applicant, their spouse and two dependants other than a sibling.”
On June 24, the government of the Commonwealth of Dominica expanded the definition of ‘dependant’ under its Citizenship by Investment (CBI) programme. The changes allow main applicants to add previously unqualifying adult children, parents, grandparents, and siblings. All dependants aged 16 or over must still pass due diligence checks to qualify.
Entrepreneur visa platform
The client applying for the entrepreneur visa receives a 2-year residency permit, which will be issued within 45 days of approval, and can apply for naturalization after said two years, provided he meets all the criteria.
The applicant has three options with respect to investment:
- Invest a minimum of 50,000 USD in an existing government-approved company through the Investment Fund.
- Invest a minimum of USD$100,000 in a new startup business locally registered in the Commonwealth of Dominica employing at least three full-time employees.
- Invest in a government-approved public sector or private sector venture as an equity investor.
- Make of a deposit of a minimum amount of USD$ 100,000 in a local financial institution (please note that the funds may be used from Dominica and depleted during the residency period);
- Spend a minimum of 90 days out of 365 days per year in the country.
Benefits of entrepreneur visa
- Pathway to Dominica naturalization (visa-free travel to 140 countries including Schengen);
- Permanent residence for the whole family, including children under 21 years old;
- Fast processing time;
- Favourable tax regime;
- Peaceful and clean environment, low pollution;
- Great quality of life set amidst a tropical climate;
- Political stability;
- Great program for those who continue to live abroad but desire an alternate country of residence for themselves and their family members, for tax planning and other purposes;
- Visa-free travel to CARICOM countries;
- Ease of doing business in the Caribbean and beyond;
- Investors will have real KYC value add from being real contributing members of a society in which they are intending to become citizens and are residents.