Why You Should Invest in Dominica in 2024

Dominica stands out as one of the Caribbean’s most resource-rich islands, boasting an abundant water supply relative to the population of Dominica citizens and fertile soils ideal for cultivating a wide range of crops, from common fruits and vegetables to high-value specialty produce. Moreover, the country’s natural beauty provides ample opportunities to develop world-class resorts, spas, and ecotourism ventures.

The Dominican government is committed to reinforcing the nation’s climate resilience by prioritizing green energy and infrastructure investments. This proactive approach ensures that both citizens and businesses in Dominica are equipped to confront the challenges of climate change and environmental risks.

Dominica is a great option if you are considering investing abroad. Via the Dominica citizenship program, one of the oldest citizenship-by-investment programs, international investors can contribute to the nation’s social and economic advancement by making investments like a government contribution to the Dominica Economic Diversification Fund (EDF). In return for this foreign investment, investors can gain second citizenship for themselves and their family members.

In this article, we’ll dive deep into the top reasons to invest in Dominica, the best industries for investors, and all you need to know about the Dominica citizenship by investment program.

Eight Reasons to Invest in Dominica in 2024

1. Abundant natural resources, including nickel, bauxite, gold and silver
2. Booming tourist industry from luxury cruises to ecotourism• Peaceful democracy, with a score of 93 out of 100 in the most recent Freedom House report
3. An active and young workforce that speaks native English
4. Trade agreements with the European Union and CARICOM member states
5. Profitable real estate market with various pre-approved real estate projects to choose from
6. A favorable tax environment, with no worldwide income tax, inheritance, wealth, or capital gains tax
7. Get Dominica citizenship and a Dominica passport by investing in the Dominica CBI program

Top Industries for Investing in Dominica

Tourism

Dominica, known as the “Nature Island” of the Caribbean, has a robust and growing tourism industry, offering abundant opportunities for investment in ecotourism.

Renewable energy

Dominica derives 28 percent of its power from hydroelectric sources from plants owned and operated by the country’s state-owned utility company, Dominica Electricity Services (DOMLEC). The nation is on course to become the world’s first climate-resilient nation by 2030.

Information-based services

Expand your business with a cost-effective, English-speaking, well-educated workforce in the Eastern Standard Time (EST) zone—an ideal fit for US and Canadian enterprises.

Organic agriculture

Dominica allocates 33 percent of its land and water for agriculture, capitalizing on its fertile soil and ample freshwater resources to sustain thriving organic farming endeavors, including aquaculture.

Dominica Citizenship by Investment Program

Launched in 1993 by Dominica’s government, the Dominica citizenship by investment program (CBI) offers foreign nationals and their family members the unique opportunity to get a Dominica passport by contributing to the country’s economy. This can be done through investments such as a non-refundable government fund contribution or purchasing real estate in government-approved real estate projects.

Dominica’s CBI program is one of five Caribbean citizenship programs granting dual citizenship to foreign investors. The Dominica economic citizenship program allocates the government donation to the country’s Economic Diversification Fund, and the real estate route supports the country’s growing tourism industry and provides jobs for Dominica citizens.

You will be granted citizenship in Dominica and acquire a Dominica passport, providing visa free travel to over 140 countries, including Singapore, Hong Kong, and European Union countries.

Dominica citizenship by investment options

• Economic contribution to the Economic Diversification Fund: The Economic Diversification Fund (EDF) is a government fund whose mission is to contribute to Dominica’s economic and social development through an investor’s monetary contribution. To acquire economic citizenship by investment in Dominica through a non-refundable contribution to the EDF, a single applicant must invest at least $200,000. The investment amount increases according to the number of dependent family members in the application.
• Investment through pre-approved real estate: The Dominica real estate investment option requires main applicants to invest at least US$200,000 in a pre-approved Dominica property. Foreigners buying real estate in Dominica must hold their investment for at least three years. The minimum holding period increases to five years if the buyer purchases real estate to qualify for Dominican citizenship by investment. Most real estate options available are shares in high-end tourist accommodation.

Eligibility for the Dominica Citizenship by Investment Program

Article 101 of the Dominica Constitution and Article 8 and Amendment 20(1) of the Dominica Citizenship Act define the Dominica citizenship investment program legal framework, offering eligible candidates the right to obtain Dominica citizenship immediately through a Certificate of Naturalization.

Financial investment

The primary step in applying for Dominica nationality by investment and a Dominica passport is to contribute to national development by making the required non-refundable contribution or Dominica real estate investment. The main applicant must have committed to the minimum investment before applying for Dominica dual citizenship.

Clean criminal history

The Dominica Citizenship by Investment Unit solely considers individuals of exceptional character and reputation seeking to obtain Dominican citizenship by investment.

To guarantee that Dominica citizenship is granted only to individuals of utmost integrity, the Dominican Government mandates a leading private investigative agency and a licensed agent to conduct a thorough due diligence process on all applicants aged 18 and above. Due diligence procedures also include a mandatory interview, which can be conducted remotely.

Good health

Obtaining Dominica citizenship by investment requires the main applicant and eligible family members to prove they are in good health.

Dominica Investment Opportunities

Real estate in Dominica

A Dominica real estate investment is a wise option, considering that Dominica has one of the Caribbean’s cheapest real estate markets due to the country largely evading mass tourism. However, with development and tourism increasing annually, now is a good time to make a Caribbean investment in the ‘Nature Island.’

Of the five Caribbean countries offering Caribbean CBI programs, Dominica’s CBI program offers the cheapest real estate per square meter of all five countries. You can find valuable properties for sale in Dominica starting at $200,000 in the country’s capital, Roseau.

There are various Dominica real estate options, from city-center apartments and cozy family villas to shares in luxury resorts and hotels and laid-back eco-lodges in the tropical forest. An investment property in Dominica can be found in some of the best cities in Dominica – such as the capital Roseau, Portsmouth, Marigot, and Soufriere.

Tourism industry in Dominica

Due to its incredible natural beauty and status as a first-class destination for diving, ecotourism is becoming increasingly popular in Dominica. Numerous gorgeous waterfalls, national parks, rainforest trekking routes, and magnificent coral reefs attract worldwide attention from tourists and investors.

Tourists looking for a peaceful environment with multiple natural wonders to explore are drawn to discover Dominica, one of the lesser-known islands in the Caribbean community.

As Dominica’s tourist industry grows, investing in tourist facilities such as eco-lodges, restaurants, bars, and shares in luxurious resorts and hotel facilities is a great investment option. Many commercial real estate options, including eco-friendly investment projects in Dominica, are approved qualifying investments to obtain citizenship and Dominica passports.

Natural resources in Dominica

Thanks to fertile soil and a tropical climate, Dominica has a profusion of flora and fauna. Agriculture is, therefore, one of Dominica’s primary revenue sources.

Due to Dominica’s natural resources, another very profitable area to invest in is the renewable energy sector. With geothermal, hydro, wind, and solar resources, Dominica is filled with natural energy sources.

Sustainable energy in Dominica is a promising area, as the Dominica government actively seeks investors for the Dominica economy diversification fund to fund sustainable energy projects.

The manufacturing sector in Dominica

With a young and active workforce, Dominica’s manufacturing sector is thriving and varied. Based on the country’s rich natural resources, local plants manufacture products such as coconut oil, local rums, fruit juices, ice cream, essential oils, and wooden products such as furniture.

Tax for Expats in Dominica

Dominica offers a favorable tax environment for both individual investors and corporations. Dominica passport holders are not subject to inheritance, capital gains, and wealth tax. Those who choose to reside outside Dominica after obtaining citizenship by investment are not liable to pay taxes on foreign income.

In addition, Dominica has double taxation treaties with other CARICOM nations and European Union member states. This means there are no restrictions on the repatriation of profits or imported capital, making Dominica offshore banking for international investors straightforward and stress-free.

There are also several corporate tax incentives: A full waiver from import duties, tax relief benefits, and export allowance. Dominica also offers generous tax holidays, and other import duty and tax waivers.

Talk to a Specialist About Investing in Dominica

Thinking of investing in Dominica but not sure how to proceed? Talk to one of our specialists here at Global Citizen Solutions.

Our dedicated team will work solely on your behalf. We are committed to providing a specialized service to each of our clients with the knowledge that comes with years of expertise and access to a proprietary market information database. We provide insight and data analysis to allow our clients to make investments confidently.

Frequently Asked Questions about investing in Dominica

Is Dominica a safe country to invest in?

Dominica is a safe country with strong political stability. The country scored high on Political Rights and Civil Liberties in the most recent Freedom in the World report for 2022. This establishes Dominica as a safe country for foreign investors.

Do I need to pay taxes in Dominica?

Dominica does not impose global wealth, capital gains, or inheritance taxes. Whether you need to pay taxes on income in Dominica depends on your tax residence. If you’re a Dominica residence permit holder or Dominica citizen residing outside the country, you can avoid foreign income taxes.

Are there many natural resources in Dominica?

Dominica is filled with natural resources, including nickel, bauxite, gold, and silver.

How can I get the Dominica passport?

Under Dominica’s citizenship by investment program, expats can acquire the country’s passport in six to nine months by investing at least $200,000 in the government fund or approved real estate.

Is Dominica citizenship by investment expensive?

The Dominica citizenship by investment program is one of the world’s most affordable economic citizenship programs. For a qualifying investment of just $200,000, you can become a Dominican citizen and acquire a second passport.