Tiny Island Nation Sells Citizenship For $105,000: A Bizarre Solution to Survival

Located in the South Pacific, the tiny island nation of Dominica is often overlooked by tourists and international business alike. With a population of just over 73,000 people, this Caribbean island nation is no larger than Rhode Island and has a total area of approximately 290 square miles. However, despite its small size, Dominica has a rich history, stunning natural beauty, and a unique approach to saving its economy. In 2018, the government of Dominica made headlines around the world by announcing that it would be selling citizenship to foreign investors for a whopping $100,000 per person. But that's not all - the price was further increased to $105,000 in 2020, making it one of the most expensive citizenship-by-investment programs in the world.

For a long time, Dominica's government struggled to find ways to attract investment and stimulate its economy. The country's slow growth rate, high unemployment, and limited job opportunities made it challenging for residents to save money, let alone invest in the country. However, in recent years, the government has been working hard to attract foreign investment and create new opportunities for its citizens. One of the main strategies has been to offer citizenship in exchange for a significant investment in the country.

But why did the government of Dominica decide to sell citizenship in the first place? The answer lies in the country's economic struggles. Dominica's economy is heavily reliant on tourism, which can be a volatile industry. With a growing population of wealthy individuals and businesses, the country faces increasing competition for tourists. Moreover, the government has been struggling to attract foreign investment, which has limited its ability to grow its economy.

Another factor that contributed to the government's decision was the need to diversify its economy. Dominica's economy is highly dependent on a few key industries, including tourism, agriculture, and manufacturing. However, these industries are not growing as quickly as the government had hoped. To address this issue, the government decided to create a new revenue stream by offering citizenship to foreign investors.

The citizenship-by-investment program in Dominica is designed to be a attractive option for wealthy individuals and families who want to own a piece of the island nation. The program offers a range of benefits, including:

• A passport that grants visa-free travel to over 130 countries
• A permanent residence permit that allows individuals to live and work in Dominica
• A unique opportunity to own a piece of the island nation and invest in its economy
• A range of property options, including land, apartments, and villas

The program is administered by the Dominica Investment Authority, which works closely with the government to ensure that all applications are processed efficiently and effectively. To be eligible for citizenship, applicants must meet certain requirements, including:

• Having a minimum net worth of $400,000
• Investing at least $100,000 in the country
• Paying a processing fee of $100,000
• Passing a background check and medical examination

Once an applicant has been approved, they will be granted citizenship and a passport that is valid for 25 years. After that, they can apply for a permanent residence permit, which allows them to live and work in Dominica.

How the Program Works

The citizenship-by-investment program in Dominica is a straightforward process that involves several steps. Here's an overview of how it works:

Step 1: Application

Applicants must submit an application to the Dominica Investment Authority, which includes providing documentation such as passports, identification, and proof of income.

Step 2: Due Diligence

The Dominica Investment Authority conducts a thorough due diligence process to verify the applicant's identity and financial situation. This includes a background check and medical examination.

Step 3: Investment

Once the application has been approved, the applicant must invest at least $100,000 in the country. This can be done through a variety of means, including purchasing a property, investing in a business, or buying a bond.

Step 4: Citizenship

After the investment has been made, the applicant will be granted citizenship and a passport that is valid for 25 years.

Step 5: Permanent Residence

After 25 years, the applicant can apply for a permanent residence permit, which allows them to live and work in Dominica.

Benefits of Citizenship

Citizenship in Dominica offers a range of benefits, including:

• Visa-free travel to over 130 countries
• A permanent residence permit that allows individuals to live and work in the country
• Ownership of a piece of the island nation and investment in its economy
• A unique and exclusive community of citizenship holders

In addition to these benefits, citizenship in Dominica also offers a range of tax benefits, including:

• No inheritance tax
• No wealth tax
• No capital gains tax
• No income tax on foreign-earned income

Challenges and Controversies

The citizenship-by-investment program in Dominica has faced several challenges and controversies over the years. One of the main concerns is the lack of transparency in the program. Critics argue that the government has not provided enough information about the program, including the criteria for eligibility and the costs involved.

Another concern is the potential for money laundering and tax evasion. Critics argue that the program could be used to launder money or avoid taxes, which could undermine the integrity of the program and the country's economy.

Future of the Program

Despite these challenges and controversies, the citizenship-by-investment program in Dominica remains a popular option for wealthy individuals and families who want to own a piece of the island nation. The program has attracted a range of investors, including:

• High-net-worth individuals
• Families with children
• Businesspeople looking to diversify their investments
• Tourists who want to own a piece